The Credit Network Inks Deal with CTX Mortgage Company.

Business Editors

TORONTO--(BUSINESS WIRE)--Oct. 15, 2001

Quality customer service edges out competition

The Credit Network (TCN), a national mortgage credit reporting service provider, announced that it has been selected by CTX Mortgage Company to provide mortgage credit reporting services to its more than 200 branches coast-to-coast.

CTX Mortgage Company, a subsidiary of Centex Corporation (NYSE: CTX), is one of the largest non-bank affiliated mortgage originators in the United States.

According to CTX company officials, TCN was one of three credit report vendor finalists considered before the company made its selection of two new vendors. Executives at CTX conducted a thorough investigation of the candidates. They visited both TCN's headquarters in Framingham, Mass. and operations facility in Vermont and conducted interviews with the staff at each location. The selection team also spoke to many of The Credit Network's current clients to obtain an unbiased account of TCN's technology and customer service.

"In talking with their customers, we heard nothing but praise for TCN," said Debbie Dunn, executive vice president and chief lending officer at CTX Mortgage. "They told us about TCN's commitment to providing outstanding levels of service and support after the contract was signed. TCN wants all its clients to be people who enjoy doing business with them and who want to continue doing business with them in the future. It was important for us to find a vendor who would actually deliver what was promised in the sales pitch."

The Credit Network has customized electronic interfaces with all leading loan origination system providers for automated loan origination and tracking. These programs provide access to a complete array of mortgage credit products including certified Residential Mortgage Credit Reports, Business Credit Reports and SST Merged and Blended Reports for pre-qualification and low documentation loan programs. TCN offers a host of unique services such as international credit reporting, online bill reconciliation and predatory lending protection, to further meet the individual needs of its clients. One of the most popular services TCN offers is the Veriscore(R) program, which enables lenders to expedite the correction of erroneous or incomplete information on consumer credit reports at the repository level after an investigation indicates incorrect items have been reported.

"We were very impressed with the technological capabilities TCN had in place already," continued Dunn. "TCN is a very forward-thinking company with regard to building technology that will meet their customers' needs. TCN has built speed and efficiency into their systems, so there are no bottlenecks. Things move very rapidly in the mortgage market, and in order to be able to give the timely response customers have come to expect, we have to be able to get what we need and get it quickly. TCN's technology and great customer service helps us accomplish this."

"Providing superior customer service is our number one goal," said Richard Downing, Jr., president of The Credit Network. "We have both the technology and the infrastructure to handle credit data disputes in a timely and efficient manner, which enables our clients to serve their customers better and faster."

About CTX Mortgage Company

CTX Mortgage Company is a subsidiary of Centex Financial Services, a division of Centex Corporation. With annual revenues exceeding $7 billion, Centex Corporation is a Fortune 500 company and trades on the New York Stock Exchange under the symbol "CTX." CTX Mortgage Company is one of the largest non-bank-affiliated mortgage originators in the nation. CTX serves the total retail mortgage market, originating loans for Centex-built homes, as well as for existing homes and new homes constructed by other builders. CTX has provided more than a half million families with home financing. CTX originates loans for home purchase or mortgage refinance, including FHA/VA, conventional conforming, and jumbo loans. The company reported nearly $9 billion in loan originations in fiscal 2001. For additional information, visit the company's Web site at www.ctxmort.com or contact Debbie Dunn at [e-mail].

About The Credit Network

With more than 600 clients nationally, The Credit Network has been serving the needs of credit grantors and mortgage lenders since 1926. Their clients include Chase Manhattan Mortgage Corp., Principal Residential Mortgage Corp., North American Mortgage Corp., National City Mortgage, and Quicken Loans. The Credit Network specializes in the delivery of credit information and related services to the residential and equity lending industry through customized interface programs and links to more than 20 mortgage loan origination and tracking systems.

For more information about The Credit Network, visit the company's Web site at www.tcnlink.com or to speak to a sales representative, call [phone].