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Countrywide and Other National Lenders Sign On with MixStar Mortgage Information Exchange; National and State Associations Also Sign On with Mortgage Industry s First On-Line Service.

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Feb. 10, 1995--MixStar, Incorporated, of Newport Beach, Calif., announced today that several of the nation's top lending institutions have signed on to its MixStard Mortgage Information Exchange, an on-line distribution center of information and services for mortgage professionals.

With MixStar, mortgage bankers and brokers across the nation will be able to access up-to-date industry information via America Online(R) beginning March 1, 1995.

Some of these lenders include Countrywide Funding and Downey Savings & Loan. National and state mortgage banker and broker associations, including the Mortgage Bankers Association of America, the California Mortgage Bankers Association and the California Association of Mortgage Brokers, have also signed on to the service.

"The only constant in the mortgage industry is that it s constantly changing," commented Cameron King, Chief Information Officer for Countrywide Funding. "MixStar will give Countrywide the ability to keep up with those changes now and for years to come. The service will also reduce both the time and overall cost to process a mortgage, which has always been a problem in this business."

"With MixStar, Downey will be able to provide information to its brokers faster and more accurately than before," noted Stephen W. Prough, President and CEO of Downey Savings & Loan. "However, this increase in efficiency will not alter the close relationships that we have with mortgage brokers. That's very important because this is and always will be a people-to-people business."

"It's our belief that the mortgage industry inevitably will be electronically connected," observed Warren Lasko, Executive Vice President of the Mortgage Bankers Association of America. "MixStar is a major step in enabling us to provide better service to our members, and at the same time, set an example for the potential value of a public utility service such as this."

Walter Blass, Chairman and Co-Founder of MixStar, Inc., commented, "It is not only MixStar's intent to provide a faster, more reliable and less expensive method of communication for mortgage industry participants than the existing mixture of paper- and voice-based communications, but also to eventually reduce the total cost of processing a loan."

Joel Packer, President and Co-Founder of MixStar, Inc., explained, "The mortgage lending industry is characterized by a modest number of large institutions that need to communicate with many small, geographically-dispersed customers. The combination of MixStar and America Online fills this need by providing a system that is inexpensive, easy to use and readily accessible."

MixStar Mortgage Information Exchange offers lender information, loan program and pricing information, mortgage industry news and publications, MBS and Treasury security pricing updates, a regulatory library, a directory of industry participants and industry calendars. This information is provided and maintained by wholesale lenders and conduits, trade groups, mortgage insurance companies, hardware and software vendors and trade publishers known as Content Partners. The service also maintains a series of message boards dedicated to bringing together buyers and sellers of processed loans, whole loan packages and servicing packages. All of these features are presented in a Windows(R) environment through the America Online information service.

Other Content Partners involved with the MixStar service include AllRegs, Bank of America, Chemical Residential Mortgage Corporation, Commerce Security Bank, Contour Software, Dorset Publications (publishers of National Mortgage News and Managing Mortgages), Fleet Mortgage Group, Inc., MGIC, North American, PMI, Plaza Home Mortgage, Prudential Home Mortgage and Railroad Savings Bank.

For more information on MixStar, contact Walter Blass, Chairman, at 714-729-9739 (fax is 714-720-9250), or write MixStar, Incorporated, 500 Newport Center Drive, Suite 800, Newport Beach, California 92660. To reach MixStar via America Online, go to the keyword: MixStar.

CONTACT: William Mills Agency, Atlanta

Chris Gural, 404/261-4900

or

Countrywide Funding

Cameron King, 818/584-2355

or

Downey Savings & Loan

Stephen W. Prough, 714/509-4400

or

Mortgage Bankers Association

Warren Lasko, 202/861-6501
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Publication:Business Wire
Date:Feb 10, 1995
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