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NETWORK ANNOUNCES ADDITIONAL $15 MILLION FACILITY TO FUND INCREASED MORTGAGE ORIGINATIONS

 CAMPBELL, Calif., Dec. 1 /PRNewswire/ -- Network Financial Services, Inc. (NASDAQ: NETW) today announced that its mortgage banking subsidiary, Westmark Mortgage Corporation, has entered into an agreement for a $15 million credit facility with Lomas Mortgage USA. This is in addition to the $25 million warehousing facility which Westmark has with a California bank.
 Network said it needed the additional credit facility to fund Westmark's growing mortgage volume and the anticipated increase in volume from the rollout of Network's ProSolutions PC software/on-line service for Realtors and mortgage brokers.
 Lee J. Danna, Network Chairman and CEO, said the current increase in mortgage originations, coupled with a decrease in expenses due to the consolidation of Network's mortgage operations into Westmark's Cost Mesa, Calif. offices, is resulting in a more favorable mix of increased sales at a lower expense rate.
 Mr. Danna added that ProSolutions is continuing to meet with a favorable response from the realty and mortgage banking industries. Network is actively negotiating agreements with large mortgage banking and brokerage companies and real estate organizations in which Network would provide them access to ProSolutions. An integral part of ProSolutions is a Computer Loan Origination (CLO) module, which should provide Westmark with increased mortgage loan volume.
 ProSolutions is the first PC-based software/on-line system that automates and integrates everything necessary to prospect, close and process sales of home residential real estate, mortgages and homeowners insurance.
 Network Financial Services, Inc. is building the nation's first integrated "one-stop shopping" service for home real estate sales, financing, insurance and home improvements. The Company is the largest franchisee in the ERA real estate organization. Network has 30 offices in Northern California and more than 340 real estate agents and employees.
 -0- 12/1/93
 /CONTACT: Lee J. Danna, chairman of Network Financial Services, Inc., 408-475-1000, or Gary M. Fishman of The Hudson Stone Group, 212-983-8550/
 (NETW)


CO: Network Financial Services, Inc.; Lomas Mortgage USA ST: California IN: FIN SU: FNC

LD -- NY007 -- 9043 12/01/93 08:01 EST
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Publication:PR Newswire
Date:Dec 1, 1993
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