WMC MORTGAGE CORP. ANNOUNCES RECORD $405 MILLION SALES VOLUME

INTERNET-BASED B2B LENDER'S AUGUST VOLUME DOUBLES TOTAL OF LAST DECEMBER

FOR IMMEDIATE RELEASE

Corporate Communications

    (818) 596-4999

fharper@wmcdirect.com

WMC MORTGAGE CORP. ANNOUNCES RECORD

$405 MILLION SALES VOLUME

INTERNET-BASED B2B LENDER'S AUGUST VOLUME

DOUBLES TOTAL OF LAST DECEMBER

WOODLAND HILLS, CA. -- (September 16, 2002) - -WMC Mortgage Corp., an Internet based B2B non-prime lender, announced today that its loan funding volume, for August 2002, was a record $405 million.

This marks the first time in the company's history that it has crossed the $400 million threshold, according to Amy Brandt, Executive Vice President, Mortgage Production. In March 2001, the company shuttered its retail branches and traditional operations to become the first exclusively Internet-based lender.

August 2002's total was achieved just eight months after the company reached the $200 million threshold in December 2001. In comparison, August 2001's sales volume was $130 million, and August 2000's was $24 million.

"We've stuck to our game plan which was to provide convenience, speed, and consistency," said Scott McAfee, WMC's President and CEO. "It's clear that brokers want to deal with people who can help them do their best."

ABOUT WMC MORTGAGE CORP

WMC Mortgage Corp. is a leading provider of Internet-based loan origination services for mortgage brokers via its WMCDirect Web site at www.wmcdirect.com. Mortgage brokers can get instant loan pre-qualifications, electronically submit loans, receive loan approvals in minutes with automated underwriting, and access their individual loan pipelines, 24/7.

WMC leveraged its mortgage and information technology expertise to create a robust, sophisticated automated underwriting engine and online loan submission system, which allowed the Company to become the first fully Internet-based lender in the non-prime mortgage industry.

Since its launch, in June 1999, online loan submissions have totaled more than $19 billion and over 14,000 brokers and loan officers are registered users of WMCDirect.

Headquartered in Woodland Hills, California, WMC Mortgage Corporation, incorporated in 1955, is a subsidiary of WMC Finance Co., a company owned principally by affiliates of Apollo Management, LP, a private investment firm.

Corporate address: WMC Mortgage Corp. 6320 Canoga Avenue, Woodland Hills, CA 91367. Telephone: (800) 542-6508. Contact: Frank Harper fharper@wmcdirect.com - (818) 596-4999.

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