WMC MORTGAGE POSTS BILLION DOLLAR THIRD QUARTER

WMC Mortgage Corp., an Internet based B2B non-prime lender, announced that its Third Quarter loan funding volume, was a record $1.17 billion-- a 21 percent increase above its Second Quarter figure of $962 million.

WMC MORTGAGE POSTS
BILLION DOLLAR THIRD QUARTER

INTERNET-BASED B2B LENDER'S FIRST-EVER ENTRY INTO BILLION LEVEL

FOR IMMEDIATE RELEASE

      
Corporate Communications
(818) 596-4999
fharper@wmcdirect.com

CHICAGO, IL -- (October 21, 2002) - -WMC Mortgage Corp., an Internet based B2B non-prime lender, announced today that its Third Quarter loan funding volume, was a record $1.17 billion.

WMC's Third Quarter volume marked a 21 percent increase above its Second Quarter figure of $962 million, and an 80 percent increase above the First Quarter's 647 million. By comparison, the company's entire Third Quarter 2001 volume was 344.7 million.

"WMC is on a trajectory to become the industry's leading low-cost, high-service provider," said Scott McAfee, WMC's President and CEO.

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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