HomeLoanCenter.com Creates New Loan Origination System, Streamlines Processing for Full Credit Range of Products

CHLOE completes the technology nucleus of HomeLoanCenter.com

Irvine, Calif., February 10, 2003 -- HomeLoanCenter.com Inc., the second-generation Internet-based direct mortgage lender today announced the implementation of its proprietary Central Home Loan Origination Engine (CHLOE). The new LOS will work in conjunction with Home Loan Centers existing Pricing Automated Credit Engine (PACE) to help deliver and process, a loan for every home." Whereas PACE analyzes the borrowers financial and credit situation to instantly identify eligible loan programs and provide accurate pricing for the customer, CHLOE automates much of the loan processing function to deliver a smoother process and faster closing times for consumers, no matter how complex their credit situation. CHLOE enhanced improvements include data flow and file transfers, vendor management, reporting, underwriting and settlement services, compliance and regulatory functions for the 6000+ loan options currently available to HomeLoanCenter.com consumers. The implementation of CHLOE strengthens HomeLoanCenter.coms ability to process and service a wide range of loan products, reducing closing times by as much as fifty percent, and helping to deliver a better overall experience for consumers with varied credit profiles.

We looked at all existing loan origination technology and determined that a customized LOS system would provide a significant operational and competitive advantage," said Tomo Yebisu, president of Home Loan Center, Inc. We are excited to introduce a system that completes our technology infrastructure, allowing us to market and deliver a broader variety of mortgage products with greater speed and accuracy for all homeowners, regardless of credit history."

Currently the majority of first generation mortgage bankers do not possess the requisite systems, loan options, or technology to operate a large, full-scale, national retail loan origination platform that identifies and processes a full suite of loan products and services for their customers. Usually limited to only a dozen or so products catered toward customers with excellent credit, and constrained by technology incapable of processing a wide range of products, first generation lenders cannot always meet customers needs and many people that would qualify for a loan are turned away because of these limitations. CHLOE completes the final piece of Home Loan Centers internal technologies and enables the company to deliver a more efficient process for every credit profile and product offered through the HomeLoanCenter.com platform.

The future functionality of CHLOE will expand through an in-house development department. Future plans include the creation of on-line help functions with text and voice capabilities that will enable the consumer and loan guide to interactively view the same data screens and allow the guide to assist the consumer through the process. This interactive exchange will give the consumer a more personalized experience with Internet commerce and will also bring more of the closing function online.

About HomeLoanCenter.com Inc.

HomeLoanCenter.com Inc. (http://www.homeloancenter.com/), is a branchless, retail mortgage lender dedicated to bringing consumers direct access to the most diverse array of mortgage products available in the industry, through its innovative website and call center. Anthony Hsieh, former founder and CEO of LoansDirect, Inc. founded Home Loan Center in 2002. An approved mortgage banker in 49 states and D.C., the company has developed a second-generation Internet platform that delivers a superior lending experience to all borrowers regardless of credit profile, loan type, or loan amount, through its proprietary technologies PACE and CHLOE.

PACE utilizes consumer credit profiles, searches through thousands of loan programs, and returns program eligibility and pricing directly to potential borrowers after reviewing approximately 1,500 loan guidelines, 56,700 lender fee rules and over 10,000 pricing adjustment rules. Within seconds, PACE returns a complete risk-based selection of loan programs with accurate pricing, directly to consumers via HomeLoanCenter.coms call center or web site. CHLOE is HomeLoanCenter.coms proprietary LOS system designed to streamline processing and settlement functions for the 6000+ loan options available to HomeLoanCenter.com customers.

HomeLoanCenter.com offers industry leading performance and service guarantees and is staffed by highly seasoned and experienced mortgage professionals. The company's executive management team, many of them pioneers in the virtual mortgage arena, have over 100 years combined experience in the mortgage industry.

PACE and CHLOE are trademarks of HomeLoanCenter.com Inc.

Jason Jepson
HomeLoanCenter.com Inc
(949) 885-3523
jjepson@homeloancenter.com