Network Mortgage Adds Key Staff and Issues Statement on Liquidity

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Kevin Lane, Executive Vice President of Network Mortgage Services, has announced that the company has added three key members to its team.

In fact, our credit facility was recently increased without any restrictions. Further, we're not subject to the whims of a parent company, an out of touch home office or their funding source.

Kevin Lane, Executive Vice President of Network Mortgage Services (http://www.networkhomeloans.com), has announced that the company has added three key members to its team. Geoff Nester has been named Senior Vice President and Branch Manager for the Lynnwood Home Loan Center and Gerri Rasmussen and Jason Weber have been hired as a Senior Loan Consultants with the company.

Nester assumes his role with the company after holding similar positions with American Home Mortgage and Pacific Crest/Phoenix Savings Bank for the past seven years. His mortgage banking career began with Washington Mutual in 1987. He and his family reside in Bothell where he is very active as a youth sports volunteer.

Rasmussen joins the company after 13 years with Pacific Crest/Phoenix Savings Bank and a short stint at American Home Mortgage. She focuses on homebuyer education, is a certified instructor for the Washington State Housing Finance Commission, and is an active member of the Greater Seattle Business Association. She resides in Edmonds.

Weber began his mortgage career with Pacific Crest/Phoenix Savings Bank, where he was presented with an award for outstanding achievement during his first year in the mortgage business. In addition to a successful mortgage career, he also owns Jason's Java Espresso in his hometown of Brier. Weber and his family reside in Brier.

Regarding the current turmoil the mortgage industry is facing, Lane states that it is important to point out the difference between his mortgage company and those most people are hearing about in the news today. "We've got news to report also," he says, "but it's all positive. The mortgage lenders and brokers you're reading about; their problems stem from being undercapitalized. That's not the case here. We're well capitalized, very liquid and our company was literally designed to grow in the type of market we're in right now."

"While many institutional lenders and banks are re-evaluating their commitment to the mortgage banking industry, we are continuing to expand our reach and provide innovative solutions to our loan officers and broker partners. Our loan officers have access to a diversified product mix and leading-edge technology that will help them continue to gain more market share," Lane said.

Lane states that the company is funding loans as usual, and without interruption. "We've heard rumors that several of our competitors have been subject to limitations placed by their warehouse lenders that, in some cases, have literally halted their ability to fund most loans. That's not the case here," Lane added, "In fact, our credit facility was recently increased without any restrictions. Further, we're not subject to the whims of a parent company, an out of touch home office or their funding source."

Network Mortgage, founded in 1987, is privately held, and is the only independently owned mortgage banking company headquartered in Lynnwood. The company originates loans in seven states through both a retail loan center and a wholesale lending channel and maintains approvals from HUD, VA, multiple institutional investors and the Federal Home Loan Mortgage Corporation (Freddie Mac).

Kevin C. Lane, Executive Vice President
Network Mortgage Services, Inc.
19101 36th Avenue West, Suite 103
Lynnwood, WA 98036
Web: http://www.networkhomeloans.com
Telephone: 425-672-2810, ext. 2311
Fax: 425-771-4656

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