LION, Inc., Formerly Plenum Communications, Inc., to Exhibit at NAIC National Congress & Expo
SPOKANE, Wash., Sept. 17 /PRNewswire/ -- LION, Inc. (OTC Bulletin Board: LINC - news; formerly Plenum Communications, Inc.) is bringing the advantages of the Internet to bear on the mortgage brokerage industry. Mortgage Brokers originated approximately $1.2 trillion (70% market share) in total loan volume in 1998.
For a monthly fee the company provides ''wholesale'' mortgage, rate, fee and program information, refreshed daily, to mortgage brokers. The company first offered a basic version of the Internet-based service in Washington in late 1995. LION created a national presence by adding pricing specific databases in 22 key states in 1998. Expanding the database with pricing specific to 75 metropolitan statistical areas is underway. Brokers are joining LION at a rate of over 500 per month, and there are over 5,000 current subscribers. Based on the market penetration enjoyed in its home state of Washington, LION is able to confidently predict it will have 25,000 to 30,000 mortgage broker subscribers by 2004.
In 1999 LION was chosen by Fannie Mae (FNMA), the nation's largest source of mortgage funding, to be its partner to deliver Internet access to FNMA's automated underwriting. LION was chosen over many much larger companies because of LION's demonstrated abilities.
LION acquired two consumer oriented Internet Web sites in 1999 that enjoy in excess of 500,000 unique consumer visits per month and page views in excess of 5 million. This acquisition represents the launch of a suite of products to be offered to the general population by LION's ''Partners for Progress'' companies. One goal is to allow consumers to apply for mortgage loans online and to have those loan applications shepherded to closing by mortgage brokers residing in their local areas.
There are additional sources of revenue directly related to the current business that LION subscribers direct to service providers. By using presence on LION to substantially reduce marketing costs, and using the Internet to create a more efficient and responsive business model, Plenum can enter these businesses with competitive advantages in terms of both cost and service. Plenum will leverage these advantages in the future.
LION has recently initiated a Direct Stock Purchase Plan. If you are a registered shareholder, call 800-756-8200 (outside of the U.S. 201-324-1644); if you are not a registered shareholder please call 800-649-9895 for enrollment information.
LION is also now listed on the selective ''Purchase List'' of the NAIC stock service and is also a current member of the NAIC ''Low Cost Investment Plan''. For information please call 888-780-8400.
SOURCE: LION, Inc.
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