Kimberly -- This one could run! (like it did in April)
BNCM 6 1/4 in deal with MDCM
____________________________________
BNC Mortgage, Inc. Announces
Relationship with E-Commerce Portal 'openclose.com'
IRVINE, Calif.--(BUSINESS WIRE)--Sept. 21, 1999--BNC Mortgage,
Inc. (Nasdaq:BNCM) announced today that it has entered into a Lender
Marketing Agreement with openclose.com, a division of mortgage.com
(Nasdaq:MDCM), as a subprime lender on its new website.
As an exclusive, member-based e-commerce portal for mortgage
professionals, openclose.com facilitates communications between
brokers and lenders and simplifies the mortgage lending process by
providing an Internet "meeting room" in which lenders can quickly
review loan applications, automated underwriting evaluations, and
credit data submitted by brokers. Openclose.com provides brokers and
lenders with tools to deliver underwriting decisions at the point of
sale in a wholesale environment.
"The openclose.com broker/lender network has established
relationships with several national lenders who focus primarily on
conventional mortgage loans and non-conforming loans which are not
subprime loans. BNC Mortgage, Inc. sees an opportunity to add subprime
mortgage products on the openclose.com system and create an additional
marketing channel for our wholesale subprime lending operation. BNC
continues to look for cost effective ways to expand our lending
network" said Kelly W. Monahan, president of BNC.
"Openclose.com is pleased to welcome BNC Mortgage, Inc. to our
growing list of lenders," said David Larson, president of
openclose.com. "By utilizing openclose.com's state of the art
technology, our lenders can electronically review loan applications
from the 600 broker members representing more than 3,000 originators
to facilitate quick decisions and better service to their customers."
Mortgage.com provides a comprehensive mortgage platform of brand
companies, private-label outsourcing and technology services to
realtors, homebuilders, and financial institutions.
BNC Mortgage, Inc. is a specialty finance company engaged in the
business of originating, purchasing and selling, on a whole loan basis
for cash, conforming and non-conforming, residential mortgage loans
secured by one-to-four family residences. Since its inception in 1995,
BNC has originated over $3 billion of mortgage loans in over 40
states.
Except for historical information contained herein, this new
release contains forward-looking statements within the meaning of
Section 27A of the Securities Exchange Act of 1933, as amended in
Section 21E of the Securities Exchange Act of 1934, as amended and
involve risks and uncertainties that could cause actual results to
differ materially. These forward-looking statements can be identified
by the use of words "anticipate," "may," "will," "expect," "intend,"
"could," "would," and "remain," "continue," or the negative or other
variations thereof or comparable terminology. The Company's actual
results could differ materially from those anticipated in the
forward-looking statements based on changes in the Company's business
strategy.
--30--APS/se*
CONTACT: BNC Mortgage Inc., Irvine, California
Kelly W. Monahan/Peter R. Evans, 949/260-6000
949/260-6078 Fax
or
openclose.com, a division of mortgage.com,
Plantation, Florida
Peter Schott, 954/452-0000 ext 4404
888/241-6756 Fax
KEYWORD: CALIFORNIA FLORIDA
INDUSTRY KEYWORD: BANKING REAL ESTATE
INTERACTIVE/MULTIMEDIA/INTERNET
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
BWviaNewsEDGE
:TICKER: BNCM MDCM
Copyright (c) 1999 Business Wire
Received by NewsEDGE/LAN: 9/21/99 11:19 AM |
