Company Press Release
SOURCE: FiNet.com Inc.
Finet.Com June Fundings Increase 23%
New Brokers and Loan Application Increases to Sustain Growth
SAN RAMON, Calif., July 12 /PRNewswire/ -- FiNet.com, Inc. (Nasdaq: FNCM - news), and its wholly owned subsidiary, Monument Mortgage, Inc., www.FiNet.com, ``America's Home Finance Network,'' today announced June 2000 results of its national business-to-business (``B2B'') services distribution strategy.
The Company's fundings increased 23% in June to $91.5 million, compared to $74.2 million in May. The B2B component represented 81%, or $74.3 million, with the business-to-consumer segment accounting for 19%, or $17.2 million, of the total volume.
Additionally, new distribution relationships with 54 leading mortgage brokerages across the nation were approved in June by Monument Mortgage, leading to a 21% increase over the previous month in B2B channel loan applications.
``In light of the current challenging mortgage environment, we are very proud to again report our increasing production,'' stated Rick Cossano, FiNet's President and Chief Executive Officer. ``Despite recent interest rate increases and tougher competition, we are maintaining our growth momentum.''
Cossano continued, ``This performance is a direct result of our aggressive business strategy to empower mortgage brokers nationwide through our unique array of technologies coupled with the personal touch and seasoned experience of our expanding national team of District Managers. We also anticipate that our recently reported new alliances with Calyx Software and Ellie Mae will enable us to sustain this growth momentum and further clarify and emphasize the competitive differences our strong B2B focus has given us as we establish the Company as the e-mortgage segment leader. I'm confident that as we continue to conscientiously execute our business plan we will reach our goal of becoming the first profitable e-mortgage company.''
About FiNet.com
FiNet.com, Inc., through its wholly owned subsidiaries (the ``Company'') is a leading e-commerce provider of financing services that facilitate home ownership, including a variety of technology and loan products and automated services for mortgage broker businesses and for consumers. The Company offers online solutions to mortgage broker businesses through Monument Mortgage at www.monument.com and residential financial services directly to consumers at www.finet.com. |
