Press Release 3-24-99
RockLoans.com Names E-Commerce Pioneer to Head
Marketing Division of Growing On-Line Mortgage
Company
PR Newswire - March 24, 1999 12:53
Company to Also Open Seattle Based Internet Marketing Center
BINGHAM FARMS, Mich., March 24 /PRNewswire/ -- Rock Financial Corporation
(Nasdaq: RCCK), owner and operator of RockLoans.com, today announced the
appointment of Sonny Spearman to the newly-created position of Vice President Internet
Marketing and Content. She will oversee the rapid growth of the company's national
e-commerce residential mortgage services at www.RockLoans.com. Spearman will report
directly to Rock Financial Chairman and CEO Daniel Gilbert.
"Adding an executive with Sonny's extensive, hands on e-commerce background to our
existing expertise in national mortgage lending further positions RockLoans.com in its drive to
become the leading on-line residential mortgage lender," said Gilbert. "Under Sonny's
direction, we will implement an aggressive national launch for RockLoans.com incorporating
all of our popular mortgage products.
"Rock is also showing its commitment to be the on-line home loan leader by opening a
Seattle-based Internet marketing center. This new office will allow us to tap into the rich
Internet talent located in the Pacific Northwest."
Gilbert noted: "The on-line lending and credit market is rapidly emerging, and is still very
fragmented, with no dominant players. We are seizing the opportunity to lead this market."
He cited recent projections from a major research firm stating that on-line lending is nearing a
critical mass that could result in explosive growth. The research firm pegs the potential on-line
lending and credit market at $167.6 billion by 2003. A leading investment banking firm has
predicted that through exponential growth, up to 30% of all mortgage loan originations, could
be conducted on-line.
Spearman stated: "I believe the consumer finance category is one of the killer applications for
the Internet, and residential mortgages play a key role in consumer adoption of on-line
financial services. I'm thrilled to join forces with one of the country's premiere mortgage
lenders, and am inspired by their commitment to deliver the best consumer borrowing
experience. Rock Financial takes great pride in the on-line tools they have created for the
consumer as well as the world class customer support delivered throughout the loan process.
RockLoans.com's goal is to be the number one Internet mortgage destination, and we are
looking forward to securing that position."
Spearman has more than 6+ years of experience in the Internet industry and is considered a
pioneer in e-commerce development. She was one of the original five employees of iCat
Corporation, the first company to develop and market a boxed e-commerce solution, where
she held executive positions in direct sales, channel management and marketing. During this
time she worked with companies across broad business sectors, including retail and business
to business to help them develop their e-commerce strategies.
Prior to iCat, Spearman managed the direct sales channel for Aldus Corporation, including
the development of one of the first interactive CD-ROMs with "try before you buy" versions
of desktop publishing software. Spearman is a graduate of Washington State University.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain
statements contained in this press release, which are not historical fact, may be deemed to be
"forward-looking" statements under federal securities laws that involve risk and uncertainties.
There are many important factors that could cause Rock Financial Corporation's actual
results to differ materially from those indicated in the forward-looking statements. Such
factors included, but are not limited to, general economic conditions, including interest rate
risk, future residential real estate values, regulatory changes (legislative or otherwise) affecting
the real estate market and mortgage lending activities, competition, demand for Rock
Financial Corporation services, availability of funding, loan prepayment rates, delinquency
and default rates, changes in factors influencing the loan securitization market and other risks
identified in Rock Financial Corporation's Securities and Exchange Commission filings.
SOURCE Rock Financial Corporation
/NOTE TO EDITORS: For more information on Rock Financial Corporation,
dial 1-800-PRO-INFO and enter the company ticker "RCCK"/
/CONTACT: Kelley Krass, Investor Relations of Rock Financial,
248-723-7172, or General Info., Tad Gage, 312-640-6745, Analysts, Alicia
Da Costa, 312-640-6780, or Media, Margie Baigh, 312-640-6690, all of The
Financial Relations Board/
/Web site: rockloans.com
(RCCK) |
