Press Release March 30, 1999
Tuesday March 30, 1:40 pm Eastern Time
Company Press Release
SOURCE: Rock Financial Corporation
RockLoans.com Speeds, Simplifies Internet
Mortgage Closings; Leading Internet Lender to
Enable Customers to Review Personalized
Closing Documents On-Line
Company Also introduces Upgraded Point-And-Click Loan Status, E-Mail Closings, and
More
BINGHAM FARMS, Mich., March 30 /PRNewswire/ -- To further win customer loyalty by offering the most
user-friendly mortgage Web site available, Rock Financial Corporation (Nasdaq: RCCK - news), owner and
operator of RockLoans.com, now enables customers to review their personalized closing and loan application
documents on-line before attending their closing.
''RockLoans.com is the only Internet mortgage lending site to offer this exciting feature, which was developed in
response to our customers' feedback,'' said Daniel Gilbert, chairman and CEO of Rock Financial.
''RockLoans.com's borrowers, from anywhere in the country, can access, review and print their settlement
documents. Giving consumers the chance to review the detailed mortgage documents before attending a closing
virtually eliminates the last minute surprises that can often occur. We've given consumers yet another reason to
choose RockLoans.com over other mortgage lending alternatives.''
Gilbert announced that RockLoans.com will also launch several other enhancements to make its Internet site even
easier and faster to use. These enhancements will be available the week of April 5th, and will give borrowers:
-- Point and click capabilities to view the most current status of the
loan process from application through closing.
-- The ability to schedule closings through e-mail.
-- Easier and faster routing to Rock's "Ask An Expert" consumer question
and information center.
''We have developed the most user friendly and easy to use mortgage site on the Internet. By adding these new
features we are taking our customers' experience to a new level,'' explained Sonny Spearman, vice president in
charge of the company's Internet marketing group.
RockLoans.com has built a Web Center that includes more than 140 experienced mortgage professionals to handle
nationwide Internet loan production, and provide extensive customer service and support. This business model differs
from the majority of Internet mortgage sites that simply broker leads to other lenders for a fee. Gilbert noted that
RockLoans.com collects more than five times the revenue from Internet mortgage lending on a per-transaction basis
than the typical on-line lead and mortgage brokers. Gilbert said this gives Rock the financial ability to invest in making
RockLoans.com the Internet's most customer-friendly site.
''We handle the entire transaction ourselves, without middlemen, which actually lowers costs to consumers,'' said
Gilbert. ''We offer a complete variety of mortgage loans including Conventional, Jumbo, Sub-prime an FHA
products that only a full-service lender can provide.
''Applying for a mortgage can be complicated. Our Internet focus is no different than our traditional commitment to
making the process simple and fast, with world class customer service.''
Rock Financial is a national retail mortgage lender specializing in web and call center loan production. The 800
employee organization closed $2.3 billion in loans during 1998 and had pre-tax income of nearly $19 million, on
nearly $90 million in revenue.
''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 |
