9:01am VLDC major news with NTBK just out.
Virtuallender.com, Inc., Signs Definitive Agreement With Net.B@nk
Business/Technology Editors
SAN BRUNO, Calif.--(BUSINESS WIRE)--April 12,
1999--Virtuallender.com, Inc., (OTCBB:VLDC) announced today that they
have signed a definitive agreement with Net.B@nk, (NASDAQ:NTBK) the
largest FDIC-insured bank operating solely on the Internet.
Virtuallender.com, Inc., will not only be able to broker loans out as
a correspondent to Net.B@nk and other major nationwide lenders but
will also be able to act as a mortgage banker to fund their own loans,
and to provide a wide array of product, including home equity lines of
credit.
The agreement with Net.B@nk will allow Virtuallender.com to speed
up the time it takes to process mortgage loans and provide
Virtuallender.com better pricing and secondary market execution. "Our
agreement with Net.B@nk is another example of how we plan to
accomplish our goal of offering loans online faster, easier and at a
lower cost than through the traditional loan origination process, "
said Carol Pizzo, President, Virtuallender.com, Inc.
Net.B@nk, Inc. (Nasdaq:NTBK), is the first profitable
Internet-only bank in the country, having achieved profitability in
the second, third and fourth quarters of 1998. With almost 25,000
accounts and customers in all 50 United States and 20 foreign
countries, Net.B@nk, Member FDIC (www.netbank.com), is the largest
FDIC-insured bank operating solely on the Internet.
Virtuallender.com benefits consumers by providing a faster,
flexible, more complete online mortgage solution, avoiding the
frustration, delays and cost of the traditional mortgage process while
providing the traditional "bricks and mortar" mortgage business that
consumers and realtors have traditionally utilized. Virtuallender.com,
Inc has established close ties with some of the nation's leading
lenders such as Headlands (NASDAQ:HDLD), 1ST Security Crosslands
(NASDAQ:FFCO), World (NYSE:GDW), Dominion Resource/Saxon (NYSE:D),
PCFS (NYSE:PFGI), and Downey Savings (NYSE:DSL).
According to estimates by James Marks, Deutsche Bank Securities
Analyst, the online mortgage industry is set for explosive growth,
with projections topping $60 billion by the year 2000.
For more information on Virtuallender.com, Inc. please visit
virtuallender.com.
Statements regarding financial matters in this press release
other than historical facts are "forward-looking statements" within
the meaning of section 27 A of the Securities Act of 1933, Section 21
E of the Securities Exchange Act of 1934, and as that term is defined
in the Private Securities Litigation Reform Act of 1995. The Company
intends that such statements about the Company's future expectations,
including future revenues and earnings, and all other forward-looking
statements be subject to the safe harbors created thereby. Since these
statements (future operational results and sales) involve risks and
uncertainties and are subject to change at any time, the Company's
actual results may differ materially from expected results.
--30--kf/bos*
CONTACT: Virtuallender.com
Carol Pizzo, 877/462-9378
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMED COMPUTERS/ELECTRONICS BANKING
INTERACTIVE/MULTIMEDIA/INTERNET REAL ESTATE PRODUCT
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Apr-12-1999 06:02 GMT
Symbols:
US;VLDC
Source BW Business Wire
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