BNCM PRESS RELEASE TODAYS
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Thursday April 15, 11:30 am Eastern Time
Company Press Release
Mortgage Logic.com Inc. Reports
Internet Mortgage Originations of
$23 Million
IRVINE, Calif.--(BUSINESS WIRE)--April 15, 1999--BNC Mortgage Inc. (Nasdaq:BNCM -
news) Wednesday announced that its wholly owned subsidiary, Mortgage Logic.com Inc.
(formerly known as America's Lender, ''Mortgage Logic''), originated $23 million of mortgage
loans through their Internet-based system during March 1999, its first month of operations as a
subsidiary.
Mortgage Logic utilizes an Internet-based wholesale lending operation that connects to an
automatic underwriting system. This allows independent mortgage brokers to access a borrower's
credit history, complete and submit loan applications, and receive loan underwriting decisions
through this Internet site.
''As America's Lender, Mortgage Logic has successfully originated loans through the Internet for
over one year. With its leading technology, this Internet site has proven to be an efficient and low
cost means of originating mortgage loans,'' stated Kelly W. Monahan, president. ''In the upcoming
quarter, we will make certain enhancements to our Internet site which will include a consumer
direct application,'' added Monahan.
Mortgage Logic is a mortgage lender specializing in borrowers with conforming credit that
generally satisfy the underwriting standards such as those utilized by FNMA and FHLMC.
Mortgage Logic currently originates loans in California. It is anticipated that expansion plans will
include several Western states.
BNC Mortgage 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.
Except for historical information contained herein, this news 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 ''anticipated'', ''will'', and ''would''. The
company's actual results could differ materially from those anticipated in the forward-looking
statements.
Contact:
BNC Mortgage Inc., Irvine
Peter R. Evans, 949/260-6000
More Quotes and News:
BNC Mortgage Inc (Nasdaq:BNCM - news)
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