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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium -- Ignore unavailable to you. Want to Upgrade?

To: mrkt wtchr who wrote (10892)	7/7/1999 9:26:00 AM
From: sanjay sanghani	Read Replies (1) \| Respond to of 108040

Wednesday July 7, 9:02 am Eastern Time Company Press Release SOURCE: Lenders Interactive Online Network LION Announces 5,000th Member in June Broker Membership to Internet Portal for Mortgage Industry Reaches Major Milestone SEATTLE, July 7 /PRNewswire/ -- Lenders Interactive Online Network (LION), a wholly owned subsidiary of Plenum Communications, Inc. (OTC Bulletin Board: PLNM - news), the leading Internet portal for the mortgage industry, announced today that they had surpassed 5,000 members. Sam Ringer, President and CEO of LION Inc. said, ''Achieving 5,000 members is an important milestone for LION. Our goal is to touch every mortgage broker with information and/or services from LION. A Mortgage Broker market study by Wholesale Access estimated that in 1998 there were approximately 36,000 mortgage brokerage firms that originated 70% of the $1.7 trillion in mortgages loans. We estimate that our 5,000 members represent 3,600 mortgage broker firms, which gives LION a 10% market share of mortgage broker firms. Every year we have been doubling our size and the percentage of the mortgage broker market that our members serve, and now our goal is to accelerate this growth over the next eighteen months.'' Mr. Ringer added, ''The Internet tools LION provides mortgage brokers increases their productivity, loan production, and service to their customers. The addition of automated underwriting capability (LION-AU) will allow our broker members to send mortgage loan applications electronically to Fannie Mae using the Internet through our Web site, www.lioninc.com. With LION-AU, home loans can be approved faster and they will become less costly as processing and underwriting times are dramatically decreased. LION-AU allows loan approvals, which used to take days, to take place in a matter of minutes.'' LION is the leader in both providing the mortgage brokerage industry with wholesale rate information and in the development and hosting of mortgage broker and wholesale lender homepages. LION's customer base includes one-person brokerage firms as well as medium and large sized brokerage firms. Over 7,000 mortgage brokers visit LION's Web site and the Web sites that LION hosts for wholesale lenders for mortgage information on a regular basis. Traffic to these Web sites has grown rapidly and they now receive over one million hits per month. In addition, LION has quickly become an Internet leader in the consumer mortgage arena. LION recently acquired two consumer Web sites, www.mortgage101.com and www.amo-mortgage.com. Recently www.mortgage101.com received the highest rating out of four mortgage web sites in Mortgage Originator Magazine, a leading mortgage brokerage industry publication. These two web sites provide consumers with mortgage information and a way to contact mortgage brokers in their area. In June these Web sites collectively received over 8 million consumer hits from over a half a million unique visitors. About LION LION's Internet portal, www.lioninc.com, provides the most extensive mortgage database on the Internet. LION's database of mortgage rate and fee information is updated on a daily basis, and in order to account for variations around the country, is subdivided into 26 separate geographic locations. LION delivers this information in seconds via the Internet to subscribing brokers through LION's password protected, subscription-based Web site, www.lioninc.com. LION provides information on 11,000+ wholesale lender programs, which represents approximately 11 million loan alternatives for the broker. Mortgage brokers can instantly find loans that meet the needs of their client by entering information in LION Loan Search(TM). More than 450 wholesale mortgage lenders and 5,000 mortgage brokers participate in the service. LION is the nation's leading developer of Internet homepage Web sites for member lenders and brokers. LION is headquartered at 3003 80th Ave. SE, Mercer Island, WA 98040. Telephone: 888-251-7616. Fax: 509-325-3587. For more information on LION, visit the company's Web site at www.lioninc.com. For more information on Plenum Communications Inc. visit www.plenum.net. SOURCE: Lenders Interactive Online Network