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Microcap & Penny Stocks : Mortgage Bankers Holding Corp (MBHC) -- Ignore unavailable to you. Want to Upgrade?

To: Taki who wrote (629)	10/5/1998 8:44:00 AM
From: CIN-CIU-E	Read Replies (2) \| Respond to of 1241

**NEWS* Mortgage Bankers Holding Corp. Announces Continued Progress of Its Auto Finance Division Business Wire - October 05, 1998 08:21 CARNEGIE, Pa.--(BUSINESS WIRE)--Oct. 5, 1998--Mortgage Bankers Holding Corp. (OTCBB: MBHC) announced today an update on the continued progress of its auto finance division, International Auto Funding Corp. (IAF). As of the end of the 3rd Quarter, IAF has business arrangements with fourteen franchise automobile dealerships in western Pennsylvania. Commencing August 1, 1998, these dealerships began forwarding automobile financing applications directly to IAF for processing, initial underwriting and approval. The average automobile loan amount requested has been approximately $15,000. Beginning 4th Quarter 1998, it is projected that IAF will complete four closings per dealership per month during the initial start-up phase of this program for gross sales of $840,000. IAF is expected to net fees of approximately $33,600 per month from these initial transactions. Also, IAF provides sub-prime auto lease program to the dealerships and their customers. In addition to the dealership agreements, International Auto Funding Corp., has entered into correspondent agreements with Hamilton Capital Group (Manasquan, New Jersey), Talon Acceptance Corporation (Cassellberry, Florida) and Goshen Fidelity, Inc. (Bloomington, Illinois), to provide access to IAF to a mixture of product types from A-credit to sub-prime credit as well as other non-standard automotive funding programs. International will commence a comprehensive sales training course for its in-house representatives this week which will result in territorial marketing for additional franchise automobile dealerships throughout Pennsylvania, Ohio, West Virginia, New York, Maryland and Delaware. Vincent R. Gaglia, President of International Auto Funding Corp., commented the, "IAF is very excited about the progress it has made to date with the initial agreements in place with quality franchise dealerships as well as the correspondent agreements we have entered into with the best financing names in the business. With the implementation of a quality sales force throughout the next 60 day period. I am certain the International Auto Funding Corp. is posturing itself as a premier funding source in the auto industry." Raymond P. Sobieralski, Chairman of MBHC said, "We applaud the efforts of Mr. Gaggle and his staff. The development stage of this division has passed without complication and I am confident that International will grow into a leading automotive funding source through the prudent and thoughtful strategic alliances as previously states." As reported in an earlier release, an analysis by Prudential Securities of the Auto Finance Industry, as of May 1997, estimated that of the almost $400 billion auto finance market in 1996, approximately 75%. Or some $300 billion, represented loans that one would classify as prime or bank-grade credit. The remaining $100 billion define a very divergent asset class commonly referred to as sub-prime or non-bank grade credit. Mortgage Bakers Holding Corp. is a diversified technology-based financial services company, which through its subsidiaries utilizes data transfer and exchange to offer a full spectrum of financial and asset management services and products. Financial Statements in this press release other than historical facts are "forward-looking" statements with the meaning of section 27A of the Securities act of 1933, section 21E 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 risk and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results. CONTACT: M&A West, Inc. Investor Relations: Scott Kelly, 650/588-2678 www.mawest.com