BIG FNHC NEWS!! Friday February 12, 11:47 am Eastern Time
Company Press Release
SOURCE: Finet Holdings Corporation
Finet Launches Finet.com: 'America's
Home Finance Network'
New Online Resource Combines Award-Winning Origination Technology with
Comprehensive Mortgage Services for Faster, Easier, Lower-Cost
Homeownership
WALNUT CREEK, Calif. Feb. 12 /PRNewswire/ -- Finet Holdings Corporation (Nasdaq: FNHC - news), today
unveiled FiNet.com: America's Home Finance Network, featuring the Smithsonian Award-winning mortgage
service, www.iQualify.com and www.interloan.com. FiNet.com marks the culmination of several years of
strategic planning and technology innovation, bringing under one brand an impressive array of mortgage services
for home buyers, mortgage brokers and lenders.
''Finet has acquired and developed some of the industry's leading online mortgage services, and now we are proud
to bring them together as one of the Internet's most comprehensive home finance networks under the FiNet.com
brand,'' said Dan Rawitch, President of Finet Holdings. ''By integrating iQualify and Interloan with Finet's
Monument Mortgage and Coastal Federal Mortgage, FiNet.com can take consumers and mortgage professionals
through the entire mortgage process, from origination to fulfillment. FiNet.com, benefits consumers by providing a
faster, flexible, more complete online mortgage solution, avoiding the frustration, delays and cost of the traditional
mortgage process. Lenders find a new source for leads and an interactive resource for educating the first-time
buyer.''
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. Finet, an industry pioneer established in
1991 as an electronic mortgage broker, is poised to take a leading position in the industry through an extensive
online FiNet.com branding campaign and several strategic marketing agreements with national and regional Internet
portals.
Divided into three key areas-Finet Finance Center, Home Information Center and Mortgage Broker Resource
Center-FiNet.com features everything that the consumer, mortgage broker and lender need throughout the mortgage
process, including mortgage calculators, real estate analysis, property listings, automated underwriting, refinancing
advice, tutorials and rate comparisons. The Mortgage Broker Resource Center features broker fee sheets, appraiser
packages, broker packages and automated underwriting systems technology.
''FiNet.com is one of the Internet's more comprehensive mortgage offerings as a result of relationships Finet has
developed with key industry leaders. In addition to the portal agreements, Finet has established relationships with
major Internet players such as: Infoseek Express, GetSmart.com, Homeseekers.com and Knight Ridder New
Media's Homehunter.com to drive traffic to the Network,'' stated Rawitch. ''We add value to the site by providing
property previews through Homehunter.com and Homeseekers.com in addition to neighborhood financial trends
and demographics through Resicom.com.''
''America's Home Finance Network is all about choice. Since iQualify utilizes Fannie Mae's Desktop
Originator/Desktop Underwriter processes to provide consumers with instantaneous on line mortgage approvals,
Finet has established close ties with some of the nation's leading lenders such as: Countrywide, First National
Funding and Prism Mortgage to honor these underwriting decisions. Once the consumer completes the process,
they make the choice of where they want to process and fund their loan,'' Rawitch continued. ''Interloan.com also
provides consumers a choice since they offer loan products from lenders such as Bank of America, CitiGroup and
Norwest.''
''FiNet.com, America's Home Finance Network can be accessed through the Internet at wwww.finet.com and
offers consumers a total home financing solution. All the necessary electronic tools are in place. We have spent
several years and millions of dollars building FiNet.com. Now, we are poised for the future and the rapid increase
in Internet commerce that's underway,'' concluded Rawitch.
About Finet
Finet Holdings Corporation, operator of FiNet.com, ''America's Home Finance Network'' is a leading edge
e-commerce mortgage finance firm that facilitates home financing through a variety of technology-based products
and automated services for consumers and real estate service providers. Finet offers automated financing solutions
to electronically enabled mortgage brokers and consumers directly, through its Internet sites www.iqualify.com, a
Smithsonian Award-winning electronic mortgage approval service; and www.interloan.com, an on-line home
financing site. Internet distribution channels include Internet financial sites, Internet home listing sites, financial
lead aggregators and local and national Internet portals.
Safe Harbor
Certain statements in this press release, including statements regarding the anticipated development and expansion
of the Company's business, and the intent, belief or current expectations of the Company, its directors or its
officers, are ''forward-looking'' statements (as such term is defined in the Private Securities Litigation Reform Act
of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from
those expressed or implied by such forward-looking statements.
SOURCE: Finet Holdings Corporation
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