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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: Tim Luke who wrote (25520)	4/8/1999 6:21:00 PM
From: MARK C.	Respond to of 90042

It still leaves him a lot :-)After all a man needs some pocket money. And that might explain the drop to 36. Gates sold some MSFT also and look at MSFT now. I also think the DELL IBM connection has yet to come out. I have a gut feeling that something big is brewing there. jmho, MarkC

To: Tim Luke who wrote (25520)	4/8/1999 6:43:00 PM
From: MIKFREE	Respond to of 90042

OK Tim, back for a few minutes. What about a quotes service? How does dntiq compare to L2 or is there another, better service? Which is best value for money, and which is the best, period? Thanks, Mike

To: Tim Luke who wrote (25520)	4/8/1999 7:54:00 PM
From: LABMAN	Respond to of 90042

RCCK ROCK FINANCIAL rockloans.com following is a news release issued today, comments please Home - Yahoo! - My Yahoo! - Help Home \| Full Coverage \| Top Stories \| Business \| Tech \| Politics \| World \| Local \| Entertainment \| Sports \| Science \| Health Yahoo! News Business Headlines Thursday April 8 11:25 AM ET Rock Closes $22 Mln In Web Mortgage Loans By Ben Klayman BINGHAM FARMS, Mich. (Reuters) - Rock Financial Corp. (Nasdaq:RCCK - news), a Michigan-based consumer mortgage firm, said Thursday its new Web site closed loans worth $29 million in the first quarter, including $22 million last month. ''It's kind of like the Wild West right now,'' Rock Chairman and Chief Executive Officer Daniel Gilbert told Reuters. The Bingham Farms, Mich.-based firm will not release first-quarter results until April 22, but Gilbert said Internet-driven loans made up 12-15 percent of total business in March and he expects them to make up more than half Rock's business within a year. The company's goal is to become the country's premier Internet provider of mortgage home lending. Rock said it expects to realize about $675,000 in first-quarter revenue on Internet-closed loans. With an average loan balance of $110,000, that translates to about $2,600 of revenue per loan or 235 basis points per loan closed. The revenue is booked at the time pooled loans are sold in the secondary market about 30 days later, Gilbert said. Advertising for the web site -- RockLoans.com -- was launched on a test basis in Detroit, Tampa and Orlando, Fla., Baltimore, and Hartford, Conn., in January and February, he said. By June, Rock should be able to handle mortgage applications from three-fourths of the country. Rock will begin advertising the Web site in two unidentified California cities over the next couple weeks with a broader rollout in the state scheduled for the summer, Gilbert said. A national advertising campaign, costing millions of dollars, probably will be launched in the summer. The company is currently doing business online in 12 states, most of which do not see advertising support, and it is licensed or exempt from licensing in 47 states. Gilbert previously said most consumers seeking loans online go through middle men who charge a fee for processing applications and transferring them to such firms as Rock. Rock's site eliminates that layer and related fees. Rock has 130 people at its Web sales and processing center, is adding 10 to 20 people a month and plans to move into a larger building in suburban Detroit in the fall, Gilbert said. The loans handled online include conventional, jumbo, sub-prime and Federal Housing Administration-insured residential mortgages, but Gilbert said one early surprise has been the high level of applications from those with less-than-stellar credit ratings. The company even receives several inquiries a day from people who want to refinance their mobile homes, a type of loan Rock does not yet offer, he said. Rock closed nine of its 29 offices and took a fourth-quarter charge of more than $2 million to concentrate on the Web site. Gilbert also said Rock's joint venture with financial services firm Michigan National to offer home mortgage loans to the bank's 450,000 customers was launched Tuesday. Farmington Hills, Mich.-based Michigan Financial is owned by National Australia Bank Ltd (NYSE:NAB - news). . Rock employs 850 people and closed $2.3 billion in loans last year and had pretax income of nearly $19 million, on nearly $90 million in revenue. Rock's stock was unchanged at $18.25 a share in early trading on the Nasdaq National Market Thursday. Apr 07 \| Apr 06 \| Apr 05 \| Apr 04 \| Apr 03 \| Apr 02 \| Apr 01 \| Mar 31 \| Mar 30 \| Mar 29 Home \| Full Coverage \| Top Stories \| Business \| Tech \| Politics \| World \| Local \| Entertainment \| Sports \| Science \| Health Questions or Comments Copyright © 1999 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. lm