FiNet.com and Monument Mortgage Win Fannie Mae's Technology Leadership Award

Business Wire,  August 4, 1999  

Tags: Fannie Mae, leadership

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WALNUT CREEK, Calif.--(BUSINESS WIRE)--

August 4, 1999 Fannie Mae (NYSE:FNM), the nation's largest source of financing for home mortgages, recently presented FiNet.com (NASDAQ:FNCM) and Monument Mortgage with its Technology Leadership Award.

The award selection is based on a lender's innovative use of Fannie Mae's technology to streamline the mortgage process, making the dream of homeownership a reality for more Americans.

FiNet.com and its Monument Mortgage subsidiary use Desktop Underwriter, Fannie Mae's automated underwriting system, as an integral part of the loan origination process. Within a matter of minutes, using information provided by the borrower and online credit data, Desktop Underwriter can provide an underwriting recommendation, along with valuable timesaving processing guidelines.

"FiNet.com and Monument Mortgage have been pioneers in the development and utilization of innovative e-commerce technology, such as the iQualify on-line loan underwriting system, to underwrite loans through Desktop Underwriter at the point-of-sale," said Jaynie Studenmund, senior vice president of Fannie Mae's Western Regional Office. "The ability to offer an underwriting recommendation in minutes brings added value to our lenders. We're proud to work with this technology leader."

Fannie Mae and FiNet.com's iQualify won the prestigious Smithsonian Award in 1998 for developing technology integrating Fannie Mae's Desktop Underwriter and the iQualify.com consumer web site.

"FiNet.com is proud to receive Fannie Mae's Technology Leadership Award, and we look forward to continuing to use Desktop Underwriter and other new on-line technology to create more affordable and convenient home financing opportunities across America," said Chris Skeadas, EVP & FiNet.com's chief technology officer.

FiNet.com offers automated financing solutions directly to consumers through its www.interloan.com on-line home financing web site and to mortgage brokers through its business-to-business channel, Monument Mortgage. Monument Mortgage leads the Western Region in Desktop Originator loan submissions and was the first lender based in the region to adopt Desktop Originator technology.

Desktop Originator allows lenders to manage the way in which their sponsored brokers have access to Desktop Underwriter. Sponsored brokers are able to deliver increased efficiency and convenience to consumers because Desktop Underwriter enables lenders to make mortgage loan decisions at the point of sale, virtually anywhere, including the borrower's home.

By using Desktop Originator and Desktop Underwriter, FiNet.com can offer consumers reduced paperwork and streamlined appraisal options which often result in reduced fees and faster loan processing.

Currently, more than 900 lenders subscribe to Desktop Underwriter to process as many as 33,000 loan submissions each day.

FiNet.com, Inc., "America's Home Finance Network" including its wholly owned subsidiaries (the "Company"), is a leading provider of e-commerce home financing services that facilitates home ownership through a variety of technology-based products and automated services for consumers and mortgage broker business.

Fannie Mae is a New York Stock Exchange company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages.

Over the past 30 years, Fannie Mae has provided nearly $2.5 trillion of mortgage financing for over 30 million families. More information about Fannie Mae can be found on the Internet at http://www.fanniemae.com.

Style Usage: Fannie Mae's Board of Directors has authorized the company to operate as "Fannie Mae," and the company's stock is now listed on the NYSE as "Fannie Mae." In order to facilitate clarity and avoid confusion, news organizations are asked to refer to the company exclusively as "Fannie Mae."

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