Freddie Mac Approves Onloan.com as Seller/Servicer; Online Mortgage Company Receives Industry Stamp of Approval

Business Wire,  March 21, 2000  

Tags: Freddie Mac, industry

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FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--March 21, 2000

Freddie Mac, a federally chartered enterprise that purchases mortgages in the secondary market, has approved online lender OnLoan.com as a seller/servicer able to originate and sell conforming conventional loan products without the need of an intermediary.

The approval is an industry benchmark acknowledging a lender's solid origination and staffing capabilities. It allows OnLoan.com to now underwrite its own loans and collect borrowers' mortgage payments while expanding its already diverse product range. A third-party lender is no longer involved.

"The Freddie Mac seller/servicer approval is a great privilege," said Barney Danzansky, OnLoan.com's president and CEO. "We're excited to align ourselves with a secondary-market leader who understands the challenges presented in today's technologically demanding field of finance."

About OnLoan.com

A privately held company headquartered in Fort Lauderdale on Florida's InternetCoast, OnLoan.com is a next-generation lending firm that allows mortgage professionals and borrowers to secure home loans on the Internet. Unlike other online mortgage companies serving as lead-generators or brokers, OnLoan acts as a full-service direct wholesale lender by providing intelligent, time-saving software services as well as funding, underwriting, closing and support of the entire loan-origination process. Through its proprietary Qualification Logic Engine, the company checks credit and approves borrowers in real time, providing Pre-Approval Certificates, Good Faith Estimates of closing costs, Truth-in-Lending statements and the highest level of Internet security. In addition, loan strategists are available by telephone and e-mail 24 hours a day, seven days a week.

In April 2000 OnLoan.com, which began taking loan applications in November 1999, will offer complete back-office fulfillment and loan processing in the Business-to-Business and Direct-through-Affiliate marketplaces. Initially OnLoan.com will target mortgage brokers with its Intelligent Rate Sheet, a proprietary technology that replaces paper rate sheets that have cluttered mortgage brokers' desks for decades. Other channels include real estate professionals, developers, bankers and web portals.

For more information, go to www.onloan.com.

About Freddie Mac

Freddie Mac is a stockholder-owned corporation chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders. By supplying lenders with the money to make mortgages and packaging the mortgages into marketable securities, Freddie Mac sustains a stable mortgage credit system and reduces the mortgage rates paid by homebuyers. Over the years, Freddie Mac has opened doors for one in six homebuyers and two million renters across America.

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