B2B Mortgages Increase

WMC Mortgage handles $112 million in July

Woodland Hills, CA  August 17, 2001  Internet-based B2B non-prime lender WMC Mortgage Corp. announced today that its loan funding volume for July 2001 was $112 million. The company is now generating a higher volume than it had done prior to its conversion from a traditional non-prime lender to a wholly Internet-based operation.

WMC has been able to attain these volumes with a considerably reduced staff  smaller by two-thirds  by leveraging its automated underwriting system and integrating its back-office operations to the Web. WMC became the first Internet-based non-prime B2B lender, exclusively originating loans online, in March 2000.

July's volume marks an 18 percent increase above June's $95 million total, and an increase of nearly 66 percent above March 2001's $67 million figure.

A major factor contributing to July's record total was a dramatic rise in the volume of loan applications submitted via the company's Web site. Applications, which had grown at a steady pace to over $350 million in June, jumped 26 percent to $440 million in July.

"That's a huge increase," said Scott McAfee, WMC's president and CEO. "Brokers are discovering us. & Our 12-day average funding time is a standard that surpasses most other companies in the industry.