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ALLIANCE MORTGAGE ACQUIRES FINANCE LENDERS LICENSE — STRENGTHENS HUMAN RESOURCES BASE

HAYWARD, Calif.–(BUSINESS WIRE)–July 21, 1999

Alliance Mortgage http://www.alliancemtg.com announced today that it has acquired the California Finance Lender’s License, issued by the Department of Corporations. Along with the California Department of Real Estate License, this allows Alliance Mortgage a more versatile range of financial activities.

According to Sean Saed, Alliance President and CEO, “Our licensing activities nationally and in California allow us to deliver our products directly at lower costs and give us an edge over our competitors. Now having both licenses, we are well grounded. Only a handful of companies have both licenses.

According to the Department of Real Estate, only a Licensed Broker can be compensated directly from a Lender. “All other salespeople under the broker’s license must also be licensed to quote rates and carry out mortgage activities. This gives Alliance Mortgage a tremendous advantage over our newly established internet competitors and the flexibility in an already tight labor market. We are making investments in licensing and human resources to increase value and commitment for the long run.”

According to estimates by James Marks, Deutsche Bank Securities Analyst, the online mortgage industry is set for an explosive growth, with projections topping $60 billion by the year 2000.

Last week Alliance Mortgage launched an affiliate program for home oriented sites and increasing links to other Internet sites of mutual interest.

Alliance also signed an agreement with Mortgage Bank of Maryland on June 16th 1999 for co-branding its loans in the state of Maryland. Alliance Mortgage’s inexpensive loans are now available to the residents of Maryland.

About Alliance Mortgage

Since 1992 Alliance Mortgage (http://www.alliancemtg.com) has been providing inexpensive loans to people with all types of credit histories. Alliance Mortgage provides these loans through the virtual centralized office place. The loans are at least a point lower than most Brick and mortar banks, single sourced lenders and conventional mortgage brokers as well as 0.50 to 0.625 basis points lower than similar online Mortgage companies.

Alliance Mortgage has ties to Nation’s top 70 lenders. Alliance Mortgage is a true Internet loan provider with 100% revenues derived from the Internet, and is located in the Silicon Valley at

26250 Industrial Blvd.
Hayward, Calif. 94545.

Contact:

Alliance Mortgage, Hayward
Sean Saed, 510/887-1600
sean@alliancemtg.com

 

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