LOS ANGELES - January 19, 2005 - To accommodate ongoing growth within its Northern California Division, Metrocities Mortgage, a leader in the residential mortgage lending market, has opened a new 6,252 square foot loan and operations center to better serve the needs of Northern California. The new facility will also serve as a business "hub" for the 30 staff members servicing the region.

"This new facility helps us continue to achieve our goal of making decisions at the local level, which offers convenience and expedites the loan process," explained Arthur D. Ringwald, President, Loan Production, Metrocities Mortgage. "In anticipation of this new office, we have been hiring key staff members to lead this growth, specifically within our successful Affiliated Business Arrangement (ABA) model."

The cornerstone of Metrocities’ business is its ABA model, in which the mortgage banker forms alliances with real estate agencies, financial firms and others to provide "one-stop", in-house shopping services for residential real estate clients. Metrocities’ most recent expansion is being led by Anna Ruotolo, First Vice President, Northern California Division, a 14-year resident of Pleasanton who joined the company in September 2004.

"This expansion is great news for Northern California," Ruotolo explained. "I have been developing ABA relationships within this area since February 1995, and have found that real estate brokers and agents appreciate the improved service levels and convenience that ABAs provide in Metrocities' Northern California Expansion helping a real estate transaction proceed to closing. Partners also have the comfort of knowing they are working with a lender that ranks among the top 1 percent of mortgage firms in closed loan volume in the country."

Metrocities' Northern California Division encompasses San Francisco, San Jose, Sacramento, Monterey, Oakland, Fremont, Gilroy, Fresno, Coastal and the Modesto areas. Local clients have access to more than 7,000 different loan programs and a company that has one of the highest loan application approval rates in the industry. The direct lender and preferred mortgage broker's full service lending capabilities include both traditional and innovative loan programs such as Interest-only and Stated Income/Stated Asset.

The new office is located at 6601 Owens Drive, Suite 100, Pleasanton, CA, 94588. The local phone is (925) 737-0277

ABOUT METROCITIES MORTGAGE

Established in 1989, Metrocities Mortgage is ranked in the top 1 percent of residential mortgage lenders nationwide for closed loan volume, closing over $4.6 billion in 2003. Metrocities operates as both a mortgage banker (direct lender) and a mortgage broker. Headquartered in Sherman Oaks, California, Metrocities Mortgage has become a leading nationwide lender, based on unique loan programs and successful joint ventures (Affiliated Business Arrangements) with key real estate companies, credit unions, financial advisor/business management companies, builders and other affinity groups. Loan Officers have access to over 7,000 loan programs and proprietary search engine technology, enabling them to find the best loan products for their clients. As America's Best Relationship Lender^sm, Metrocities Mortgage is renowned for its in-house lending expertise, wide selection of loan programs and Heroic Customer Service^sm.