(Sherman Oaks, CA, August 4, 2004) - Metrocities Mortgage, LLC, a leader in the residential mortgage lending market, has announced the appointment of Arthur (Art) D. Ringwald as President, Loan Production, effective July 26, 2004. In this position, Ringwald will oversee the company's loan production and operations units nationally.

"We are very pleased to welcome Art to Metrocities Mortgage and are looking forward to utilizing his 30 years of experience and leadership to further our company's strategic vision," explained Paul Wylie, CEO of Metrocities Mortgage. "Art brings with him a solid record of achievement in rapidly building revenues and market share in a variety of mortgage banking enterprises. In addition, Art has a great reputation as an effective 'change-maker' and will be a valuable asset to our growing team."

"I am looking forward to working with the market leader in the affiliated business arrangement arena," Ringwald added. "Metrocities has a proven purchase loan, Realtor-centric strategy which I wholeheartedly endorse, and I am looking forward to helping the company achieve its incredible growth objectives over the next several years."

Ringwald comes to Metrocities Mortgage from Ocwen Technology Xchange, Inc., where he served as President and CEO of the wholly owned subsidiary of Ocwen Financial Corporation from April 2001 to January 2003.  Prior to joining Ocwen, he held positions as President and CEO of Ellie Mae, a mortgage industry technology solutions provider, and from 1993 until its acquisition by NationsBank, he served as Bank of America Group Executive Vice President, overseeing all residential, second and home equity mortgage financing.  Under his leadership, the bank grew from being the nation's 21st largest mortgage company to the 5th largest.  Following Nationsbank's acquisition of Bank of America in 1998 until early 2000, he served as Executive Vice President of Retail Mortgage Lending.

From 1989 to 1993, Ringwald worked as Executive Vice President and National Production Executive at Sears Mortgage Corporation and as President and CEO of its Borrowers' Choice subsidiary (one of the nation's first computerized loan originations systems) where he helped pioneer the concept of affiliated business relationships.  During his tenure at Sears Mortgage, the company's production increased more than 500 percent.  Ringwald began his career as a Construction Lending Specialist at Advance Mortgage Corporation, and subsequently held progressively more responsible mortgage production-related positions, until his appointment as Vice Chairman of the Board and Chief Administrative Officer of Anchor Mortgage Services in Wayne, NJ, in 1983.

Mr. Ringwald's service appointments have included positions on the Mortgage Bankers Association of America's Board of Directors' Technology Steering Committee, the Harvard University Joint Center for Housing Studies Advisory Board, the National Association of Home Builders Housing Finance Roundtable and the Fannie Mae National Advisory Council. He has a bachelor of science degree in Residential Construction from Michigan State University and holds an MBA from the University of Detroit.

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 over $4.6 billion in 2003. Metrocities operates as both mortgage banker (direct lender) and mortgage broker. Headquartered in Sherman Oaks, CA, Metrocities Mortgage has become a leading nationwide lender based on unique loan programs and successful strategic alliances (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 state-of-the-art, 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 and Heroic Customer Service^SM.