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(Sherman Oaks, CA, June 7, 2005) - While some mortgage companies have scaled back amid concerns of decreased volume, Metrocities Mortgage has continued its national expansion strategy, and has added significant industry expertise to its management team.

During the first quarter of 2005, the company experienced a 142 percent increase in its number of new Affiliated Business Arrangements (ABAs) over the same period in 2004. ABAs are the cornerstone of Metrocities’ business and are strategic alliances formed between the lending company and partnering members such as real estate agencies, builders and financial firms that provide the “one-stop” shopping experience preferred by real estate customers.

Growth in relationships such as these has helped contribute to an increase in volume of 56 percent over the same period in 2004. The company has closed more purchase loan business than refinance business every year for over 11 years.

“Our long-term commitment to real estate professionals and the purchase market is resulting in new growth and an increase in loan volume,” explained Metrocities CEO and Founder, Paul Wylie. “Adding to this is that within the past eight months we have made a number of new executive level appointments to further guide growth. In fact, nine (9) members of our Executive Management Team have had significant experience successfully running mortgage entities for real estate companies that have ranked in the top ten (10) in the country.”

In March 2005, the company opened a new regional operations and loan center in Charlotte, North Carolina, to serve as its east coast hub. Since fall 2004, Metrocities has opened offices in Pleasanton, California (a new Northern California regional operations and loan center); San Diego, California; Dallas, Texas; and Monterey, California.

Metrocities Mortgage, which has over 1,100 employees nationwide, has been on an aggressive expansion track since summer of last year. Recent executive appointments include:

• Art Ringwald, President, Eastern Division, has worked in the mortgage industry for 30 years, including as Bank of America’s Group Executive Vice President, as well as Executive Vice President and National Production Executive at Sears Mortgage Corporation.
  
• Richard Powers, President, Western Division, brings more than 27 years of mortgage banking and real estate industry experience to the company. Most recently, he was President of KB Home Mortgage Company, where he managed all in-house financial services channels for one of the nation’s largest homebuilders, KB Home, and he has also served as President and CEO of Charter One Mortgage Corporation in Cleveland, Ohio, one of the nation’s top 20 largest retail loan originators.
  
• George A. Charles, Executive Vice President, Western Division, has more than 23 years of experience in the mortgage industry, most recently serving as President of Response Mortgage Services, Inc. (the mortgage firm owned by John L. Scott Realty) in the Seattle, WA, area. He currently serves as Chairman of the Board for the Mortgage Division of the Realty Alliance.
  
• Harry V. Tomlinson III, Executive Vice President and Northeastern Regional Manager, has more than 30 years of experience in the mortgage industry, most recently serving as Senior Vice President, Area Manager, for Washington Mutual in the Philadelphia area.
  
• Gene Morris, Executive Vice President, Southeast/Midwest Regional Manager, has more than 26 years of experience working within the mortgage and banking divisions of Bank of America, most recently serving as a National Direct Sales Strategy and Process Executive.
  
• Anna M. Ruotolo, Senior Vice President, Northern California Region, is a 20-year veteran of the mortgage field, most recently serving as President of a Chase affiliate/Prudential California Real Estate: The Home Loan Group (Prudential is the 10 th largest real estate company in the U.S.).
  
• Joseph E. Carroll, First Vice President, Western Region, most recently served as Executive Vice President of Assurance Capital (the mortgage company affiliated with First Team Real Estate) and as President of DeWolfe Mortgage, Inc., where he helped grow the company to more than 100 offices and sales of over $6.8 billion.

Metrocities is a national direct lender ranking in the top 1% of lenders nationwide. Metrocities Mortgage’s affiliate companies include a national jumbo wholesale lender, No Red Tape; and a non -prime wholesale division, Acoustic Home Loans.

Established in 1989, Metrocities Mortgage is ranked in the top 1 percent of residential mortgage lenders nationwide for closed loan volume, closing over $6.3 billion* in 2004. 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. For additional information, please call (800) 215-7138, or visit us online at www.metrocitiesmtg.com. * Includes Metrocities’ family of companies.