IMX Names Chad Neel its New President and Chief Executive Officer

Company Also Announces New Lenders and New Product Upgrade

Houston, Texas, August 06, 2002 - IMX, Inc., a leading provider of software for the mortgage industry, announced that it has named Chad A. Neel its new President and Chief Executive Officer. Mr. Neel will also be a member of the Company's Board. The Company also announced a major upgrade to its Exchange product and the addition of several new lending partners.

Mr. Neel joined IMX in 1999 and previously served as Executive Vice President and Chief Operating Officer of the Company. Mr. Neel succeeds President and CEO Richard Wilkes, who will remain on the Company's Board of Directors.

"The Company is tremendously grateful for the progress made under the leadership of Richard Wilkes," said Chad Neel, President and CEO. "We are in great shape, and poised to go to the next level. This is an exciting time for IMX as we continue to expand our product offering, distribute our private label products and rapidly grow our Exchange business," added Neel.

IMX also noted that it has recently released a major upgrade to its Exchange product to accommodate subprime loans. The Company previously offered this functionality for subprime loans in its Exchange business during 2001, but removed it temporarily until further development and enhancements could be made. IMX has now created two separate subprime solutions for lenders and brokers.

"We are reintroducing this functionality for the subprime loan market and are extremely excited about its potential," said Greg Austin, Senior Vice President of National Sales. "What we offer today is just the start of many great things to come as we continue to add new functionality to the Exchange. In the next few months, we will release our next upgrade which will further improve our subprime offering."

The Company is also pleased to announce the addition of several new lending partners, who include: New Century Mortgage Corporation, Saxon Mortgage, nBank, and Harbourton Mortgage Investment Corp.

"Our experienced sales force continues to cultivate new relationships," said Neel. "We are already seeing immediate benefits from these recent alliances. We anticipate adding several more lenders in the next few months."

About IMX, Inc.

IMX, Inc., based in Houston, Texas, is a leading provider of software solutions for the mortgage industry. IMX offers a comprehensive suite of workflow tools that enable mortgage lenders and originators to communicate and conduct business quickly and efficiently, online. All the company's products deliver real-time, fully-adjusted pricing to any user with browser access.

IMX Exchange is the largest business-to-business marketplace for the wholesale mortgage industry, with over 10,000 originator members representing over 2,600 mortgage brokerages in 47 states, as well as a network of some 50 national, regional and local lenders members. In 1999, the United States Patent and Trademark Office awarded the company patent #5,995,947 for its unique loan information and real-time trading system. For more information, please visit www.imx.com or call (800) 401-4639.


Back To Press Releases