IMX Completes Successful Year of Growth and Expansion

Houston, TX - IMX announces the completion of several key transactions during 2002; including new alliances, private label product sales and expansion to IMX Exchange. IMX's patented pricing technology will be supporting eMagic, Vlender.com, ECLoan Pro, LION and others soon to be announced. The company also announced it has released its AUWizard^SM functionality within the newest version of IMX Exchange® and has achieved several new transaction records.

IMX has partnered with eMagic to create Rate Lock Express™, a turnkey pricing and registration system that uses a customized version of the IMX private-label application. Rate Lock Express allows mortgage lenders to offer their products and pricing through their eMagic storefront or via a Direct Connections™ (eMagic private label) site. "We are excited to partner with IMX to bring this product to market," said Sal Miosi, senior vice president of eMagic business operations. "The IMX application offers robust, proven technology that we have seamlessly integrated into the eMagic platform."

The Virtual Lender by Vlender.com is a turnkey Internet web solution for Mortgage Professionals. Originators using Vlender.com's Virtual Lender technology will be able to post loans procured from their respective Virtual Lender websites directly into IMX Exchange. "With the addition of IMX Exchange to our existing product suite, we can provide Vlender.com customers with a complete end to end web solution that includes a custom website, on-line program matches for consumers, real time pricing, and on-line rate lock capabilities with the premier lenders using IMX Exchange," said David Werner, President & CEO of Mortgage Internet Technologies, Inc. In 2002 over 7.2 billion of consumer online applications were originated through Vlender.Com's Virtual Lender system.

IMX is also pleased to announce the successful launch of its AUWizard^SM functionality within the latest version of IMX Exchange. IMX's newest offering allows the company to integrate the IMX Exchange product with multiple proprietary automated underwriting decision engines. Loan originators using IMX Exchange will now have the ability to seamlessly transfer data from IMX Exchange to the underwriting engine of their choice. "IMX continuously strives to make loan product and price discovery more efficient for the mortgage professional," said Chad Neel, President and CEO of IMX. "In many cases, rate and price discovery is highly dependent on the decision from an automated underwriting engine. This is a natural step for IMX to expand our marketplace solution and yet another advance toward satisfying our goal of providing technology solutions that drive down the cost of loan origination."

IMX completed the first automated underwriting integration in November with Saxon Mortgage. "Saxon has seen increasing loan volumes from IMX Exchange, and we are pleased to be the inaugural customer in the IMX Exchange AUWizard^SM , said Cuong Nguyen, Wholesale Online Manager at Saxon Mortgage. "IMX's best of breed technology, proven network of high quality brokers, and demonstrated success in executing, were all key reasons Saxon chose to participate in the IMX Exchange Marketplace." IMX is actively working on adding additional automated underwriting engines, and will announce participants in early 2003.

IMX has also noted that it will set several new records in 2002 for volumes on the Exchange. Overall liquidity on the Exchange will reach 3.25 billion for the second half of the year. Neel added, "While the volume on the Exchange has been impressive, we still have a tremendous amount of untapped potential. As with many companies doing business in the mortgage industry, IMX has established many new volume records for 2002. However, the most impressive stat for the year might just be that our top lender will have originated just under 1.7 billion in loans with just two employees dedicated to the Exchange. We are happy to see this success; it is absolute proof that the Exchange is a very powerful channel of business and efficiency tool for lenders and mortgage originators."

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 is dedicated to helping mortgage professionals apply the efficiencies of Internet technology to their already-existing daily business processes. IMX's innovative and patented pricing technology delivers unmatched product discovery for brokers and retail branches, and advanced web-enabled distribution channels for lenders. For more information about IMX, please visit www.imx.com or call (800) 401-4639.


Back To Press Releases