IMX Announces First Two Software Clients, also Record Volume, Profitability

Houston, Texas. - November 15, 2001 - IMX, Inc., which recently relocated its corporate offices to Houston, announced record results for its IMX Exchange business unit. The company also announced the installation of the first two clients for its IMX Private Label lender software. IMX, Inc. today announced that its loan trading network, IMX Exchange, achieved record levels in liquidity and trading volume for first quarter 2001.

In the third quarter ending September 30, IMX Exchange mortgage loan volume totaled $324 million. For the first nine months of the year, IMX Exchange volume totaled $1.2 billion, or 18% higher than the same period the prior year. The Company also noted that its Exchange business line was profitable in the third quarter for the first time.

Since its inception in October 1997, $14.5 billion of mortgages have been posted for sale on IMX Exchange, and lenders have transacted $3.9 billion of loan purchases.

IMX also stated that, with the conclusion of installations at Alliance Bancorp, San Francisco, and No Red Tape.com, Encino, California, it has launched successfully two versions of its Private Label applications for lenders.

“We are delighted that these Private Label products, both of which began development less than a year ago, not only work, but actually now are powering lender technology production applications,” said Chad Neel, EVP and Chief Operating Officer of IMX. The fact that IMX has five years of experience in building real-time pricing engines and loan product templates starting with our early Exchange product allowed us to drive the development and implementation of the new applications at tremendous speeds.”

Mehrdad Elie, President and CEO of Alliance Bancorp, added, “We are very pleased to have a web application that allows our brokers to quickly and efficiently search all loan program and product options we offer and return fully-adjusted prices for loan products 24 X 7. Additionally our clients can now register, float, lock or request a loan exception on line. We have been an IMX customer since 1997, and have great confidence in their software and reliability.”

IMX noted further in its announcement that the first week of November saw the highest volume of mortgages traded in its history, when some $79.2 million of loans were exchanged between mortgage lenders and brokers, $30.4 million of that in one day. Moreover, the conversion rate of loans on the exchange – the ratio of loans locked with lenders versus total loans posted for sale, hit a high of nearly 40% in October.

Richard Wilkes, President and CEO of IMX added, “Clearly, the favorable interest rate environment has smiled on our Exchange activity and has boosted transaction volume across the industry; nonetheless, we have been able to scale back hand-holding support for the Exchange to zero and still watch this technology and its attendant efficient marketplace literally ramp up and gain profitable traction on its own.” “When just about all other mortgage marketplaces have closed or been suspended, it’s gratifying to see the huge lender and broker support we have built since 1997,” he added.

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.

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