Cenlar

Cenlar currently manages over 60 business partners, with portfolios in all 50 states, servicing approximately 300,000 loans annually. Michael W. Young, president and CEO, said, "Cenlar is gratified that Fitch's review confirmed that Cenlar has developed a noteworthy servicing platform through an experienced management team and automated technology at the core of our production." Responding to the need for additional programs to ensure future growth, Cenlar has added interim servicing programs to its private label offerings. The Fitch report indicates that Cenlar projects growth in permanent and interim servicing business lines of $350 million per month in 2004. The Fitch review reflected Cenlar's in-place default management practices and robust internal control environment, noting a demonstrated corporate environment dedicated to training and retaining quality employees. The Fitch review noted that Cenlar's effective loan administration procedures included a proprietary web-based system, centralized research and exception processing unit, consistently met performance standards and well-documented disaster recovery and business continuity plans. Cenlar has expanded its service offerings, interim servicing, and aggregator business, resulting in capital ratings well above regulatory standards and increased profitability. "We are determined to demonstrate our commitment to providing outstanding service to our clients with value-added products delivered by an established, knowledgeable staff," Mr. Young said. More information on Cenlar FSB can be found on the company's website at www.cenlar.com.