Homevestors Names 1wayloan Preferred Vendor For Retail Mortgage Services

DALLAS, TEXAS (Wednesday, August 18, 2004) - HomeVestorsR of America, Inc., the company famous for its "We Buy Ugly Houses" billboards, has named 1wayloan, LP its preferred vendor for retail mortgage services, effective immediately.

"As a franchisor, we are always looking for value-added products and services to provide our franchise owners, and a quality retail mortgage referral program with iwayloan was the perfect solution for our franchise network to assist homebuying customers," said Mike Stoner, Vice President of Finance for HomeVestors.

1wayloan, based in Houston , is a national Internet-based mortgage lender that closed 3,400 loans worth $670 million in 2003. Named the #1 Mortgage Lender in the Houston Business Journal's "Small Business 100" last year and recently honored as the #1 Purchase Lender on Lendingtree.com's "2004 Best Practices" list, iwayloan is perfectly-suited for the rapid growth of HomeVestors, said Stoner, and the quick timeframe in which franchise owners sale rehabbed properties to homebuyers.

"We are not a typical real estate business," Stoner said of HomeVestors, "and we require an exceptional mortgage lender that understands our industry and the speed at which we operate. 1wayloan's track record and the timely customer service for homebuyers via the Internet are perfect compliments to our business model."

1wayloan has always remained ahead of the technology curve. This, along with opening up national markets, has afforded it the ability to take advantage of volume incentives. These savings are then passed on to all of its customers whether they are homebuyers or investors.

"Our web site walks customers through the process of obtaining a mortgage so they know exactly what to expect and have the ability to stay in control of their loan," said Larry Lobb, Managing Director of 1wayloan. "Like HomeVestors, we want to offer the best services to customers in the timeframe that they need them."

HomeVestors franchise owners purchased 3,425 homes in 2003, a number that will be surpassed this year as the franchise network continues to grow in number of locations and volume of properties. The agreement with iwayloan will allow HomeVestors franchise owners to refer customers to iwayloan as a qualified lender with the ability to close on a house quickly.

About 1wayloan
Founded in May of 1998, 1wayloan, LP, had the foresight to understand how the Internet was going to change the way mortgages were originated. The company is headquartered in Houston with additional offices in Dallas , Austin and The Woodlands, Texas . Today, iwayloan provides a wide range of special mortgage products specifically designed to assist real estate agents, developers, investors and consumers in making the dreams of home ownership a quick and easy reality.

About HomeVestors of America, Inc.
Founded in 1989 and franchising since 1996, Dallas-based HomeVestors of America, Inc., has more than 200 franchises throughout the United States. The first franchise company of its kind, HomeVestors trains and supports franchisees who specialize in buying homes in need of repair. Most commonly known as the "We Buy Ugly Houses" franchise, HomeVestors strives to make a positive impact in each community.

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