EZdesk.com Withdraws Plans for Sub Prime DeskTop Underwriter

MURFREESBORO, Tenn., May 15, 2001 -- www.EZdesk.com , a Broker to Lender (B2L) hub announced it was withdrawing its intention of marketing a multi-lender subprime underwriting engine, EZoriginator�.

As much as we would like to deliver this needed tool to our membership, we can not proceed without willing lender participants.   The subprime lenders have thrown money at dozens of platforms and have been left wanting, so we do have some understanding of their reluctance.  Those platforms all increased the cost of production and the number of withdrawn loans by allowing multiple submission of the same loan.  We have a uniquely better system.   However, our technology partner has fallen on tough times.  The  combination of problems means we will pull back so we may approach this another time when the wholesale industry is ready.

This project is a humbling experience.   Every company has failures to learn from and this is one has been a tough one.

The concept and technology is excellent, but we are too far ahead of the markets mental readiness.  Our company never intended to be on the bleeding edge of technology use, but on the practical implementation of existing and proven ones.

"Our members will continue to be the focal point of our service," said Christison. "For EZdesk.com to be financially viable and successful, we must keep our infrastructure costs low.  We will not ... cannot rely on the hype of the Internet, but must focus on providing needed services to our members and value to our participating lenders." 

EZdesk, Inc. has emerged as a leading service provider for mortgage brokers and lenders. EZdesk.com helps speed and simplify loan selection and processing for mortgage brokers and wholesale lenders. For more information, visit the company's web at http://www.ezdesk.com .

CONTACT:  Paul Christison, CVO of EZdesk, Inc., 615-898-1400, email, solutions@ezdesk.com.