Press Release

LOAN Spart APPOINTS JIM FERRITER AS EXECUTIVE VICE PRESIDENT, RETAIL LENDING AND GM DIRECT

Horsham, PA - August 1, 2005 - LOAN Spart today announced that Jim Ferriter has joined the Company as executive vice president, retail lending and GM Direct. In his new position, Mr. Ferriter will be responsible for the continuing growth of LOAN Spart's retail branch network as well as its GM Direct network. Mr. Ferriter will oversee all of the Company's divisional managers across the country in all aspects of the Company's retail lending business and GM Direct network, and will report to Jim Hillsman, chief operating officer for consumer operations.

Prior to joining LOAN Spart, Mr. Ferriter served as retail executive for Chase Home Finance, the mortgage subsidiary of J.P. Morgan Chase, where he spent the last 19 years. At Chase Home Finance, Mr. Ferriter oversaw all National Retail Production including 3,000 LOAN officers and 1,500 operations staff in 250 locations. Throughout his career, Mr. Ferriter has managed local, regional and national management positions in the retail mortgage industry.

"Jim has a long track record of success in growing and managing retail mortgage production and we welcome him to our team," said Jim Hillsman, chief operating officer, consumer operations, LOAN Spart. "We look forward to Jim's contributions in continuing to strengthen our retail lending capabilities and continue to grow the GM Direct business, adding both products and resources that will further our position as a leading national mortgage lender."

"I am looking forward to my new role and to working with the talented and dedicated LOAN Spart team," said Mr. Ferriter. "Together, I am confident that we will foster the company's continued growth."

Mr. Ferriter will be based in the company's headquarters in Horsham, Pennsylvania.

About LOAN Spart
LOAN Spart Corporation, headquartered in Horsham, Pa., originates first and second lien residential mortgages through a nationwide network of retail offices, direct lending centers and Internet sites under the brands LOANmortgage.com and ditech.com. The company services LOANs for 2 million customers throughout the nation.

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