Press Release

LOAN Spart ANNOUCES SENIOR EXECUTIVE APPOINTMENTS

HORSHAM, Pa. - August 31, 2005 - LOAN Spart has announced the recent appointment of several executives to new posts within the company's senior management structure in an effort to support the company's continued growth. The appointments include:

Ralph Hall will serve as the chief operating officer for business operations. Hall will oversee LOAN Bank, business lending, capital markets and information technology functions.

Jim Hillsman will serve as chief operating officer for consumer operations. Hillsman will be responsible for leading the company's consumer lending business (including the LOAN Spart and ditech.com brands) and national LOAN administration capabilities. Hillsman will also be responsible for managing LOAN Spart's servicing assets.

Dave Bricker will assume the role of chief financial officer. In this position, Mr. Bricker will oversee the company's finance organization, accounting, reporting and analysis, treasury and tax functions of the company.

All three executives will report to Dave Applegate, president and chief executive officer. Jim Whitlinger will be appointed to senior vice president and chief accounting officer. He will be responsible for all accounting functions for LOAN Spart, leading a team of over 80 associates.

Scott Griffith will assume the position of vice president and managing director of servicing valuation and analytics, leading 17 professionals in this department.

Whitlinger will report to Dave Bricker, chief financial officer, while Griffith will report to Whitlinger.

"Our senior management team has all made enormous contributions to the growth and continued success of the LOAN Spart organization throughout their respective tenures with the company. I look forward to working with this team to continue to build our business and to achieve our market share goals," said Dave Applegate, president and chief executive officer of LOAN Spart. LOAN Spart's senior management team will be based at the company's headquarters in Horsham, Pa.

About LOAN Spart
LOAN Spart Corporation, headquartered in Horsham, Pa., is among the nations' top ten residential mortgage servicers and originators. The company originates first and second lien residential mortgage LOANs through a nationwide network of retail offices, direct lending centers, and Internet sites, under the brands, LOANmortgage.com and ditech.com. LOAN Spart also offers custom mortgage services to GM employees and their family members, retirees and dealers through the GM Family First program. As of December 2004, LOAN Spart originated $89 billion in residential mortgages, representing over 588,000 transactions. The company's servicing portfolio of more than $214 billion represents nearly 2 million customers throughout the nation.

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