R. Lester Pierce Joins ResMAE as Senior Vice President, Division Manager.

Business Editors

BREA, Calif.--(BUSINESS WIRE)--April 21, 2004

ResMAE Financial Corporation, a wholesale specialty residential mortgage originator and servicer, today announced that R. Lester Pierce has joined the company as senior vice president, division manager.

"Les has the background and experience we need to successfully expand operations throughout the South. His proven success in launching new sales and production offices in states like Texas, Florida, and others will prove a major asset as we continue to grow nationwide," said Paul J. Abbamonto, executive vice president, ResMAE.

Pierce has more than 25 years experience in wholesale and retail mortgage banking. Prior to joining ResMAE, he held positions at Long Beach Mortgage Company as regional sales manager, senior vice president, and regional vice president, managing sales and operations for many states throughout the South and Southeast including Texas, Oklahoma, Louisiana, and Florida. Pierce also served as Southern California's district manager for Transamerica Financial Services.

"ResMAE has an excellent management, sales, and production team in place and as we move into Texas and other southern states, I look forward to expanding the company's presence in the wholesale mortgage market. It's a great opportunity," said Pierce.

About ResMAE

ResMAE is a wholesale specialty residential mortgage lender and servicer headquartered in Brea, California. The company, founded by Jack Mayesh, Ed Resendez, and Bill Komperda -- the former executive management team at Long Beach Financial Corporation -- originates wholesale loans through a network of independent mortgage brokers and sells loans in the secondary market. Its financial partner is TH Lee Putnam Ventures, a technology-focused private equity firm affiliated with Thomas H. Lee Partners and Putnam Investments. ResMAE is licensed or qualified to conduct business in more than 18 states and continues to expand nationwide. Its web site is located at www.resmae.com.