First NLC Financial Services Posts Record High 2003 Sales, Trumpets Continued Growth Forecast at 'Extraordinary' Annual Sales Conference

Market Wire

January 16, 2004

DEERFIELD BEACH, FL, Jan. 16, 2004 (MARKET WIRE via COMTEX) -- First NLC Financial Services, one of the nation's leading subprime mortgage lenders, announced unprecedented volume growth in 2003, posting more than $1.7 billion in volume, a 42 percent increase over its 2002 result. The annual numbers reflect a second consecutive banner year finish, as the same 2002 volume rose 95 percent year-over-year from 2001.

First NLC forecasts a continued trend into 2004, projecting another year of significantly increased volume. To support its steady growth, the company boosted employment in 2003 from about 450 at year-start to over 700. The company estimates it will double its sales force this year, hiring in all areas of the country. Further infrastructural increases are slated for 2004, including expansion of First NLC's five full-service operations centers in Deerfield Beach, FL; Tampa, FL; Chicago, IL; Anaheim, CA; and Concord, CA, with the hiring of additional underwriters and account managers.

"Increased volume must be supported by additional operations personnel," stated Jeffrey Henschel, President of First NLC. "We have always provided the best service to our customers.

"In a year fueled by record-low mortgage rates against a slow national economic backdrop, First NLC successfully grabbed the reins of the momentum we began the previous year," said Mr. Henschel. "In 2004, we look to capitalize upon industry trends and to further our course of growth."

Honoring its record-breaking year, First NLC recognized its top account executives at the company's annual sales conference held January 9-10 at the exclusive Turnberry Isle Resort and Club in Aventura, FL. The event celebrated the induction of members into First NLC's prestigious President's Club for individual sales excellence in 2003. An even more distinguished group of those sales members was inducted into the newly created Chairman's Circle recognizing the highest volumes. Designed to be motivational and relaxed, First NLC employees were treated to world-class entertainment, dinners, tropical excursions and spa treatments.

At the conference, senior managers discussed future company goals and industry trends, followed by the First NLC-family tradition of gaming competitions to set the recreational pace of the weekend.

Sales contest winners across the country were announced, with prizes including high-dollar cash bonuses, $5,000 shopping sprees and $5,000 vacation packages. The conference climaxed with the presentation of 2004 Porsche and Mercedes-Benz automobiles to President's Club and Chairman's Circle drawing winners.

"We staged an extraordinary event. But, then again, 2003 was an extraordinary year at First NLC," said Henschel. "We're ready for more in 2004."

First NLC Financial Services is one of the nation's highest producing subprime mortgage lenders. The company, which operates in 36 states, has its headquarters in Deerfield Beach, FL, and operations centers in Tampa, FL; Concord, CA; Anaheim, CA; and Chicago, IL. First NLC is known for its subprime ingenuity, attractive rates, excellent service and broad range of mortgage products. For further information, call Chris Coward at 800.950.3314, ext. 1117, or visit www.firstnlc.com.

Media Release For additional information, contact Chris Coward 800.950.3314, ext. 1117 ccoward@firstnlc.net

SOURCE: First NLC Financial Services

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