Home Financing Centers, Inc. (HFCI) Announces the Appointment of New CEO to Execute the Company's Acquisition and Growth Strategy

Apr 03, 2001, 01:00 ET from Home Financing Centers, Inc.

    SWAMPSCOTT, Mass., April 3 /PRNewswire/ -- Massachusetts based Home
 Financing Centers, Inc. (OTC Bulletin Board:   HFCI) announced today that it has
 reached an agreement with Darius Panah, former CEO and co-founder of Liberty
 Lending Corporation, to become Chief Executive Officer and a Member of the
 Board of Directors of Home Financing Centers, Inc.  Mr. Panah will be
 responsible for executing the company's acquisition and growth strategy.
     During his two year tenure as CEO of Liberty Lending Corporation, Panah
 was responsible for executing an aggressive growth strategy which led Liberty
 to achieve it's goal of a run rate of $1,000,000,000 in annual volume.  At the
 end of year two, he was responsible for selling Liberty Lending.  "In the past
 I have built very successful businesses in the private sector, and now I have
 an opportunity to do the same utilizing the leverage of a public corporation,"
 said Mr. Panah.
     "We are excited to attract a person of the caliber and track record of Mr.
 Panah.  He has proven himself time and time again as the person who can build
 and grow a business," stated Gary J. Kovner, President and Founder of Home
 Financing Centers, Inc.
     Prior to Liberty Lending, Mr. Panah served as Executive Vice President of
 Union Financial Corporation, the residential and commercial conduit arm of
 Union Federal Savings Bank, where he was in charge of Strategic Corporate
 Alliances and National Conduit Sales.  Union Financial was sold to National
 Westminster Bank in 1997.  Mr. Panah graduated from the American University
 with both a BS in Finance and a BS in Real Estate in 1981.
     Liberty Lending Corporation was formed as a conduit-purchasing vehicle for
 the securitization of aggregated non-conforming residential mortgage loans.
 Major accomplishments included a top line growth that supported projects in
 Structured Finance, Co-Securitizations, Asset Backed Finance, Residual Income
 Financing, Credit Underwriting, and Strategic Corporate Funding Alliances that
 included building a national team of 250 employees in 24 Months.
     Home Financing Centers, Inc. offers conventional, sub-prime, home equity,
 and jumbo mortgage loans through their website www.hfci.com, by phone at 1-
 877-MYNEWLOAN, on America Online, or in person by an experienced loan
 specialist.
 
     About Home Financing Centers, Inc.
     Home Financing Centers, Inc., founded in 1993, is a leading diversified
 financial services company offering a variety of home loans, consumer and
 business loan products.  We reach consumers and businesses through multiple
 channels, including our website, www.hfci.com and our relationships with
 realtors, mortgage brokers, financial institutions, homebuilders, employers
 and relocation specialists.  We may be reached nationwide at 1-877-MY-NEW-LOAN
 or on America Online using the Keyword HFCI.
     Home Financing Centers, Inc. has posted an investor information kit on
 it's web site.  Please visit
 www.corporate-ir.net/ireye/ir_site.zhtml?ticker=HFCI&script=2100 or
 www.hfci.com to learn more about the company's operations, SEC filings,
 products, services and financial results.
 
     Safe Harbor Statement under the Private Securities Litigation Reform Act
 of 1995: The statements, other than the statements of historical facts,
 contained in this release which are not historical facts may be deemed to
 contain forward-looking statements with respect to events, the occurrence of
 which involves risk and uncertainties, including, without limitation, demand
 and competition for the company's products and services, the availability to
 the company of adequate financing to support its anticipated activities, the
 ability of the company to generate cash flow from operations and the ability
 of the company to manage its operations.
 
     Contact: Castle Capital Partners LLC (703) 578-1802
 
 

SOURCE Home Financing Centers, Inc.
    SWAMPSCOTT, Mass., April 3 /PRNewswire/ -- Massachusetts based Home
 Financing Centers, Inc. (OTC Bulletin Board:   HFCI) announced today that it has
 reached an agreement with Darius Panah, former CEO and co-founder of Liberty
 Lending Corporation, to become Chief Executive Officer and a Member of the
 Board of Directors of Home Financing Centers, Inc.  Mr. Panah will be
 responsible for executing the company's acquisition and growth strategy.
     During his two year tenure as CEO of Liberty Lending Corporation, Panah
 was responsible for executing an aggressive growth strategy which led Liberty
 to achieve it's goal of a run rate of $1,000,000,000 in annual volume.  At the
 end of year two, he was responsible for selling Liberty Lending.  "In the past
 I have built very successful businesses in the private sector, and now I have
 an opportunity to do the same utilizing the leverage of a public corporation,"
 said Mr. Panah.
     "We are excited to attract a person of the caliber and track record of Mr.
 Panah.  He has proven himself time and time again as the person who can build
 and grow a business," stated Gary J. Kovner, President and Founder of Home
 Financing Centers, Inc.
     Prior to Liberty Lending, Mr. Panah served as Executive Vice President of
 Union Financial Corporation, the residential and commercial conduit arm of
 Union Federal Savings Bank, where he was in charge of Strategic Corporate
 Alliances and National Conduit Sales.  Union Financial was sold to National
 Westminster Bank in 1997.  Mr. Panah graduated from the American University
 with both a BS in Finance and a BS in Real Estate in 1981.
     Liberty Lending Corporation was formed as a conduit-purchasing vehicle for
 the securitization of aggregated non-conforming residential mortgage loans.
 Major accomplishments included a top line growth that supported projects in
 Structured Finance, Co-Securitizations, Asset Backed Finance, Residual Income
 Financing, Credit Underwriting, and Strategic Corporate Funding Alliances that
 included building a national team of 250 employees in 24 Months.
     Home Financing Centers, Inc. offers conventional, sub-prime, home equity,
 and jumbo mortgage loans through their website www.hfci.com, by phone at 1-
 877-MYNEWLOAN, on America Online, or in person by an experienced loan
 specialist.
 
     About Home Financing Centers, Inc.
     Home Financing Centers, Inc., founded in 1993, is a leading diversified
 financial services company offering a variety of home loans, consumer and
 business loan products.  We reach consumers and businesses through multiple
 channels, including our website, www.hfci.com and our relationships with
 realtors, mortgage brokers, financial institutions, homebuilders, employers
 and relocation specialists.  We may be reached nationwide at 1-877-MY-NEW-LOAN
 or on America Online using the Keyword HFCI.
     Home Financing Centers, Inc. has posted an investor information kit on
 it's web site.  Please visit
 www.corporate-ir.net/ireye/ir_site.zhtml?ticker=HFCI&script=2100 or
 www.hfci.com to learn more about the company's operations, SEC filings,
 products, services and financial results.
 
     Safe Harbor Statement under the Private Securities Litigation Reform Act
 of 1995: The statements, other than the statements of historical facts,
 contained in this release which are not historical facts may be deemed to
 contain forward-looking statements with respect to events, the occurrence of
 which involves risk and uncertainties, including, without limitation, demand
 and competition for the company's products and services, the availability to
 the company of adequate financing to support its anticipated activities, the
 ability of the company to generate cash flow from operations and the ability
 of the company to manage its operations.
 
     Contact: Castle Capital Partners LLC (703) 578-1802
 
 SOURCE  Home Financing Centers, Inc.