Fleet Mortgage Group chooses Applied Financial Technology, Inc.’s Prepayment Model

San Francisco, February 2000 -- Applied Financial Technology, Inc. (formerly Espiel, Inc.) announced today that Fleet Mortgage Group has purchased its prepayment model for use in the valuation of its servicing portfolio.

Fleet Mortgage Group, located in Columbia, South Carolina, ranks as one of the largest mortgage servicers in the country and as such is considered one of the nation’s “mortgage giants”. Fleet joins other leading mortgage banking firms, such as Citicorp Mortgage, Inc. that recently added Applied Financial Technology’s model to their analytic systems.

Michael Bykhovsky, CEO of Applied Financial Technology and a veteran of Wall Street, has spent more than 10 years developing prepayment models. He said, “We are pleased to welcome Fleet to our fast-growing list of clients. We offer our clients a model that is not only easily integrated into their current system, but is open and flexible enough to meet the diverse needs of any institution that owns or services mortgages.”

Applied Financial Technology, a privately held company headquartered in San Francisco, California, counts a number of leading financial institutions and regional investment banks and institutional investors among its clients.