van Wagenen Joint Venture
  Untitled Document
Untitled Document

PRESS RELEASE

van Wagenen Financial Services, Inc. Announces Joint Venture with Lee & Mason of Maryland, Inc. to Provide Insurance and Tracking Services to Financial Institutions Throughout North America.

Eden Prairie, MN - November 30, 2006 - van Wagenen Financial Services, Inc., a leading provider of collateral protection and tracking services, announced today it has signed an agreement with Lee & Mason of Maryland, Inc. Under the agreement, Lee & Mason will have exclusive marketing and sales rights for all of van Wagenen's products and services. In addition, the companies' sales forces will be combined into a single unit.

"We are particularly enthusiastic about the synergies that arise from this partnership," says Mary Wood, President of van Wagenen Financial Services. "We can leverage our experience and suite of products with the numerous relationships that Lee & Mason has developed over the years to create a single source from which financial institutions can obtain many of the components necessary to mitigate the risks inherent in their business."

"Combining our strengths will be beneficial to both companies, as well as the financial institutions we work with," adds John Eckenrode, President of Lee & Mason. "We have a good understanding of what financial institutions need to be successful. This new relationship offers them a broader array of risk mitigation tools to support their operations."

About van Wagenen Financial Services, Inc.

van Wagenen Financial Services, Inc. is a Minnesota-based company whose founder, George D. van Wagenen, created the first blanket single interest insurance coverage back in the 1940's. Today, the company is an industry leader in collateral protection, tracking millions of loan and lease accounts throughout the United States and Canada. van Wagenen serves hundreds of lenders, large and small, with a comprehensive array of products including Collateral Protection Insurance, Vehicle Lease Tracking, Blanket Single Interest Insurance, Mortgage Insurance Tracking, Mortgage Holder's E&O and Impairment Coverage and Real Estate Property Insurance.

van Wagenen combines state-of-the-art insurance tracking technology with superior customer service to deliver reliability, speed and flexibility to meet its customers' needs.The company's technical staff has extensive experience in seamlessly converting lenders' programs from other vendors to the van Wagenen system. Streamlined changeover procedures minimize interruption of the lender's processing schedule making the transition invisible to their customers.

About Lee & Mason of Maryland, Inc.

Since 1981, Lee & Mason of Maryland, Inc. has worked with over 700 financial institutions to become one of the largest providers of custom designed insurance programs for automobile lessors and lenders throughout North America. Lee & Mason is regarded as the principal pioneer and innovator of Residual Value Insurance, which allows banks, credit unions and captive finance companies to create competitive closed-end leasing programs. Over the years, the company's products and services expanded to include Contingent Liability Insurance, Blanket Single Interest Insurance, GAP Coverage and Balloon Loan Protection Programs.

This year Lee & Mason, together with its partners, launched two new programs that will allow lenders to build loan volume and increase the profitability of their indirect auto portfolios. Debt Protection Programs (DPP) allow the lender to waive or cancel all, or some portion of, the borrowers debt upon the occurrence of certain life events such as Involuntary Unemployment, Disability, Hospitalization and many others. Auto Credit Guarantee Programs (ACGP) are designed to offer lenders the ability to approve more loans for credit challenged applicants with no additional risk to the institution.

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Lee & Mason of Maryland, Inc.
(e) info@leeandmasonofmaryland.com