Software From HanoverTrade Provides Improved Functionality
EDISON, N.J., April 4 /PRNewswire-FirstCall/ -- HanoverTrade, Inc., a
wholly owned subsidiary of Hanover Capital Mortgage Holdings, Inc.
(Amex: HCM), announced that the Federal Home Loan Bank of Atlanta (FHLBank
Atlanta) has implemented HanoverTrade's technology that will provide more
precise valuations of loan portfolios pledged by borrowing member banks.
HanoverTrade's technology provides FHLBank Atlanta with the ability to
accept data from borrowing member banks in several formats that are mapped
automatically to the Bank's format instead of requiring member banks to submit
the data in a single standard format. Real-time edit scripts that run on the
loan data provide the Bank with instant feedback of data completeness and
logical integrity. The data is then automatically pooled and valued utilizing
HanoverTrade's Hanover/Busch Analytics 7.1 portfolio valuation model. Ad hoc
reporting capability is available to all users in real time. Regular reports
showing overall portfolio value, as well as the value of loans pledged by each
member, can be designed and changed by FHLBank Atlanta as required.
"HanoverTrade's technology provides us with improved valuation accuracy
that results in better execution for our members. It also allows for quicker
turnaround, more flexibility, and labor savings," said Charles I. Abbitt,
FHLBank Atlanta's Chief Credit Officer.
Roberta Graffeo, Managing Director of HanoverTrade, added, "This
installation of our Asset Manager, Asset OnSite(R), and Hanover/Busch
Analytics 7.1 technologies was performed in less than four months. I am proud
of our staff and our technology partners at Intraprise Solutions, Inc for
their strong execution. It has been a pleasure to work with a great client
like the Federal Home Loan Bank of Atlanta."
HanoverTrade, Inc. provides a variety of Web-enabled technology solutions
to the mortgage industry, including stratification and reporting,
correspondent lending, loan boarding and cash flow valuation solutions. In
addition, HanoverTrade provides a Worldwide Web-based exchange for trading
mortgage loans, mortgage servicing rights and related assets, and an Internet
trading facility supported by experienced valuation, operations and trading
professionals.
Hanover Capital Mortgage Holdings, Inc. is a mortgage REIT with offices
throughout the country staffed by seasoned mortgage capital markets
professionals. Hanover invests in mortgage-backed securities and, to a lesser
extent, mortgage loans and engages in non-interest income-generating
activities through its subsidiaries, HanoverTrade, Inc. and Hanover Capital
Partners Ltd. HanoverTrade provides loan sale advisory and traditional loan
brokerage services, technology solutions and valuation services. HanoverTrade
also brokers loan pools, mortgage servicing rights and other similar assets
through an Internet-based exchange. Hanover Capital Partners provides
consulting and outsourcing services for third parties, including loan sale
advisory services, loan file due diligence reviews, staffing solutions and
mortgage assignment and collateral rectification services. For further
information, visit Hanover's Web site at
http://www.hanovercapitalholdings.com .
Certain statements in this press release may constitute "forward-looking"
statements as defined in Section 27A of the Securities Act of 1933, as amended
and Section 21E of the Securities Exchange Act of 1934, as amended. Hanover
is including this cautionary statement to make applicable and take advantage
of the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Statements that are not historical fact are forward-looking
statements. Such forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the actual results,
performance or achievements, to differ materially from future results,
performance or achievements. The forward-looking statements are based on
Hanover's current belief, intentions and expectations. These statements are
not guarantees or indicative of future performance. Important assumptions and
other important factors that could cause actual results to differ materially
from those forward-looking statements include, but are not limited to, those
factors, risks and uncertainties that are described in Item 1 of Hanover's
Annual Report on Form 10-K for the year ended December 31, 2004 and in other
securities filings by Hanover. Hanover's future financial condition and
results of operations, as well as any forward-looking statements, are subject
to change and inherent risks and uncertainties. The forward-looking statements
contained in this press release are made only as of the date hereof and
Hanover undertakes no obligation to update or revise the information contained
in this announcement whether as a result of new information, subsequent events
or circumstances or otherwise, unless otherwise required by law.
For further information, contact:
Hanover Capital Mortgage Holdings, Inc.
John A. Burchett, CEO or J. Holly Loux, CFO
732/548-0101
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