Cendant Mortgage Subsidiary Selected to Provide Services to Hudson United Bank Customers in Four States

Bank to 'Private Label' Origination Services at Over 200 Branches in New Jersey, Pennsylvania, New York and Connecticut

Press Release: Cendant Mortgage
September 26, 2000
MOUNT LAUREL, NJ -- Cendant Mortgage yesterday announced that Hudson United Bancorp (HUB) has selected Cendant's subsidiary, PHH Mortgage Services (PHH), to provide origination services to customers in the bank's over 200 retail branches in New Jersey, Pennsylvania, New York, and Connecticut.

``We are excited to have the opportunity to support Hudson United Bank's efforts by offering a valuable financial services option,'' said Terry Edwards, president and CEO of Cendant Mortgage and PHH. ``By offering competitive rates and closing costs -- and the industry's strongest service guarantees -- we will help make HUB's mortgage program very attractive to consumers.''

Hudson United Bank's program guarantees to beat any lender's price* and promises a same-day loan decision or to pay the customer $250. In addition, the HUB program also promises to close on customers' requested closing date or to reduce their interest rate by one-eighth of one percent for the life of their loan**.

As the industry's seventh-largest mortgage originator, Cendant Mortgage and its subsidiary, PHH Mortgage Services, offer financial institutions an efficient means to provide the highest quality mortgage origination services.

``This is an extremely cost-effective way for us to continue to stay competitive in the home financing business,'' explained Susan Staudmyer, executive vice president, Retail Banking, at Hudson United Bank. ``This relationship fits in with our strategic initiatives of providing premier mortgage products and outstanding service to our customers.''

Hudson United Bancorp (NYSE:HU) is approximately a $7.0 billion New Jersey company with more than 200 branch offices throughout New Jersey, Connecticut, New York and Pennsylvania. Hudson United Bank offers a full array of innovative products and services to commercial and personal customers and prospects, including imaged checking accounts, 24-hour telephone banking, a full range of loans including residential mortgages, home equity loans, car loans, etc., PC banking, alternative investments, insurance products, trust services and a wide variety of commercial loans and services including asset based loans, SBA loans, international services, cash management services and private label credit card programs.

A wholly owned, indirect subsidiary of Cendant Corporation, PHH Mortgage Services is a full-service lender and the leader in providing private labeled mortgage banking services to financial institutions. Additional information on PHH Mortgage Services is available at http://www.mortgagekillerapp.com.

• A customer must provide a complete, system-generated Good Faith Estimate, listing a specific lender's name that is dated the same day as the rate quoted by us. If such Good Faith Estimate indicates an equivalent or lower interest rate and closing costs package, for the same loan program that is offered by us and we have verified the accuracy of the rate and fees listed then we will have the option of beating that lender's total loan costs by $100 or paying the customer $250 ($500 for properties located in California) when they close with that lender and provide us with a copy of the signed Note and Final HUD1 Settlement Statement.
• Approved, conventional, purchase loans only.

SOURCE: Cendant Mortgage