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FOR IMMEDIATE RELEASE

FOR MORE INFORMATION CONTACT:
Wayland Pond, VP-Sales and Marketing (703) 734-1133 ext. 110

Vienna, Virginia (August 15, 2005) - VirPack, a leading provider of electronic delivery, document management and imaging solutions for the mortgage industry, announces the enhancement of its seamless electronic image loan delivery solution, VirPack Direct, to support delivery to Flagstar Bank, Troy, MI. VirPack Direct conforms to Flagstar’s electronic image loan delivery specification and supports delivery to Flagstar’s paperless loan processing systems for both correspondents and brokers. Instead of mailing their packages, correspondents can deliver fully indexed images for closed loan delivery. This significantly reduces shipping costs, shortens cycle times and improves overall process efficiency. All customers using Flagstar underwriting can also submit their imaged documents for underwriting directly from their system to Flagstar’s paperless underwriting system, saving them the time and trouble of faxing their submissions.

VirPack Direct, an easy to use delivery tool, is free to VirPack customers. Direct is integrated with VirPack’s imaging solutions, which provide barcoding, scan capture and electronic document management applications designed specifically for the mortgage industry. Loans identified for delivery to Flagstar are immediately retrieved from the VirPack system, prepared and electronically delivered in a secure fashion. VirPack’s imaging solutions can be installed and in production in as little as three days with minimal upfront costs. All existing VirPack customers will be notified that a free upgrade to VirPack Direct awaits them to support delivery to Flagstar.

"Flagstar is excited to announce this partnership with VirPack. This integration allows customers to be more closely linked to Flagstar’s paperless loan processing systems and provides VirPack customers with extremely simple loan delivery to Flagstar. With the support of both underwriting and closing documents, the VirPack-Flagstar integration continues Flagstar’s commitment to eliminating paper from the mortgage process. We are looking forward to the help this tool will provide to our customers." said Steve Brooks, Executive Vice President and Chief Operations Officer - Lending of Flagstar Bank.

"VirPack is pleased to be the first to support electronic loan delivery to Flagstar. This rings in a new era where brokers can also enjoy the advantages of imaging and document management with the added benefit of electronic delivery of credit files for underwriting. VirPack Direct now offers brokers and correspondent sellers one-click electronic delivery of loans to Flagstar for underwriting and purchase review. Flagstar is a prime example of a company empowering its partners. This partnership affirms that the industry’s next revolution in cost savings and process efficiencies lies in electronic loan delivery," said Michael Coar, President and CEO of VirPack.

About Flagstar Bank
Flagstar Bancorp, which has $14.9 billion in total assets, is the second largest banking institution headquartered in Michigan. Flagstar operates more than 125 banking centers in Michigan, Indiana and Georgia, home loan centers in 27 states and correspondent lending offices across the country. Flagstar is one of the nation's leading originators of residential mortgage loans.

About VirPack
Founded in 1995 and headquartered in Vienna, Virginia, VirPack is a leading technology provider offering electronic loan delivery, document management and imaging solutions specifically designed for the mortgage industry. Its core technology, VirPack, is an electronic envelope that provides a standard way to package, manage and electronically deliver all data, electronic documents and images pertaining to the life cycle of a loan. By using VirPack throughout the mortgage process, clients bridge the gap between disparate systems, execute faster and reduce expenses.

For more information about VirPack, contact Wayland Pond, Vice President of Sales and Marketing, at (703) 734-1133 x110 or email wayland.pond@virpack.com or visit our website at www.virpack.com.

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