FiNet Reports Financial Results for the Quarter Ended March 31, 2002


SAN RAMON, Calif., May 16, 2002 (PRIMEZONE) -- FiNet.com, Inc. (Nasdaq:FNCM), and its wholly owned subsidiaries (the "Company") today released financial results for the quarter ended March 31, 2002.

Operational highlights of the quarter ended March 31, 2002:


 -- Total loan production for Monument Mortgage, Inc. ("Monument
    Mortgage") increased by 8% from $69.9 million to $75.5 million
    compared to the quarter ended December 31, 2001.

 -- Loan production recorded by Monument Mortgage's business-to-
    business segment increased by 34% to $42.5 million, compared to
    $31.7 million for the quarter ended December 31, 2001. As a
    result, Monument Mortgage's business-to-business segment relative
    contribution to total loan production increased to 56% from 45% in
    the quarter ended December 31, 2001.

 -- Loan production recorded by Monument Mortgage's business-to-
    consumer segment decreased by 24% to $28.9 million, compared to
    $38.2 million for the quarter ended December 31, 2001. As a
    result, Monument Mortgage's business-to-consumer segment relative
    contribution to total loan production decreased to 38% from 55% in
    the quarter ended December 31, 2001.

 -- Loan production recorded by Monument Mortgage's loan center
    segment increased by 8,654% to $4.0 million, compared to
    $46 thousand for the quarter ended December 31, 2001. As a result,
    Monument Mortgage's loan center segment relative contribution to
    total loan production increased to 5% from 0% in the quarter ended
    December 31, 2001.

 -- Mortgages held for sale as of March 31, 2002 increased to
    $24.0 million, an increase of 187%, when compared to $8.4 million
    for the quarter ended December 31, 2001.

 -- Loan settlements for the quarter ended March 31, 2002 decreased to
    $26.7 million, a decrease of 13%, when compared to $30.6 million
    for the quarter ended December 31, 2001.

Financial highlights of the quarter ended March 31, 2002:


 -- Revenue for the quarter ended March 31, 2002 decreased by 21% from
    $1.6 million to $1.3 million compared to the quarter ended
    December 31, 2001. The reduction in revenues is primarily
    attributable to the proportional decrease in the amount of loan
    settlements compared to the amount of loan production during the
    same period.  During the quarter ended March 31, 2002, Monument
    Mortgage's business-to-business segment only sold $26.7 million
    (i.e., only 63%) of its same period loan production; whereas
    during the quarter ended December 31, 2001 Monument Mortgage's
    business-to-business segment sold $30.6 million (i.e., 97%) of its
    same period loan production.

 -- Gross margin for the quarter ended March 31, 2002 decreased by
    101% from $0.6 million to ($7) thousand compared to the quarter
    ended December 31, 2001.  The reduction in gross margin resulted
    from the revenue reduction primarily derived from the decrease in
    loan settlements and also from increased headcount of Monument
    Mortgage's production units.

 -- Operating expenses for the quarter ended March 31, 2002 declined
    by 16% from $2.2 million to $1.8 million compared to the quarter
    ended December 31, 2001.  The reduction in operating expenses is
    primarily attributable to a significant decrease in non-production
    related employee headcount and a substantial decrease in
    professional fees incurred.

 -- Loss from operations for the quarter ended March 31, 2002
    increased by 14% from $1.6 million to $2.2 million compared to the
    quarter ended December 31, 2001. 

 -- Other income and expense for the quarter ended March 31, 2002
    declined by 5% from $0.6 million to $0.6 million compared to the
    quarter ended December 31, 2001. The decline in other income and
    expense is attributable to FiNet's equity in loss of its equity-
    method investee, CriticalPoint Software ("CriticalPoint).
    Currently, FiNet records 100% of CriticalPoint's total losses.
    As losses in CriticalPoint are recorded until the underlying
    investments are reduced to zero, FiNet expects that losses in its
    equity-method investee will continue to decline, if no additional
    investment in CriticalPoint will be made.

 -- Net loss per share for the quarter ended March 31, 2002 declined
    by 9% from $0.23 per share to $0.25 per share compared to the
    quarter ended December 31, 2001.

Financial condition as of March 31, 2002:


 -- As a result of reduced revenues, net cash used in operating
    activities during the quarter ended March 31, 2002 was $921
    thousand, an increase of 429% from $174 thousand during the
    quarter ended December 31, 2001.  Net cash used by investing
    activities during the quarter ended March 31, 2002 was
    $68 thousand, an increase of 871% from $7 thousand during the
    quarter ended December 31, 2001.

 -- The total cash position of the Company as of March 31, 2002 was
    $2.1 million, of which $0.7 million was immediately available and
    $1.4 million was restricted.

"We are very pleased to see that our strategy is delivering improved results. We believe these results show that our focus on the business-to-business segment as our shortest path to profitability is proving to be correct. Loan production is up substantially, which means that revenues should increase accordingly. We were disappointed we could not materialize the benefits of this production increase during this first quarter of 2002, as we sold a smaller than usual percentage of the loan production. We intend to compensate this effect in the coming quarters," commented Dan Rawitch, FiNet's Chief Executive Officer.

"As part of our strategy, we are diversifying our sources of revenue, and we are very enthusiastic with the progress already achieved by the loan center segment. And we have continued to cut our costs, in spite of the growth of our combined business activities and our recent increase in production related headcount. We believe this trend, together with the other initiatives that we have recently announced to the market, namely the acquisition of RealEstate.com, are, in our opinion, positioning FiNet to deliver enhanced shareholder value," added Dan Rawitch.

About FiNet.com

FiNet.com, Inc., through its wholly owned subsidiaries (the "Company"), is a leading e-commerce provider of financing services that facilitate home ownership, including a variety of technology and loan products and automated services for mortgage broker businesses, real estate broker businesses and for consumers. The Company offers online solutions to mortgage broker businesses through Monument Mortgage at www.monument.com, to real estate broker businesses at www.homewardsolutions.com and residential financial services directly to consumers at www.finet.com.

Safe Harbor

Certain statements in this press release, including statements regarding an increase in wholesale originations and the finalization of additional credit facilities with third parties are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, including but not limited to expectations concerning the investment in CriticalPoint Software; the Company's ability to execute its strategy; the Company's ability continue to increase loan production, diversify its sources of revenue, reduce expenses or access credit facilities and sources of funding: and the Company's ability to obtain required approvals in connection with the acquisition of the RealEstate.com assets or successfully integrate those asset's into the Company's operations, the Company's actual results may differ materially from those expressed or implied by such forward-looking statements. Investors are encouraged to read the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2001, and the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2002, which are on file with the Securities and Exchange Commission.


  FiNet.com, Inc.'s Subsidiary - Monument Mortgage, Inc.
      Supplemental Segment Information - Unaudited
                 (Amounts in thousands)
 
 
                                           Three Months Ended
                                           ------------------
 Loan production                 March 31, 2002    December 31, 2001
 ---------------                 --------------    -----------------
 Business-to-business                  $ 42,528            $ 31,655
 Business-to-consumer                    28,911              38,237
 Loan center                              4,027                  46
                                 --------------      --------------
 Total loan production                 $ 75,466            $ 69,938
                                 ==============      ==============

                                           Three Months Ended
                                           ------------------
 Mortgages held for sale, net    March 31, 2002     December 31, 2001
 ----------------------------    --------------     -----------------
 Business-to-business                  $ 23,982              $ 8,365
 Business-to-consumer                       N/A                  N/A
 Loan center                                N/A                  N/A
                                 --------------       --------------
 Total mortgages held
  for sale, net..                      $ 23,982              $ 8,365
                                 ==============       ==============

                                           Three Months Ended
                                           ------------------
 Loan settlements                March 31, 2002     December 31, 2001
 ----------------                --------------     -----------------
 Business-to-business                  $ 26,703             $ 30,599
 Business-to-consumer                       N/A                  N/A
 Loan center                                N/A                  N/A
                                 --------------       --------------
 Total loan settlements                $ 26,703             $ 30,599
                                 ==============       ==============


               FiNet.com, Inc. and Subsidiaries
       Consolidated Statements of Operations - Unaudited
        (Amounts in thousands, except per share data)

                                          Three Months Ended
                                          ------------------
                                 March 31, 2002      December 31, 2001
                                 --------------      -----------------
 Revenues                               $ 1,263               $ 1,600
 Cost of revenues                         1,270                 1,029
                                 --------------        --------------
 Gross profit (loss)                         (7)                  571

 Operating expenses:
   General and administrative             1,502                 1,745
   Marketing and advertising                 19                   114
   Depreciation and
    amortization                            280                   264
   Special charges                           47                    73
                                 --------------        --------------
      Total expenses                      1,848                 2,196
                                 --------------        --------------
 Loss from operations                    (1,855)               (1,625)

 Other income and expense:
   Equity in loss of equity-
    method investee                        (604)                 (615)
   Income from derivative
    instruments                              30                     2
   Other interest income                     10                    21
                                 --------------        --------------
 Loss before income taxes                (2,419)               (2,217)
 Income tax expense                           6                    (8)
 Cumulative effect of change
  in accounting principle                    --                    --
                                 --------------        --------------
 Net loss available to
  common shareholders                  $ (2,425)             $ (2,209)
                                 ==============        ==============

 Basic and diluted net loss
  per common share before
   effect of change in
    accounting principle                  (0.25)                (0.23)
 Cumulative effect of change
  in accounting principle                    --                    --
                                 --------------        --------------
 Basic and diluted net
  loss per common share                 $ (0.25)              $ (0.23)
                                 ==============        ==============

 Weighted average common
  shares used in computing
   basic and diluted net
    loss per common share                 9,527                 9,523
                                 ==============        ==============


              FiNet.com, Inc. and Subsidiaries
                  Consolidated Balance Sheets
         (Amounts in thousands, except per share data)


                                      March 31          December 31
                                        2002                2001
                                  --------------        ------------
              Assets                  (Unaudited)

 Cash and cash equivalents                 $ 654             $ 1,640
 Restricted cash                           1,450               2,159
 Accounts and notes
  receivable, net                            486                 136
 Mortgages held for sale, net             23,982               8,365
 Fixed assets, net                         1,210               1,422
 Investment in equity-method
  investee                                 1,619               2,223
 Derivative instruments in
  connection with equity-
   method investee                            84                 123
 Other assets                                886               1,187
                                  --------------      --------------
   Total assets                         $ 30,371            $ 17,255
                                  ==============      ==============

          Liabilities and
        Stockholders' Equity

 Liabilities:
 Warehouse and other lines
  of credit                             $ 23,851             $ 8,292
 Accounts and notes
  payable                                    250                 231
 Accrued expenses and
  other liabilities                        4,913               4,953
                                  --------------      --------------
   Total liabilities                      29,014              13,476

 Stockholders' equity:
 Preferred stock, par value
  $0.01 per share
   Authorized shares - 100
   Issued and outstanding
    shares - none                             --                  --
 Common stock, par value
  $0.01 per share
   Authorized shares - 49,900
   Issued and outstanding
    shares as of March 31, 2002
     and December 31, 2001 -
      9,534 and 9,523 shares,
       respectively                        1,029               1,029
 Additional paid-in capital              109,928             109,925
 Accumulated deficit                    (109,600)           (107,175)
                                  --------------      --------------
   Total stockholders' equity              1,357               3,779

 Total liabilities and
  stockholders' equity                  $ 30,371            $ 17,255
                                  ==============      ==============


            

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