Prism Financial Corp. is a financial services company engaged primarily in the business of originating, selling and brokering mortgage loans. The Company operates as both a mortgage banker, underwriting, closing and funding loans, and as a mortgage broker, selling the loan products of over 100 different lenders. The Company uses its direct consumer access to sell mortgage-related products, including credit reports, flood certifications, appraisals, mortgage insurance and title insurance policies. Prism Financial also engages in the affordable housing and historic rehabilitation tax credit syndication business, and it Company offers bundled and ancillary services through its subsidiary, Lender's Mortgage Services, L.L.C. (LMS) and through its acquisition of Apollo Housing Capital, L.L.C. (Apollo). The Company originated $7.7 billion in residential mortgage loans in 1999 through its network of approximately 1,200 commission-only loan originators operating out of 159 retail branches in 27 states. Through the its network of retail branches, as well as its affinity partnerships and relationships with operators of leading Internet mortgage Websites, the Company offers a broad array of residential mortgage products targeted primarily to high-credit-quality borrowers. Mortgage Origination and Ancillary Services Prism Financial operates primarily as a retail mortgage originator, with two small wholesale divisions operating in California and Texas. The mortgage loans that the Company originates are funded through its mortgage bank or are brokered to the lender providing the mortgage product. The Company's mortgage bank currently offers a full range of single-family mortgage loan products. Mortgage loan applicants can choose from several products, including fixed-rate mortgage loans with several different term options and "balloon" mortgage loans with relatively shorter terms,such as five or seven years, and longer amortization schedules. An array of adjustable rate mortgage loans with rates tied to various indices is also available. The Company offers a wide variety of combinations of interest rates and origination fees (points) on many of its mortgage loan products. These options enable borrowers to elect to pay higher points at closing and lower interest over the life of the mortgage loan, or pay a higher interest rate and reduce or eliminate points payable at closing. In addition, it offers buydown-type mortgage loans. This type of loan allows a borrower to make lower monthly payments for the first one, two or three years of the loan. Prism Financial's mortgage bank offers a variety of mortgage products at competitive rates. These products can be classified as follows: conforming and government insured mortgage loans, jumbo mortgage loans, alternative A mortgage loans, home equity and second mortgage loans, and non-prime mortgage loans. A small percentage of the Company's business is generated through its wholesale operations conducted primarily by its wholly owned subsidiary, PointSource Financial, L.L.C. In wholesale originations, non-Prism Financial brokers deal directly with the borrower by assisting in collecting all necessary documents and information for a complete loan application. The broker then submits the application to the Company, which makes an underwriting determination and funds qualified loans. In 1999, approximately 2% of the Company's originations were generated through its wholesale channels. Tax Credit Syndication The Company is a national syndicator of indirect interests in residential real estate projects qualifying under federal tax laws for low-income housing tax credits (LIHTCs) and historic rehabilitation tax credits (HRTCs). This business is commonly referred to as tax credit syndication. Apollo identifies real estate developers undertaking projects that qualify for LIHTCs or HRTCs and contracts with the developers to acquire in limited partnerships or limited liability companies that own the projects (Investee Partnerships). By statute, there is a limited suppl

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