RealTime IT News Acquires Assets

Online home finance network Inc. said it has acquired certain operations and assets of for 1.4 million shares of stock.

FiNet is trading in the $3.25 range.

The acquisition will allow to expand its geographic coverage, creating an e-commerce franchise that reaches across America, the company said. The acquisition will enable to establish a second electronic transaction center in Pennsylvania to better serve its customers in the central and eastern regions of the United States.

Based on second quarter 1999 actual results, the annualized additional revenue to will be approximately $2.5 million. has closed nearly 1,400 mortgages with an aggregate value exceeding $182 million in the year ending December 1998. said it now expects its combined consumer channel to be able to originate mortgages in nearly all states.

"This acquisition will greatly increase our geographic diversification, helping to become one of the most comprehensive online mortgage providers in the country," said Mark Korell, chairman and CEO of is the Internet presence of Security National Mortgage Corp. offers automated financing solutions directly to consumers through its online home financing Web site and to mortgage broker businesses through Monument Mortgage.