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(Sherman Oaks, CA, December 6, 2007) – Metrocities Mortgage, LLC (“Metrocities”), a national leader in the residential mortgage lending market, today announced that CEO and founder Paul Wylie has decided to step down. Dick Loeffler, COO of Prospect Mortgage Company, will serve as interim CEO upon Mr. Wylie's departure. Executives Lynette Hale-Lee, Virginia Martinez, Anna Ruotolo and Harry Tomlinson will collectively manage the sales organization. 

Paul Wylie founded Metrocities in 1989 and is credited for growing the Metrocities franchise and most recently leveraging his industry knowledge for integration of Metrocities into Prospect Mortgage, a portfolio company of Sterling Partners, a private equity fund based in Chicago and Baltimore. In June, 2007, Sterling made a strategic investment in Metrocities, recapitalizing the company and giving Prospect a majority interest.

“It is the right time for me to leave Metrocities,” said Paul Wylie. “It is an emotional decision, but I am proud of what we have built. The leadership group is very capable of leading Metrocities through this current difficult market to even greater success.”

“We wish Paul the best of luck as he moves to a new chapter in his life,” said interim CEO-designate Dick Loeffler. “Paul has demonstrated great leadership in building Metrocities into one of the leading independent mortgage originators in the country. We also believe he has built a great management team and culture at Metrocities that will ensure the company continues to deliver on its core values, its unique business model and ‘Heroic Customer Service.’”  

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Metrocities Mortgage
Established in 1989, Metrocities Mortgage is ranked in the top 1% of residential mortgage lenders nationwide for closed loan volume. Headquartered in Sherman Oaks, California, Metrocities Mortgage has become a leading nationwide lender based on unique loan programs and successful joint ventures (affiliated business arrangements) with key real estate companies, credit unions, financial advisor/business management companies, builders and other affinity groups. Loan Officers have access to thousands of loan programs and proprietary search engine technology enabling them to find the best loan products for their clients. As America’s Best Relationship Lender^SM, Metrocities Mortgage is renowned for its in-house lending expertise, wide selection of loan programs and Heroic Customer ServiceSM. To learn more, visit www.metrocitiesmtg.com.

Sterling Capital Partners
Sterling Capital Partners is an affiliate of Sterling Partners (“Sterling”), a private equity fund group with approximately $4 billion of capital under management. Founded in 1983, Sterling partners with superior management teams, invests in companies with strong business fundamentals and leverages the firm’s proprietary methodology for acceleration of growth. Sterling collaborates closely with entrepreneurs and business owners to achieve the growth standard in their industry. Sterling Capital Partners assumes controlling interests in middle-market companies through equity investments ranging from $15 million to over $100 million per company. Industries of focus include financial services, education, healthcare, business services, direct marketing, specialty manufacturing and distribution, and technology.  (www.sterlingpartners.us)