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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
JANUARY 12, 2000
Date of report (Date of earliest event reported)
Commission File Number: 0-18108
FINET.COM, INC.
Exact name of registrant as specified in its charter)
DELAWARE
(State or jurisdiction of
incorporation or organization)
2527 CAMINO RAMON, SUITE 200
SAN RAMON, CA 94583
(Address of principal executive office)
94-3115180
(IRS Employer Identification Number)
Telephone Number: (925) 242-6550 (Registrant's
telephone number, including area code)
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ITEM 5. OTHER EVENTS
On January 12, 2000 the Company announced the naming of Rick Cossano
as President and Chief Executive Officer effective February 1,2000.
A copy of the press release is attached as Exhibit 99.1.
ITEM 7. EXHIBITS
EXHIBIT 99.1 Press Release dated January 12, 2000 entitled
"FiNet.com Names Rick Cossano as President and Chief Executive
Officer"
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF
1934, THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS
BEHALF BY THE UNDERSIGNED, THEREUNTO DULY AUTHORIZED.
FINET.COM, INC.
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Date: January 19, 2000 /s/ GARY A. PALMER
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GARY A. PALMER
(PRINCIPAL FINANCIAL OFFICER)
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FiNet.com Names Rick Cossano as President and Chief Executive Officer
SAN RAMON, CA, January 12, 2000 - FiNet.com Inc. (NASDAQ: FNCM) today
announced that Rick Cossano, age 43, has been named President, Chief
Executive Officer and a member of the Board of Directors effective
February 1, 2000. Prior to his appointment, Mr. Cossano served as
Executive Vice President in both the Wholesale Lending Division and
the Consumer Markets Division of Countrywide Home Loans. His most
recent position during his twelve year tenure at Countrywide was as
President and Chief Operating Officer of LandSafe Title, Inc., a
Countrywide subsidiary. Cossano succeeds Mark Korell who announced
plans to retire effective January 15, 2000. Dr. Stephen J. Sogin, a
member of FiNet.com's Board of Directors will continue to serve as
interim CEO until Cossano officially joins the company.
Cossano brings to his new position over twenty years of experience in
the mortgage industry. He was instrumental in implementing e-
commerce strategies and establishing electronic call centers at
Countrywide Home Loans, the nationwide leader in low-cost mortgage
loan processing. Cossano has also held executive positions at
Gibralter Money Center, a subsidiary of Gibralter Savings and
Cathedral Mortgage, subsidiary of AVCO Financial Services.
"The proven methods of loan volume production and processing
efficiency developed at Countrywide are directly applicable to the
online segment of the mortgage business," stated Cossano. "The online
mortgage industry has developed to a point where it is ready to
embrace production and efficiency techniques in order to produce a
winning combination. My goal is to implement an aggressive strategy
of high volume origination delivered via FiNet.com's existing leading-
edge, Internet technology."
"We have followed Rick's performance at Countrywide for some time,"
stated Dan Rawitch, Vice-Chairman. "In a short period of time, Rick
increased production in the Consumer Markets Division from $500
million per month to over $1.2 billion per month. In the Wholesale
Lending Division, Rick drove production from $1 billion per month to
$3 billion per month," continued Rawitch. "Rick is a nationally
recognized mortgage banker with exceptional technology and management
expertise. He brings a proven track record as a president and chief
operating officer and a phenomenal network of relationships in the
mortgage industry. We are fortunate and obviously very pleased to
have someone of Rick's experience and ability lead FiNet.com through
the final stage of implementation of our business plan."
About FiNet.com
FiNet.com, Inc. including its wholly owned subsidiaries (the
"Company") is a leading provider of e-commerce home financing
services that facilitate home ownership, including a variety of
technology-based products and automated services for consumers and
mortgage broker businesses. The Company offers online financing
solutions directly to consumers through its www.finet.com web site
and to mortgage broker businesses through Monument Mortgage and its
web site www.monument.com.
Safe Harbor
Certain statements in this press release, including statements
regarding the anticipated development and expansion of the Company's
business, and the intent, belief or current expectations of the
Company, its directors or its officers, 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, actual results may differ materially from
those expressed or implied by such forward-looking statements.
