Cendant's Real Estate Division Introduces ERA(R) Mortgage Program

PARSIPPANY, N.J., Oct. 11 /PRNewswire/ -- The Real Estate Division of
Cendant Corporation (NYSE: CD) today announced the launch of ERA(R) Mortgage,
a private-label mortgage brand that aligns one of the nation's largest
mortgage loan originators with one of the industry's leading real estate
franchise systems.

The launch completes the alignment between Cendant Mortgage and Cendant's
real estate franchise systems (Century 21(R), Coldwell Banker(R) and ERA(R)).
In doing so, this private labeling initiative leverages the strengths of
Cendant's Real Estate division and enhances the consumers' home-buying
experience.

The unique position that Cendant has in the real estate industry enables
us to create opportunities such as ERA Mortgage to deliver value to our
franchise affiliates, said Richard A. Smith, chairman and CEO of the Cendant
Real Estate Division. With our market presence through ERA, Coldwell Banker
and Century 21 -- as well as Cendant Mortgage and Cendant Mobility -- no other
company can bring this kind of added value to brokers, sales associates and
consumers.

For prospective homebuyers, ERA Mortgage combines the value of expert
guidance of an ERA Real Estate professional with the guaranteed services of
one of the industry's premier home financing leaders.

ERA Mortgage gives consumers a new level of convenience during the
sometimes stressful home-buying process, said Peter Burgdorff, president and
CEO of ERA Real Estate. Working closely with our brokerages, we have
successfully created another advantage for real estate professionals
affiliated with ERA.

Combining our customer service guarantees -- which are unsurpassed by the
industry -- with the power of association with ERA and its sister companies,
we can now make a compelling presentation to those considering their next home
purchase, said Terry Edwards, president of Cendant Mortgage. We are
confident that our guarantees to beat any competing lender's price*, deliver a
same-day loan decision and meet the customer's closing date** will make
choosing ERA Mortgage an easy decision for consumers.

About Cendant Corporation
Cendant Corporation is a global provider of consumer and business
services. Cendant's core competencies include building franchise systems,
providing outsourcing solutions and direct marketing. As a franchiser,
Cendant is the world's leading franchiser of hotels, rental car agencies, tax
preparation services and real estate brokerage offices. Cendant's Real Estate
Division includes: nearly 12,000 residential real estate offices and more
than 200,000 sales associates operating under the CENTURY 21(R), Coldwell
Banker(R), and ERA(R) brand names; Cendant Mobility, a global leader in
corporate and government employee relocation with over 2,000 corporate
clients; Cendant Mortgage, the 6th largest retail mortgage originator in the
United States, according to Inside Mortgage Finance, with $25 billion in loans
closed in 1999; move.com, Cendant's relocation, real estate and home-related
services portal on the Internet; and Welcome Wagon, the nation's most
extensive neighborhood greeting service. In addition, Cendant Internet Group
is aggressively pursuing a convergence strategy for the Company's off-line and
online businesses. Headquartered in New York, NY, the company has nearly
28,000 employees and operates in over 100 countries. More information about
Cendant, its companies and brands may be obtained by visiting Cendant's Web
site at http://www.cendant.com or by calling 877-4INFO-CD (877-446-3623).

* A customer must provide a complete, system generated Good Faith
Estimate, listing a specific lender's name, that is dated the same day
as the rate quoted by Cendant. If such Good Faith Estimate indicates an
equivalent or lower interest rate and closing costs package, for the
same loan program that is offered by Cendant and Cendant has verified
the accuracy of the rate and fees listed then Cendant will have the
option of beating that lender's total loan costs by $100 or paying the
customer $250 ($500 for properties located in California) when they
close with that lender and provide Cendant with a copy of the signed
Note and Final HUD1 Settlement Statement.

** Approved, conventional, purchase loans only.

SOURCE Cendant Corporation

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