Business Editors

WESTWOOD, Kan.--(BUSINESS WIRE)--Aug. 21, 2002

NovaStar Mortgage, Inc. announced today that on Sept. 9, 2002, the mortgage lending company will open an office in the Detroit area solely dedicated to serving its growing conforming loan operation.

John Pantalone, formerly NovaStar Area Sales Manager for Michigan and Wisconsin, and Patrick A. Lambrecht will lead the operation, located at 888 West Big Beaver Road in Troy. Approximately 20 employees will be hired immediately to work at the new facility with the work force expected to grow to 50 within a few months.

Prior to opening the Detroit office, NovaStar's conforming and government loan products have been available exclusively to NovaStar branch partners and were being handled through the company's headquarters in Westwood, Kan. The new office, which is opening with the primary purpose of underwriting and funding conforming products, signals NovaStar's commitment to its growing conforming business. Plans call for a market-wide rollout of NovaStar's conforming product menu in Fourth Quarter 2002.

In addition to conforming products, the Detroit office will provide loan processing services to NovaStar's 164 branch affiliates. NovaStar was ranked as the 10th largest loan brokerage firm last year by National Mortgage News.

NovaStar Mortgage, Inc. is a subsidiary of NovaStar Financial, Inc. (NYSE:NFI) -- a real estate investment trust (REIT) that originates non-conforming and conforming single-family residential mortgage loans. Mortgage loans are funded on a long-term basis by issuing asset-backed bonds. NovaStar Financial is headquartered in Westwood, Kansas, a part of the Kansas City metropolitan area. The Company has wholesale lending operations in Orange County, California, and Cleveland, Ohio, and a servicing operation in Westwood, Kansas.

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