Adjustable-rate mortgages, mortgage brokers and a host of other innovations that spread through the mortgage industry all caught on first in California. So perhaps it's not surprising that a new Web-based California company, IMX Exchange, has traded $1.5 billion in loans via the Internet in the Golden State.

The next challenge facing IMX's new chief executive, Richard Wilkes, is to bring this Web-based phenomenon to other states and eventually to the nation as a whole. Wilkes said the plan is for www.imxexchange.com to expand into such populous states as Texas, Florida, New York and Illinois by the end of next year.

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