Rock Financial Corp. said it closed $29 million of mortgages through its Web site in the first quarter.

The company said that Internet-driven loans made up 12% to 15% of its total business in March, or $22 million of loans.

It said that within a year Internet-generated loans will make up half of its business.

Rock said it expects to report about $675,000 of revenue for the first quarter attributable to Internet loans, or about $2,600 per loan.

The company is doing business on-line in 12 states. In the fourth quarter it closed 29 retail offices, incurring a $2 million charge, in order to focus on its Web site.

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