E*TRADE Bank Launches Home Equity Loans The Nation's Largest Branchless Bank Further Expands Its Consumer Lending


    ARLINGTON, Va., Oct. 16 /PRNewswire/ -- E*TRADE Bank, the nation's
 largest branchless bank and a wholly-owned subsidiary of
 E*TRADE Group, Inc. (NYSE:   ET), today announced the launch of Home Equity
 Lines of Credit (HELOCs) and Home Equity Installment Loans (HEILs). The
 expansion of E*TRADE Bank's value-based consumer lending platform enhances the
 potential for deeper household relationships and recurring non-interest
 income. In addition, E*TRADE Bank will further diversify revenue and increase
 interest rate spreads by placing these home equity products into its asset
     "E*TRADE's goal is to create superior value, convenience and service for
 our customer households," said Mitchell Caplan, chief financial products
 officer and managing director, North America, E*TRADE Group, Inc. "By offering
 these home equity lending products, we add two important components to our
 product suite and further diversify the Company's revenue stream."
     E*TRADE Bank offers these products through E*TRADE Mortgage, one of the
 nation's largest online retail mortgage originators. E*TRADE Mortgage expects
 to generate significant loan volumes by cross-selling to the nearly three
 million E*TRADE consumer households and by selling to consumers either
 applying for or refinancing a mortgage.
     As we expand our vast array of value-added financial products, E*TRADE
 continues to deliver superior customer service. E*TRADE Mortgage will offer
 low introductory rates for loan amounts up to 100% of the value of the home
 and will charge no application or closing fees for home equity products.
 Applications can be processed online or by phone through E*TRADE's customer
 service mortgage representatives.
     "With interest rates declining in today's environment, we believe the
 combination of our value-oriented products and superior convenience and
 service provides consumers with an ideal opportunity to tap into the equity
 value in their home for a variety of uses, including home improvements, debt
 consolidation, or other personal financial goals," continued Caplan.
 "E*TRADE's customers, shortly, can look for additional credit and lending
 products, varied pricing options, and integrated account access online."
     For more information please contact E*TRADE Mortgage at
 www.mortgage.etrade.com or call 800-546-EASY.
     About E*TRADE Bank
     E*TRADE Bank is a wholly-owned subsidiary of E*TRADE Group, Inc. Deposits
 at E*TRADE Bank are insured up to $100,000 by the FDIC. E*TRADE Bank is the
 nation's largest branchless bank with over $13 billion in assets, more than
 $8 billion in deposits and over 436,000 customer accounts as of
 September 30, 2001. E*TRADE Bank is the only branchless bank to be ranked
 among the top 14 federally chartered U.S. savings banks based on both assets
 and deposits according to FDIC data as of September 30, 2001. E*TRADE Bank's
 wholly-owned subsidiary, the award-winning* E*TRADE Mortgage, is one of the
 nation's largest online mortgage origination platforms. E*TRADE Bank is also
 affiliated with E*TRADE Access, Inc., now the largest off-premises ATM network
 in the U.S. and the third largest ATM network nationwide based on American
 Bankers Association Data as of July 27, 2000. E*TRADE Bank can be accessed at
 etradebank.com or 800-ETBANK-1.
     Important Notice
     NOTE:  E*TRADE, the E*TRADE logo, E*TRADE Bank and Stateless Architecture
 are registered trademarks of E*TRADE Group, Inc. or its subsidiaries. The
 statements contained in this news release that are forward-looking are based
 on current expectations that are subject to a number of uncertainties and
 risks, and actual results may differ materially. The uncertainties and risks
 include, but are not limited to, changes in market activity, anticipated
 increases in the rate of new customer acquisition, the conversion of new
 visitors to the site to customers, seasonality, the development of new
 products and services, the enhancement of existing products and services,
 competitive pressures (including price competition), system failures, economic
 and political conditions, changes in consumer behavior and the introduction of
 competing products having technological and/or other advantages. Further
 information about these risks and uncertainties can be found in the
 information included in the annual report filed by E*TRADE Group with the SEC
 on Form 10-K (including information under the caption "Risk Factors") and
 quarterly reports on Form 10-Q.
     ETRADE Mortgage, formerly known as LoansDirect, surpassed more than
 300 other online mortgage lenders nationwide, ranking #1 in the customer
 confidence category by Gomez Advisors for two consecutive quarters and
 reaching the #2 position overall in Gomez Advisors Winter 2000 Internet
 Mortgage Scorecard(TM).
     CONTACT:  media, Cam Gilbert, +1-703-236-8082, or cgilbert@etrade.com, or
 investors, Robert Simmons, +1-916-859-4004, or robert.simmons@etrade.com, both
 of E*TRADE Group, Inc.
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