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 portfolio. "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 firstname.lastname@example.org, or investors, Robert Simmons, +1-916-859-4004, or email@example.com, both of E*TRADE Group, Inc. MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X60964896
SOURCE E*TRADE Group, Inc.
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