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.
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
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.
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SOURCE E*TRADE Group, Inc.