PALO ALTO, Calif.--(BUSINESS WIRE)--Sept. 9, 1998--E-LOAN (http://www.eloan.com), the leading online mortgage broker, has been selected by Bank Rate Monitor (http://www.bankrate.com), the leading source of retail financial product information in the country, to provide consumers with the ability to implement product selections on its web site.
Bank Rate Monitor, which provides readers with access to the latest rates on savings, credit cards, auto loans, and mortgages, has partnered with E-LOAN to provide additional online mortgage qualification services to its already popular mortgage data. Through access to the co-branded mortgage center, consumers will have additional access to nationally and regionally recognized lenders.
"Bank Rate Monitor attracts consumers who are smart about managing their finances," said Doug Galen, vice president of sales and business development for E-LOAN. "Since a mortgage is one of the largest components of a household balance sheet, proactively taking advantage of the best rates and products can have a significant positive impact on peoples' net worth. By leveraging our technology and the Internet, E-LOAN and Bank Rate Monitor are helping consumers manage their mortgage debt in an easy and cost-effective way."
"Our goal is to help consumers make more informed decisions," said Sara Campbell, senior vice president of Bank Rate Monitor. "Expanding our offering to incorporate services that let them act on their decisions is a natural next step. E-LOAN gives people the power to lock-in rates and obtain a loan online, and we give them the power of information. This complementary combination serves a united purpose -- to get consumers the best deal."
Bank Rate Monitor provides unbiased data that helps consumers clarify their savings and loan choices in a marketplace flooded with financial products and services. Bank Rate Monitor combines over 20 years of data research and editorials about the banking industry that are licensed to national print and online publications. This data is generated for 21 products in 127 major markets through daily access to 3,000 banks, thrifts and credit unions across the country. These rates are scrutinized and updated weekly.
By linking to the Mortgage Center from Bank Rate Monitor's home page, consumers can access E-LOAN's personalized features to help determine which mortgage financing options best fit their needs. Interactive questionnaires provide custom mortgage quotes and recommendations based on an individual's financial situation. Customers can then use E-LOAN to get pre-qualified or pre-approved, and complete the entire loan transaction online.
E-LOAN's innovative use of technology drives inefficiencies out of the usual paper-based transaction and E-LOAN customers enjoy significant savings over the traditional mortgage process. At the same time, E-LOAN provides a personal customer service representative to each loan applicant, ensuring quick responses to questions and concerns. After a loan closes, customers can choose to use E-LOAN's monitoring services to track the volatile mortgage marketplace and be prepared to take advantage of future savings opportunities.
About E-LOAN
E-LOAN, Inc. (http://www.eloan.com) is the leading online mortgage broker where borrowers can compare, apply for and obtain home loans from the nation's leading lenders. E-LOAN saves borrowers as much as 75 percent on brokerage fees through the elimination of unnecessary transaction costs, while providing personalized customer service.
After closing a loan, E-LOAN can, at the customer's request, continue to send customized information about new products that become available, helping consumers turn a mortgage into a working financial asset. E-LOAN offers customers 24 hour a day online access to updated information on their loan status through its exclusive E-TrackSM service.
E-LOAN is the exclusive mortgage services provider to loan centers on many leading web sites, including E-Trade and Yahoo!. The company is headquartered in Palo Alto, Calif., with loan processing offices in Dublin, Calif. E-LOAN's investment partners include Benchmark Capital and Technology Partners.
About Bank Rate Monitor
Bank Rate Monitor is the nation's leading source for retail financial product information. They offer more than 1,700 pages on the World Wide Web including timely rates and fees for: mortgages, home equity loans, auto loans, savings accounts, credit cards and online checking accounts, as well as ATM and online banking fees.
Relied upon by the Federal Reserve, national news media and financial institutions, Bank Rate Monitor has been tracking bank rates and the banking industry for more than 20 years. The editorial staff is comprised of dedicated and experienced professional journalists whose focus is spotting the latest trends in consumer rates, fees and new products.
CONTACT: E-LOAN, Inc.
Doug Galen, 650/847-3707
Doug@eloan.com
or
Niehaus Ryan Wong, Inc. (for E-LOAN)
Tiffany Kelley, 650/827-7079
Tiffany@nrwpr.com
or
Bank Rate Monitor's BANK ADVERTISING NEWS
Kelly Slimak, 561/630-1213
Kelly@xmail.bankrate.com
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