E-Loan Receives 1000th Loan Application; Leading Internet Mortgage Service Hits Significant Milestone in Four Months.PALO ALTO Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif.--(BUSINESS WIRE)--Oct. 24, 1997--Signifying a growing trend in the mortgage lending industry, E-Loan today announced receipt of its 1,000th on-line loan application. The site, www.eloan.com which was launched on June 30, 1997, has increased its month to month loan activity more than 100 percent in that time. This loan transaction volume establishes E-Loan as one of the most heavily utilized mortgage sites on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the . "E-Loan provides a true value proposition for consumers and is changing the mortgage lending paradigm," said Stefan Smith, industry analyst from Dataquest. "Their site provides financing alternatives that are flexible and dynamic, while at the same time remains easy to navigate (1) "Surfing the Web." To move from page to page on the Web. (2) To move through the menu structure in a software application. and use. With this announcement, it's clear that consumers are finding value through E-Loan's service." With the emergence of Internet commerce, E-Loan is redefining the home mortgage process. Borrowers can search for the lowest rates available on a daily basis from the best lending sources, compare loans, lock-in, and apply on-line immediately. Unlike any other offerings -- online or otherwise -- E-Loan displays customized product quotes and comparisons that do not require the further services of a loan agent. For the first time, borrowers can save up to 80% off brokerage fees by selecting their own mortgage from the detailed information provided by E-Loan's web site. And while financially robust, the site remains easy to use and speaks directly to the consumer. "We're extremely pleased by the acceptance and adoption of E-Loan's service," said Janina Pawlowski, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of E-Loan. "It makes incredible sense to obtain a mortgage this way. For the average borrower, the savings are as much as $2,000, which if you think about in real terms, is enough money to buy a new Compaq PC, or two. No other e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. transaction comes close to generating these savings." About E-Loan E-Loan Inc. is a multilender Internet mortgage company offering a variety of loan products to users over the web. As the first online service to eliminate the need for an agent, E-Loan has revolutionized the mortgage industry by drastically dras·tic adj. 1. Severe or radical in nature; extreme: the drastic measure of amputating the entire leg; drastic social change brought about by the French Revolution. 2. reducing the transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). associated with obtaining a home loan. E-Loan provides customized services for a broad range of users including consumers, realtors, and residential home developers over the Internet. The company is headquartered in Palo Alto, Calif. CONTACT: E-Loan Janina Pawlowski, 650/617-0403 janina@eloan.com or Pacifico, Inc. Anne Smith Anne Smith (born July 1, 1959, in Dallas, Texas, U.S.) is a female former professional tennis player from the United States. Smith's highest women's doubles ranking was World No. 1 in 1980 and 1981. Her highest singles ranking was World No. 12 in 1982. , 408/293-8600 asmith@pacifico.com |
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