E-LOAN Surpasses $25 Billion Milestone
June 21 2005 - 8:00AM
PR Newswire (US)
E-LOAN Surpasses $25 Billion Milestone PLEASANTON, Calif., June 21
/PRNewswire-FirstCall/ -- E-LOAN(R) (NASDAQ:EELN), an online
consumer direct lender, today announced that since the company
began offering its services in June 1997, it has originated more
than $25 billion in consumer loans. "This is a significant
milestone for E-LOAN because it means that we have been able to
provide our open and honest lending process to thousands of
consumers," said Mark Lefanowicz, Chief Executive Officer and
President of E-LOAN. "It's also exciting to hear 90 percent of our
customers say that they're 'highly likely' to use E-LOAN again,
citing our fast, easy, affordable and transparent approach."
According to industry sources, the 2004 U.S. consumer debt market
for E-LOAN's principal products totaled approximately $3.8 trillion
in originations -- approximately $2.65 trillion in mortgages
(approximately $1.44 trillion of which were purchase mortgage
transactions), $431 billion in home equity loans, and $692 billion
in auto loans.(1) A study conducted by Jupiter Research (January
2004) projects total online mortgage originations will grow from
2.8 percent in 2003 to 7 percent in 2008 of the total U.S. mortgage
originations. Jupiter also forecasts that online purchase mortgage
originations are expected to grow from 1.3 percent in 2002 to 5.7
percent in 2008 of the total U.S. purchase mortgage originations.
And Jupiter forecasts that online refinance mortgage originations
will grow from 2.9 percent in 2002 to 9.8 percent in 2008 of the
total U.S. refinance mortgage originations. In a separate study
Jupiter forecasted that Internet generated auto loans would exceed
2% of all auto loan originations in 2007. About E-LOAN E-LOAN(R) is
an online consumer direct lender dedicated to providing borrowers
with a Radically Simple(SM) way to obtain mortgage, auto and home
equity loans. Since its launch in 1997, E-LOAN has drawn upon its
pro consumer values to improve the lending experience in
revolutionary ways. By eliminating the traditional incentive
structure to charge consumers higher rates, giving consumers free
access to credit scores and getting rid of lender fees, E-LOAN is
providing a uniquely open, fair and honest loan process. Protecting
consumers' financial privacy is also a paramount concern, prompting
E-LOAN to implement industry leading privacy practices and advocate
strong consumer financial privacy protection laws. Consumers have
recognized E-LOAN's trustworthiness and respect for customers. An
independent study conducted by TRUSTe and The Ponemon Institute
ranked E-LOAN as one of the top 20 most trusted companies for
privacy in America. E-LOAN was the highest ranked online financial
services company to make the top 20. In another independent study
by The Customer Respect Group, E-LOAN received the overall highest
rating in the Online Customer Respect Study of North America's
largest financial services firms. From inception through March 31,
2005, E-LOAN has originated and sold over $25.4 billion in consumer
loans. E-LOAN is publicly traded on the Nasdaq National Market
under the symbol EELN. To find out more about E-LOAN and its
products and services, logon to http://www.eloan.com/ or call
1-888-E-LOAN-22. This news release contains forward-looking
statements based on current expectations that involve risks and
uncertainties. E-LOAN's actual results may differ from the results
described in the forward-looking statements. Factors that could
cause actual results to differ include, but are not limited to,
general conditions in the mortgage and auto industries, interest
rate fluctuations, and the impact of competitive products. These
and other risk factors are detailed in E-LOAN's periodic filings
with the Securities and Exchange Commission. (1) MBAA (Mortgage),
SMR Research (Home Equity), Company Estimate (Auto) E-LOAN Press
Contact: Laurie Azzano Cosmo Public Relations 504-296-1349 E-LOAN
Press/Investor Contact: Tiffany Fox E-LOAN Public/Investor
Relations 925-847-6314 DATASOURCE: E-LOAN CONTACT: Media, Laurie
Azzano of Cosmo Public Relations, +1-504-296-1349, or , for E-LOAN;
or investors, Tiffany Fox of E-LOAN, +1-925-847-6314, or Web site:
http://www.eloan.com/
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