E-LOAN (NASDAQ: EELN), the leading online lending company, today unveiled E-LOAN Express, a faster, easier mortgage product that dramatically improves the customer experience by eliminating unnecessary steps, costs and documentation requirements. E-LOAN Express is the only product of its kind available on the Web, and unlike similar products available off-line, does not require customers to pay more for the added convenience and speed.

With the introduction of E-LOAN Express, E-LOAN continues to improve the mortgage process by making it simpler, faster and less costly for consumers to get a loan. Instead of having to produce mounds of documents that typical mortgage products require, most qualified applicants need only provide a bank statement verifying available funds to cover the down payment and costs to close. And instead of requiring borrowers to dig up W-2’s and tax returns, E-LOAN Express customers enjoy the convenience of having their personal loan consultant obtain verbal employment and salary verification. The hassle and costs associated with a comprehensive appraisal are also eliminated through E-LOAN’s automated underwriting system, which satisfies the appraisal requirement via its convenient and non-intrusive “drive-by appraisal” procedure.

“E-LOAN is constantly searching for ways to make getting a mortgage an easier and more streamlined process for the consumer,” said Cameron King, Senior Vice President of Mortgage Operations for E-LOAN. “By removing the unnecessary steps and additional costs from the loan process, E-LOAN Express brings consumers one step closer to realizing the benefits and convenience of a paper-free loan experience.”

By clicking on the E-LOAN Express button prominently featured on the home page, people can complete an application in less than 20 minutes. Once their application is submitted, a personal loan consultant is instantly assigned and responds to the applicant with a decision in approximately one hour. Once approved, the applicant needs only to fax in a bank statement verifying proof of down payment and costs to close and return signed opening documents. E-LOAN does the rest – employment and salary verification and drive by appraisal arrangements, making this the simplest way to get a loan online

Published: July 11, 2000

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