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E*TRADE Bank Funds More Than $2 Billion New Mortgages Through E*TRADE Mortgage

Leading Online Mortgage Originator More Than Doubles Volumes in Less Than Two Months Through Integration With Nation's Largest Pure-Play Internet Bank

ARLINGTON, Va., July 30 /CNW/ -- E*TRADE Bank, the nation's largest pure-play Internet bank and a wholly-owned subsidiary of E*TRADE Group, Inc. (NYSE: ET), today announced its latest milestone, funding more than $2 billion in mortgage originations since E*TRADE's February 2001 acquisition of E*TRADE Mortgage, one of the nation's largest online retail mortgage originators. First crossing the $1 billion milestone in late May 2001, the total volume of loans originated by E*TRADE Mortgage and funded exclusively by E*TRADE Bank have more than doubled in less than 2 months.

E*TRADE Bank and E*TRADE Mortgage, formerly known as LoansDirect, continue to generate significant cost savings and eliminate their dependence on third party warehouse lenders by leveraging an integrated financial services model that now includes mortgage origination in addition to banking, brokerage and other wealth management services, all provided through E*TRADE Group and its subsidiaries. Mortgage lending is a strong financial move that will continue to build on E*TRADE's revenue diversification strategy. In addition, the integration of this efficient and user-friendly platform is the Company's latest advance in securing the core financial relationship with consumers.

"The launch of E*TRADE Mortgage was a big win for the Bank, and for all of E*TRADE Group, in our second quarter. This latest milestone of funding more than $2 billion in mortgage originations, less than two months after reaching the $1 billion mark, demonstrates the synergy and resilience of E*TRADE's integrated financial service model," said Mitchell H. Caplan, managing director, North America and chief global banking and wealth management officer of E*TRADE Group, Inc. "In a competitive and constantly changing marketplace, our diversified model drives asset growth, diversifies revenue and creates a key strategic advantage. With the ability to originate and the capacity to fund, we streamline the mortgage origination process to increase value for our customers and we enhance profitability to increase value for our shareholders."

E*TRADE Mortgage continues to maintain its leadership position as one of the largest online retail mortgage lenders. Quarterly volumes have virtually doubled to $1.4 billion for the recent quarter ending June 30, 2001, as compared to $700 million for the first quarter of 2001. In addition, revenues increased close to 90% quarter over quarter, with E*TRADE Mortgage generating gross revenues of nearly $25.4 million in Q2 '01, through origination points, loan-related fees and gain on sale of loans, as compared to $13.6 million in Q1 '01.

Mortgages are currently the third most widely-used financial service product on the Internet. Through LoansDirect's efficient and direct lending platform, E*TRADE now offers a full range of mortgage products to gain another key competitive advantage by securing the core financial relationship with consumers and expanding cross-sell opportunities to its growing customer base.

MortgageDaily.com
About E*TRADE Mortgage
E*TRADE Mortgage, formerly known as LoansDirect, is one of the nation's leading online mortgage origination platforms, providing value-added products and services directly to consumers through a virtual loan origination platform and a dedicated proactive customer service team. Now authorized to make mortgage loans in all 50 states and the District of Columbia, E*TRADE Mortgage is a market leader known for low rates, simplicity, speed and certainty of delivery. The E*TRADE Mortgage platform surpassed more than 300 other online mortgage lenders nationwide, ranking #2 in the customer confidence category by Gomez Advisors and #2 overall in Gomez Advisors Spring 2001 Internet Mortgage Scorecard(TM). E*TRADE Mortgage can be accessed at etrademortgage.com or 1-800-546-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 pure-play Internet bank with over $12.7 billion in assets, more than $7.7 billion in deposits and close to 435,000 customer accounts as of June 30, 2001. E*TRADE Bank is the only pure-play Internet bank to be ranked among the top 18 federally chartered U.S. savings banks based on both assets and deposits according to FDIC data as of June 30, 2001. E*TRADE Bank is also affiliated with E*TRADE Access, Inc., now the largest off-premise 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 1-800-ETBANK-1.

About E*TRADE
E*TRADE is a global leader in online personal financial services, offering value-added investing, banking and research features, premium customer service and a redundant, proprietary Stateless Architecture(R) infrastructure. In addition to the U.S., E*TRADE presently serves customers in Australia, Canada, Denmark, Hong Kong, Israel, Korea, Japan, Norway, South Africa, Sweden, and the U.K. through branded web sites. E*TRADE Securities Inc. (Member NASD/SIPC), and its parent company, E*TRADE Group, Inc., have offices in Northern California, New York City and in other major business centers in the U.S. and worldwide.

Important Notice
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 the company with the SEC on Form 10-K (including information under the caption "Risk Factors") and quarterly reports on Form 10-Q.

E*TRADE Bank and E*TRADE Securities, Inc. are affiliated but separate companies. Securities products and services available from E*TRADE Securities, Inc. are not insured by the FDIC, are not guaranteed deposits or obligations of E*TRADE Bank and are subject to investment risk, including loss of principal amount invested.

System response and account access time may vary due to market conditions, trading volume, system performance and other factors.

Contact:
Deborah Newman
E*TRADE Bank
703.236.8146
[email protected]

www.etrade.com

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