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E-LOAN Achieves Record Mortgage and Home Equity Loan Volume

Mortgage Loan Volume up 150% Over August 2000

DUBLIN, Calif., Sept. 5 /PRNewswire/ -- E-LOAN, Inc. (Nasdaq: EELN), a leading online lending company, today announced it achieved record monthly mortgage and home equity loan volume in August 2001. In August 2001, E-LOAN originated $255 million in first mortgage loans, an increase of 150% over August 2000. Also in August 2001, E-LOAN originated $32 million in home equity loans. E-LOAN began funding home equity loans and enhanced its home equity product offering in December 2000.

``This record month is further evidence of our success in transforming the mortgage and home equity processes to create a faster, easier and more efficient process for customers and the company,'' said Joe Kennedy, E-LOAN's President and COO. ``These transformations have played a major role in helping us to covert more applicants into borrowers, further demonstrating our solid business model.''

E-LOAN has transformed the mortgage process by continuously removing unnecessary steps and costs from nearly every step of the transaction. This transformation has translated into E-LOAN becoming one of the mortgage industry's lowest cost producers while at the same time increasing customer satisfaction.

MortgageDaily.com
About E-LOAN, Inc.
E-LOAN, Inc., a leading online lending company, offers consumer loans and debt management services online at www.eloan.com. E-LOAN has reinvented the consumer loan process by offering a broad choice of products from many lenders for mortgages, home equity loans, auto loans, education loans, credit cards and small business loans in a secure online environment, combined with comprehensive personal service from dedicated loan consultants. Through the second quarter of 2001, E-LOAN originated over $5.5 billion in consumer loans. The company's loan processing centers are located in Dublin, CA and Jacksonville, FL. E-LOAN, Inc. is publicly traded on the Nasdaq system under the symbol EELN.

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.

CONTACT:
Laurie Logan
Cosmo Public Relations
415.652.3385
[email protected]
E-LOAN, Inc.;

or
Tiffany Kelley
Public & Investor Relations of E-LOAN, Inc.
925.560.2614
[email protected]

SOURCE:
E-LOAN, Inc.

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