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| E-LOAN, Inc. Renews GMAC Warehouse Line
E-LOAN's Combined Warehouse Lines Total $250 Million
DUBLIN, Calif., Nov. 19 /PRNewswire/ -- E-LOAN, Inc. (Nasdaq: EELN), (www.eloan.com), a leading online lending company, today announced it has renewed its $50 million warehouse line of credit with Warehouse Bank, a unit of GMAC Bank, through March 31, 2002. The line of credit is available for borrowings for interim financing of mortgage loans and is collateralized by E-LOAN's mortgage loans held-for-sale. In addition to the $50 million warehouse line, E-LOAN maintains a $200 million warehouse line with Greenwich Capital Financial Products, Inc.
"The use of warehouse lines is an integral component of our low-cost producer strategy," said Joe Kennedy, E-LOAN's President and COO. "Using warehouse lines to fund mortgage loans enables us to eliminate costs by surpassing retail and wholesale channels. This translates into better margins for E-LOAN and lower costs for our customers."
As a result of GMAC Mortgage Corporation's asset purchase of GE Capital's Warehouse Division in August of 2001, E-LOAN's warehouse line relationship with GE Capital has been transferred to GMAC's Warehouse Bank effective October 31, 2001. GMAC's acquisition of GE Capital's Warehouse Division included those individuals managing the E-LOAN warehouse line relationship. |
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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 third quarter of 2001, E-LOAN originated over $6.4 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 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 of Cosmo Public Relations, Inc.
415.664.8455
[email protected], for E-LOAN, Inc.;
or Tiffany Kelley of E-LOAN, Inc.
925.560.2614
[email protected]
SOURCE:
E-LOAN, Inc. |
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