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E*TRADE Reports Fourth Quarter Profit of $0.07 Per Share From Ongoing Operations and Raises EPS Guidance for 2002

Company Raises 2002 EPS Guidance to $0.45-$0.55 from Ongoing Operations, the Second Increase in Guidance in Recent Months

MENLO PARK, Calif., Jan. 14 /PRNewswire-FirstCall/ -- E*TRADE Group, Inc. (ET) today announced results for its quarter ended December 31, 2001, reporting net income from ongoing operations of $24.7 million, or $0.07 per share, compared to net income of $6.0 million, or $0.02 a share, in the same quarter a year ago. The Company reported net revenue for its quarter ended December 31, 2001 of $345 million, compared to $334 million for the same period a year ago. E*TRADE today increased its guidance for the fiscal year 2002 to $0.45-$0.55 EPS from ongoing operations and is comfortable with the street consensus for the first quarter of 2002 at $0.07 EPS.

"Reporting our sixth consecutive quarter of operating profitability, E*TRADE delivered increased revenues, margins and profitability despite the continued challenging environment," said Christos M. Cotsakos, Chairman of the Board and Chief Executive Officer, E*TRADE Group, Inc. "Leveraging the strength and flexibility of our model allowed us to significantly grow our global brand, further diversify our lines of business and continue deepening our relationships with our customer households. By extending our leadership position and providing value-added, integrated and personalized financial services, E*TRADE continues to meet the complex lifetime financial needs of our customers."

E*TRADE continued to build shareowner value through a number of actions this quarter:

  • Opened E*TRADE Centers in Boston, Denver and San Francisco.
  • Opened 14 additional E*TRADE Zones.
  • Launched Online Media Center providing E*TRADE branded content, advancing the Company's Personalized Digital Financial Media strategy.
  • Launched several innovative products and services including E*TRADE Pro, E*TRADE Advisor and E*TRADE Stock Baskets.
  • Successfully integrated Dempsey, the specialist and market maker acquisition.
  • Repurchased 20.4 million shares of common stock.
  • Deleveraged and restructured the balance sheet by retiring $100 million of debt through exchange transactions.

"Realizing the benefits of our investments and acquisitions while expanding our efficient, scalable technology-based platform, E*TRADE continues to accelerate its revenue diversification strategy and maximize the inherent profitability of our business model," continued Cotsakos. "Moving forward, we will be focused on the constant expansion and enhancement of our comprehensive financial services solution in an effort to meet the wide-ranging and long-term financial needs of our customers, while delivering on our commitment to create and unlock shareowner value."

Results from ongoing operations exclude the amortization of goodwill and merger-related expenses, the gain or loss on investments, unrealized losses on venture fund investments, the fair value adjustments of financial derivatives related to the impact of FAS 133 and facility restructuring and other non-recurring charges. Including all of the above mentioned items, E*TRADE reported net income, before extraordinary gains on the early extinguishment of debt, for the fourth quarter of $7.7 million or $0.02 per share on a fully diluted basis, and after extraordinary gains, net income was $21.6 million, or $0.06 per share, compared to a total net income of $1.4 million, or $0.00 per share for the same period a year ago.

E*TRADE reported progress in the fourth quarter in a number of important metrics:

  • Total net revenues for the quarter increased by 18 percent over third quarter.
  • Total households grew by over 102,000 in the fourth quarter to 3 million.
  • Total customer accounts are 4 million, up 12 percent compared to the 3.6 million accounts reported at the end of the same quarter a year ago.
  • Our North American sales organization brought in $2.7 billion in new assets, 11 percent greater than the previous quarter, resulting in more than $8 billion in only five quarters of operation.
  • E*TRADE Mortgage funded $2 billion in mortgages.

Financial Results
Reconciliation of reported results to results from ongoing operations
         $ in millions                          Qtr ended  Qtr ended Qtr ended
12/31/01 12/31/00 9/30/01

Income (loss) as reported:
Pre-tax $13.6 $3.2 $(278.2)
After-tax, before extraordinary
gain on early extinguishment of debt 7.7 1.4 (259.0)
EPS, before extraordinary gain on
early extinguishment of debt 0.02 0.00 (0.77)

Pre-tax amounts, excluded from ongoing operations

Amortization of goodwill and other intangibles 14.6 7.8 11.4
Merger related expenses 5.3 0.8 5.4

(Gain)/loss on investments 1.8 (3.6) 32.5
Unrealized loss on venture funds 0.7 6.2 13.5
Fair value adjustments
of financial derivatives (1.6) (4.7) 3.3
Facility restructuring
and other nonrecurring charges 5.7 -- 227.3
Income from ongoing operations:
Pre-tax 40.1 9.7 15.2
After-tax and minority interest 24.7 6.0 9.3
EPS from ongoing operations 0.07 0.02 0.03


Key Performance Metrics

Q ended Q ended Q ended Q ended Q ended
12/31/01 12/31/00 12/31/01 9/30/01 12/31/01
vs. vs.
Q ended Q ended
12/31/00 9/30/01

Active
brokerage
accounts 3,511,941 3,196,392 10% 3,458,268 2%
Active
banking
accounts 490,913 362,617 35% 436,429 12%
Total
active
accounts
end of
period 4,002,854 3,559,009 12% 3,894,697 3%
Net new
accounts 108,157 243,574 (56)% 66,087 64%
Acquisition
Marketing
costs ($MM) $17.1 $73.7 (77)% $19.1 (10)%
Cost per
net new
account $158 $ 303 (48)% $ 289 (45)%
Total
customer
households
end of
period 3,005,021 NA NA 2,902,598 4%
Net new
households 102,423 NA NA 75,760 35%
Average
assets
per
household $17,571 NA NA $15,262 15%
Total assets
in
investing
accounts ($B) $44.7 $46.9 (5)% $36.3 23%
Total
deposits
in banking
accounts ($B) $8.1 $5.7 42% $8.0 1%
Total assets/
deposits
in customer
accounts ($B) $52.8 $52.6 -% $44.3 19%
Total inflow
into customer
accounts ($B) $3.8 $5.6 (32)% $3.5 9%
Daily average
inflow ($MM) $59 $89 (34)% $56 5%
Total bank
assets ($B) $13.5 $11.3 19% $13.1 3%
Total
brokerage
transactions
(MM) 7.1 9.4 (24)% 5.3 34%
Daily
average
brokerage
transac-
tions 110,000 150,000 (27)% 91,000 21%
Commissions
per
domestic
transaction $12.63 $14.42 (12)% $13.02 (3)%
Rebates per
domestic
transaction $0.76 $2.43 (69)% $1.79 (58)%
Interest
Income -
Brokerage
($MM) $53 $ 130 (59)% $71 (25)%
Interest
Income - Bank
($MM) $206 $ 208 (1)% $ 214 (4)%
Total
Interest
Income ($MM) $259 $ 338 (23)% $ 285 (9)%

Key Performance Metrics (continued)

Q ended Q ended Q ended Q ended Q ended
12/31/01 12/31/00 12/31/01 9/30/01 12/31/01
vs. vs.
Q ended Q ended
12/31/00 9/30/01

Interest
Rate
Spread
(basis
points) 121 116 (4)% 105 15%
Interest
Expense
-Brokerage
($MM) $5 $66 (92)% $16 (69)%
Interest
Expense
- Bank ($MM) $160 $ 168 (5)% $ 173 (8)%
Total
Interest
Expense ($MM) $165 $ 234 (29)% $ 189 (13)%
Avg. Margin
Debt ($B) $1.4 $4.3 (67)% $1.9 (26)%
Transaction
revenue
(as a % of
total revenue) 26% 46% (20)% 26% -%
Net Interest
income (as a
% of total
revenue) 27% 31% (4)% 33% (6)%
Global &
Institutional
Revenue (as a
% of total
revenue) 12% 11% 1% 13% (1)%
Gain on sale
of originated
loans (as a
% of total
revenue) 10% -% 10% 10% -%
Gain on Bank
loans held for
sale and
other
securities
- net (as a
% of total
revenue) 9% 2% 7% 6% 3%
Other
Revenue (as a
% of total
revenue) 17% 10% 7% 13% 4%


Yr ended Yr ended Yr ended
12/31/01 12/31/00 12/31/00
vs.
Yr ended
12/31/00

Active brokerage accounts 3,511,941 3,196,392 10%
Active banking accounts 490,913 362,617 35%
Total active accounts
end of period 4,002,854 3,559,009 12%
Net new accounts 443,845 1,525,105 (71)%
Acquisition Marketing
costs ($MM) $124.5 $398.9 (69)%
Cost per net new account $281 $262 7%
Total customer households
end of period 3,005,021 NA NA
Net new households NA NA NA
Average assets per household $17,571 NA NA
Total assets in investing
accounts ($B) $ 44.7 $46.9 (5)%
Total deposits in banking
accounts ($B) $8.1 $ 5.7 42%
Total assets/deposits
in customer accounts ($B) $ 52.8 $52.6 -%
Total inflow into customer
accounts ($B) $ 18.3 $29.2 (37)%
Daily average inflow ($MM) $73 $116 (37)%
Total bank assets ($B) $ 13.5 $11.3 19%
Total brokerage transactions
(MM) 28.2 44.2 (36)%
Daily average brokerage
transactions 114,000 176,000 (35)%
Commissions per domestic
transactions $13.16 $15.16 (13)%
Rebates per domestic
transaction $ 1.85 $2.07 (11)%
Interest Income - Brokerage
($MM) $306 $518 (41)%
Interest Income - Bank ($MM) $854 $622 37%
Total Interest Income ($MM) $1,160 $1,140 2%


Yr ended Yr ended Yr ended
12/31/01 12/31/00 12/31/01
vs.
12/31/00

Interest Rate Spread
(basis points) 101 135 (25)%
Interest Expense - Brokerage
($MM) $86 $254 (66)%
Interest Expense - Bank ($MM) $693 $486 43%
Total Interest Expense ($MM) $779 $740 5%
Avg. Margin Debt ($B) $2.0 $ 4.7 (57)%
Transaction revenue
(as a % of total revenue 32% 52% (20)%
Net Interest income
(as a % of total revenue) 30% 28% 2%
Global & Institutional
Revenue (as a % of total
revenue) 12% 12% -%
Gain on sale of originated
loans (as a % of total revenue) 7% -% 7%
Gain on Bank loans held for sale
and other securities - net
(as a % of total revenue) 6% 1% 5%
Other Revenue (as a % of total
revenue) 13% 8% 5%


Bank Asset portfolio details:

Q ended Q ended Q ended Yr ended Yr ended
12/31/01 09/30/01 12/31/01 12/31/00 12/31/01
vs. vs.
Q ended Yr ended
($ in MM) 9/30/01 12/31/00

Cash & Equivalents $302 $980 (69)% $55 449%
Trading Securities 71 52 37% 172 (59)%
Investment Securities, AFS 980 1,120 (13)% 609 61%
Mortgage Securities, AFS 3,557 4,113 (14)% 5,059 (30)%
Loans Receivable, Net
Mortgage Loans, Net 6,347 5,231 21% 4,949 28%
Consumer - Auto, Net 1,651 1,057 56% 82 1,913%
Other 12 14 (14)% 9 33%
Other Assets 544 573 (5)% 365 49%
Total Assets $13,464 $13,140 2% $11,300 19%


Non-accrual loans
Q ended Q ended Q ended Yr ended Yr ended
12/31/01 09/30/01 12/31/01 12/31/00 12/31/01
vs. vs.
Q ended Yr ended
($ in MM) 9/30/01 12/31/00
Loans accounted for on a non-accrual basis:
Real Estate Loans:
One-to-four family $20.6 $16.6 24% $10.7 93%
Commercial -- -- -- 0.4 (100%)
Total Real Estate loans 20.6 16.6 24% 11.1 86%
Autos 0.1 0.1 -- -- NA
Total non-performing
loans $20.7 $16.7 24% $11.1 86%

Total non-performing
loans as a %
of total loans 0.26% 0.26% --% 0.22% 0.04%
Total non-performing
loans as a %
of total banking assets 0.15% 0.13% 0.02% 0.10% 0.05%
Total loan loss
allowance as a %
of total
non-performing loans 95% 85% 10% 112% (17)%

New Revenue Format for 2002

Q ended Q ended Q ended Q ended Q ended
($ in thousands) 12/31/01 9/30/01 6/30/01 3/31/01 12/31/00

Brokerage Revenues:
Commissions $90,694 $71,012 $100,173 $115,825 $136,596
Principal transactions 61,615 33,721 31,441 31,172 32,117
Other brokerage
related services 28,633 35,447 43,650 48,960 46,665
Brokerage
interest income 53,098 71,020 80,718 100,745 130,365
Brokerage
interest expense (4,473)(16,616) (26,665) (38,735) (65,654)
Net brokerage revenue 229,567 194,584 229,317 257,967 280,089

Banking Revenues:
Gain on sales
of originated loans 33,277 28,146 24,871 9,184 --
Gain on sale of
loans held for
sale & other
securities - net 30,783 17,629 8,314 19,110 7,583
Other banking
related revenues 10,641 10,455 9,047 8,444 8,181
Banking
interest income 205,882 213,926 217,797 216,685 207,525
Banking
interest expense (160,329)(172,580)(179,511)(180,366) (167,965)
Provision
for loan losses (4,377) -- (1,656) (1,443) (1,647)
Net banking revenue 115,877 97,576 78,862 71,614 53,677

Total net revenues $345,444 $292,160 $308,179 $329,581 $333,766


New Revenue Line Item Classifications

Commissions -- Commissions include domestic transaction revenues and international transaction revenues. Historically, international transaction revenues were included in global and institutional.

Principal transactions -- Principal transactions include revenues from our institutional activities, historically included in global and institutional, and revenues from market making activities, included in other revenue beginning in Q4 2001.

Other brokerage related services -- Other brokerage related services is primarily comprised of account maintenance fees, payment for order flow, Business Solutions Group revenue and mutual fund revenue. Order flow revenue was historically included in transaction revenues.

Brokerage interest income -- Brokerage interest income was historically combined with banking interest income in interest income.

Brokerage interest expense -- Brokerage interest expense was historically combined with banking interest expense in interest expense.

Gain on sales of originated loans -- Non-interest revenue from E*TRADE Mortgage business.

Gain on sale of loans held for sale & other securities -- net -- Includes net gains from trading and available for sale securities, as well as gains on bank loans held for sale previously included in other revenue.

Other banking related revenues -- Other banking related revenues are primarily comprised of automated teller machine revenues.

Banking interest income -- Banking interest income was historically combined with brokerage interest income in interest income.

Banking interest expense -- Banking interest expense was historically combined with brokerage interest expense in interest expense.

    E * T R A D E   G R O U P ,  I N C .   A N D   S U B S I D I A R I E S
C o n s o l i d a t e d S t a t e m e n t s o f O p e r a t i o n s
(in thousands, except per share amounts)
(Unaudited)

Three Months Ended Year Ended
December 31, December 31,
2001 2000 2001 2000
Revenues:
Transaction revenues $90,408 $153,405 $407,161 $740,171
Interest income 258,980 337,890 1,159,871 1,140,568
Global and institutional 41,118 37,454 152,822 164,892
Gains on sales
of originated loans 33,277 -- 95,478 --
Gains on Bank loans
held for sale and
other securities - net 30,783 7,583 75,836 14,949
Other 60,057 32,700 170,947 113,726
Gross revenues 514,623 569,032 2,062,115 2,174,306
Interest expense (164,802) (233,619) (779,275) (740,169)
Provision
for loan losses (4,377) (1,647) (7,476) (5,113)
Net revenues 345,444 333,766 1,275,364 1,429,024

Cost of services 162,178 133,260 595,590 533,577

Operating expenses:
Selling and marketing 54,057 97,940 253,422 487,643
Technology development 22,134 29,161 88,717 134,778
General and administrative 58,955 57,901 236,353 223,932
Amortization of
goodwill and other
intangibles 14,649 7,811 43,091 28,411
Merger related expenses 5,270 784 11,174 31,424
Facility restructuring
and other
nonrecurring charges 5,726 -- 232,975 --
Total
operating expenses 160,791 193,597 865,732 906,188
Total cost of
services and
operating expenses 322,969 326,857 1,461,322 1,439,765

Operating income (loss) 22,475 6,909 (185,958) (10,741)

Non-operating income (expense):
Corporate interest income 4,424 7,061 22,179 22,071
Corporate interest expense (13,578) (11,211) (52,862) (40,714)
Gain (loss) on investments (1,774) 3,582 (49,812) 183,415
Equity in income
(losses) of investments 57 (61) (6,174) (7,685)
Unrealized loss
on venture funds (641) (6,158) (34,716) (32,347)
Fair value adjustments
of financial derivatives 1,591 4,668 (3,112) 4,668
Other 1,030 (1,561) 200 (3,534)
Total non-operating
income (expense) (8,891) (3,680) (124,297) 125,874

Pre-tax income (loss) 13,584 3,229 (310,255) 115,133
Income tax expense (benefit) 5,434 1,905 (39,934) 88,077
Minority interest
in subsidiaries 496 (112) 480 (788)
Income (loss) before
cumulative effect of
accounting change
and extraordinary items 7,654 1,436 (270,801) 27,844
Cumulative effect of
accounting change,
net of tax -- (83) -- (83)
Extraordinary gain
on early extinguishments
of debt, net of tax 13,949 -- 29,269 --
Net income (loss) $21,603 $1,353 $(241,532) $27,761

Income (loss) per share
before cumulative
effect of accounting
change and
extraordinary items:
Basic $0.02 $0.00 $(0.81) $0.09
Diluted $0.02 $0.00 $(0.81) $0.09

Net income (loss) per share:
Basic $0.06 $0.00 $(0.73) $0.09
Diluted $0.06 $0.00 $(0.73) $0.09

Shares used in computation
of per share data:
Basic 361,685 311,413 332,370 303,874
Diluted 368,426 321,430 332,370 318,691


E * T R A D E G R O U P , I N C . A N D S U B S I D I A R I E S
C o n s o l i d a t e d S t a t e m e n t s o f O p e r a t i o n s
(in thousands, except per share amounts)
(Unaudited)

Three Months Ended
December 31, September 30,
2001 2001
Revenues:
Transaction revenues $90,408 $76,127
Interest income 258,980 284,946
Global and institutional 41,118 37,816
Gains on sales of originated loans 33,277 28,146
Gains on Bank loans held for sale
and other securities - net 30,783 17,629
Other 60,057 36,692
Gross revenues 514,623 481,356
Interest expense (164,802) (189,196)
Provision for loan losses (4,377) --
Net revenues 345,444 292,160

Cost of services 162,178 140,519

Operating expenses:
Selling and marketing 54,057 50,268
Technology development 22,134 20,882
General and administrative 58,955 55,250
Amortization of
goodwill and other intangibles 14,649 11,421
Merger related expenses 5,270 5,387
Facility restructuring
and other nonrecurring charges 5,726 227,249
Total operating expenses 160,791 370,457
Total cost of services
and operating expenses 322,969 510,976

Operating income (loss) 22,475 (218,816)

Non-operating income (expense):
Corporate interest income 4,424 6,757
Corporate interest expense (13,578) (15,297)
Loss on investments (1,774) (32,465)
Equity in income (losses) of investments 57 (1,079)
Unrealized loss on venture funds (641) (13,506)
Fair value adjustments
of financial derivatives 1,591 (3,327)
Other 1,030 (422)
Total non-operating expense (8,891) (59,339)

Pre-tax income (loss) 13,584 (278,155)
Income tax expense (benefit) 5,434 (19,471)
Minority interest in subsidiaries 496 299
Income (loss) before extraordinary
gain on early extinguishment of debt 7,654 (258,983)
Extraordinary gain on
early extinguishment of debt, net of tax 13,949 15,246
Net income (loss) $21,603 $(243,737)

Income (loss) per share before extraordinary gain:
Basic $0.02 $(0.77)
Diluted $0.02 $(0.77)

Net income (loss) per share:
Basic $0.06 $(0.72)
Diluted $0.06 $(0.72)

Shares used in computation of per share data:
Basic 361,685 336,469
Diluted 368,426 336,469


E * T R A D E G R O U P , I N C . A N D S U B S I D I A R I E S
C o n s o l i d a t e d B a l a n c e S h e e t s
(in thousands)
(Unaudited)


December 31, December 31,
2001 2000
ASSETS
Cash and equivalents $836,201 $470,364
Cash and investments required
to be segregated under Federal
or other regulations 764,729 122,327
Brokerage receivables - net 2,119,755 4,639,078
Mortgage-backed securities 3,556,619 5,058,919
Loans receivable - net 8,010,457 5,039,602
Investments 1,168,623 1,092,863
Property and equipment - net 331,724 368,355
Goodwill and other intangibles 684,426 441,984
Other assets 733,395 507,618
Total assets $18,205,929 $17,741,110

LIABILITIES AND SHAREOWNERS' EQUITY
Liabilities:
Brokerage payables $2,606,148 $4,226,124
Banking deposits 8,082,859 5,750,209
Borrowings by bank subsidiary 4,170,440 4,629,353
Accounts payable,
accrued and other liabilities 937,950 708,629
Convertible subordinated notes 760,250 650,000
Total liabilities 16,557,647 15,964,315

Mandatorily redeemable
preferred securities 69,503 30,747

Shareowners' equity:
Preferred stock, shares authorized:
1,000,000; issued and outstanding:
none at December 31, 2001
and December 31, 2000 -- --
Shares exchangeable into common
stock, $.01 par value, shares authorized:
10,644,223; issued and outstanding:
1,825,632 at December 31, 2001
and 4,101,504 at December 31, 2000 18 41
Common stock, $.01 par value,
shares authorized: 600,000,000; issued
and outstanding: 347,592,480 at
December 31, 2001 and
308,220,126 at December 31, 2000 3,476 3,082
Additional paid-in-capital 2,072,701 1,827,444
Unearned ESOP shares -- (1,422)
Shareowners' notes receivable (24,842) (19,640)
Deferred compensation (28,110) --
Accumulated deficit (247,087) (5,555)
Accumulated other comprehensive loss (197,377) (57,902)
Total shareowners' equity 1,578,779 1,746,048
Total liabilities and
shareowners' equity $18,205,929 $17,741,110
MortgageDaily.com
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, Germany, Hong Kong, Israel, Japan, Korea, Norway, Sweden, and the U.K. through branded web sites.

Important Notice
E*TRADE, the E*TRADE logo 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 E*TRADE Group, Inc. 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, Incorporated are separate but affiliated companies, and subsidiaries of E*TRADE Group, Inc. Deposits at E*TRADE Bank are insured up to $100,000 by the Federal Deposit Insurance Corporation (FDIC). Investment products made available from E*TRADE Securities, Incorporated (member NASD/SIPC) are not insured by the FDIC, are not guaranteed deposits or obligations of E*TRADE Bank and are subject to investment risk, including possible loss of principal amount invested.

CONTACT:
press, Connie Dotson
916.858.5004
[email protected]

or investors, Robert Simmons, Investor Relations
916.859.4004
[email protected]

both of E*TRADE Group, Inc.

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