E*Trade mortgages reach $4 billion milestone

E*Trade mortgages reach $4 billion milestone

E*Trade Bank says it has funded more than $4 billion mortgages since acquiring E*Trade Mortgage in February 2001.

"This latest milestone of funding $4 billion in mortgage originations, within four months of reaching the $2 billion mark, demonstrates our momentum in generating both interest and non-interest income streams through our integrated financial services model," says Mitchell Caplan, chief financial products officer and managing director, North America of E*Trade Group.

According to E*Trade Mortgage, there is a further $1 billion in locked loans in the pipeline. The company is continuing to generate strong volumes leading to a 17% increase in gross revenues to $30 million in the third quarter of 2001, compared to $25 million in the previous quarter.

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