Brief: E*Trade launches auto loan origination platform

E*Trade Bank in the US has purchased Lendnetwork.com's auto loan origination platform and integrated it into its suite of consumer financial services.

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Brief: E*Trade launches auto loan origination platform

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The new technology will enable the bank to underwrite, process and fund new, used and refinanced auto loans to its customer base of three million households, says E*Trade.

Christos Cotsakos, chairman of the board and chief executive officer, E*Trade Group, says: "This acquisition provides the company with the technology to originate high-yielding, low risk assets as we continue to diversify revenue at the bank without compromising credit quality."

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