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To: LadyNada who wrote (79445)	6/15/1999 12:58:00 PM
From: Nietzsche	Respond to of 119973

EEFT moving

To: LadyNada who wrote (79445)	6/15/1999 1:11:00 PM
From: Frederick Langford	Respond to of 119973

Interesting, E-Loan IPO week of 6/24. These comments are from a "Warburg Dillon Read" analyst... Opportune investment timing. As virtually the only publicly traded online mortgage broker, FiNet offers an opportunity to be an early-stage investor in the online mortgage sector. It has made technology investments and has a revenue track record, and we think profitability and positive cash flow are just around the corner. Through a number of subsidiaries and products, the company is pursuing what we think are sound strategies in: * The traditional wholesale channel (Monument Mortgage), * The direct-to-consumer online retail channel (Monument Mortgage Online), * The direct-to-consumer online broker channel (iQualify and InterLoan), * The real estate agent channel (Agent Connector), and * A future that envisions local mortgage brokers being online. Tremendous growth. We estimate the online mortgage market was roughly $5 billion in 1998 and believe it should reach $10 billion in 1999. Although not all FiNet's loans are originated online, we think the company could increase loan originations from an estimated $1.4 billion in fiscal 1999 to $2.6 billion in fiscal 2000. Branding war. FiNet is behind its competitors in the branding war. To address this, the company is pursuing an effective alliance strategy, in which online and offline partners are driving volume to FiNet's sites. Unmatched management depth. FiNet, which has a history of strong marketing and technology management, recently added a number of heavy hitters on the mortgage banking operations, financial management, and secondary markets businesses. FiNet wants to take on the role of an online fulfillment company (i.e., the back office) for the online broker. FiNet would like local agents' and brokers' sites to be "powered by FiNet." FiNet has started this process by implementing a strategy used by mortgage.com (formerly First Mortgage Network). FiNet is giving its brokers online access to Fannie Mae's Desktop Underwriter. The results are telling -- more than 51% of the November-January broker production in its traditional mortgage bank (Monument Mortgage) was electronically processed. We think FiNet's strategy is very prudent because it does not underestimate the potential power of the broker and agent as an intermediary. Fred