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Technology Stocks : E Loan Inc -EELN -- Ignore unavailable to you. Want to Upgrade?

To: stockman_scott who wrote (400)	7/19/1999 1:57:00 PM
From: djane	Read Replies (1) \| Respond to of 817

*Internet Redefines Mortgage Marketplace -- GartnerGroup Reports That 80 Percent of Leading Lenders Will Provide Real-Time Approval by 2002 [Does anyone doubt how huge E-Loan can become? djane] Monday July 19, 9:36 am Eastern Time Company Press Release Internet Redefines Mortgage Marketplace -- GartnerGroup Reports That 80 Percent of Leading Lenders Will Provide Real-Time Approval by 2002 STAMFORD, Conn.--(BUSINESS WIRE)--July 19, 1999--By year-end 2002, more than 80 percent of the top 25 mortgage lenders will provide real-time approval of mortgage applications over the Internet, according to new research from Gartner Group, Inc. (NYSE: IT - news). While the Internet is currently used mostly to capture customer information, 1998 Internet-only entries originated $4.2 billion in mortgages, sparking the interest of traditional lenders that plan to use the Internet for back-end processes. According to the report -- ''Mortgage Origination: Automation and the Internet'' -- the Internet is creating a new business model for traditional mortgage lenders as they compete with brokers by allowing consumers to apply directly on their Web sites and by offering competing products to effectively act as brokers themselves. Besides driving lenders to decrease back-end costs, the Internet is enabling mortgage lenders to focus on customer service and retention in addition to selling their products. ''The Internet is blurring the lines in the mortgage market,'' said Laura Starita, GartnerGroup analyst. ''Traditionally, this has been a multitiered market involving lenders, correspondents and brokers. On the Internet, brokers now function as lenders and lenders as brokers. Lenders that ignore this trend and the emerging growth of Internet brokers will begin to see market share loss by year-end 2003.'' In the report, GartnerGroup advises mortgage lenders to evaluate their Internet strategies and develop a three-year plan now so that they can compete head-to-head with Internet competitors. About GartnerGroup As the world's leading authority on IT, GartnerGroup provides clients with a wide range of products and services in the areas of IT advisory services, measurement, research, decision support, analysis, consulting and training. Founded in 1979, with headquarters in Stamford, Conn., GartnerGroup is at the center of a global community of more than 11,000 client organizations served by analysts in 80 locations worldwide. Additional information about the company is available on the World Wide Web at www.gartner.com. Contact: Jean Tom 203-316-3272 jean.tom@gartner.com More Quotes and News: Gartner Group Inc (NYSE:IT - news) Related News Categories: computers, internet, telecom Help Copyright © 1999 Business Wire. All rights reserved.