As Vacation Homes Become More Mainstream, E-LOAN Extends Great Rate and Superior Customer Experience beyond Primary Residence Financing PLEASANTON, Calif.--(BUSINESS WIRE)--E-LOAN®, an online consumer direct lender, today announced that consumers can enjoy the same great E-LOAN interest rate on their second home as they would currently be eligible for on their primary residence mortgage. Forty percent of home purchases in 2005 were by consumers who purchased investment and vacation homes1. Now, borrowers financing a vacation home can log onto www.eloan.com to work with an E-LOAN vacation home loan specialist to find out how they can avoid paying a rate premium to finance their second home. “While many lenders follow the old paradigm of assigning greater risk and a higher rate of financing for a secondary residence, E-LOAN realizes that second homes and vacation homes have become much more commonplace across America and no longer represent increased risk,” said Mark Lefanowicz, president of E-LOAN. “We believe that as consumers look to increase their investment in real estate, they should be able to enjoy the same great rate for their vacation home as they do for their primary residence.” According to a study by the National Association of Realtors (NAR), consumers are increasingly enjoying a lifestyle once considered exclusive to the ranks of more wealthy Americans. In their 2006 study, NAR reported that the purchase of vacation homes increased 16% from 2005 to 2006 and forecasted that the sales of vacation homes will remain strong. Baby boomers, who are currently enjoying their peak earnings potential and have a proven track record in leveraging real estate to boost their investment portfolio, tend to be the primary demographic driving the trend, according to the report. “By extending our primary residence financing rate to include vacation homes, we are allowing our customers to enjoy the rate they want with the E-LOAN brand that they have come to know and trust for a superior customer experience,” added Mr. Lefanowicz. About E-LOAN® E-LOAN is an online consumer direct lender dedicated to providing consumers with a simple, easy and open way to obtain mortgage, auto loans, home equity loans, and online savings and certificate of deposit accounts. Since its launch in 1997, E-LOAN has drawn upon its pro consumer values to improve the lending and online savings experience in revolutionary ways. By eliminating the traditional incentive structure to charge consumers higher rates, giving consumers free access to credit scores and eliminating lender fees, E-LOAN is providing a uniquely open, fair and honest process. Protecting consumers' financial privacy is also a paramount concern, leading E-LOAN to implement industry leading privacy practices and advocate strong consumer financial privacy protection laws. Consumers have recognized E-LOAN for its trustworthiness and respect for customers. Three independent studies conducted by TRUSTe and The Ponemon Institute ranked E-LOAN as one of the Top 20 Most Trusted Companies for Privacy in America. In another independent study conducted by The Customer Respect Group, E-LOAN received the overall highest rating in the Online Customer Respect Study of North America's largest financial services firms. Since it started its operations, E-LOAN has originated and sold over $32 billion in mortgage and consumer loans. E-LOAN is a wholly-owned subsidiary of Banco Popular North America, a New York State-chartered bank, which in turn is a wholly-owned subsidiary of Popular, Inc., a full service financial services provider with operations in Puerto Rico, the United States, the Caribbean and Latin America. To find out more about E-LOAN and its products and services, logon to http://www.eloan.com or call 1-888-533-5333.
