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Article: 'Saturn of Mortgage Biz' Speeds to Record Sales: E*Trade Mortgage hits $2.5 billion for the first quarter.
- Article from:
- Banking Wire
- Article date:
- June 30, 2003
- Author:
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As the 800-pound gorilla in the e-mortgage space, E*Trade Mortgage has bet the house on maintaining its soft and fuzzy consumer image. And that public perception has paid off in other ways, such as cross- selling: 26 percent of the firm's mortgage products are sold to existing E*Trade households.
Even non-gamblers would be wise to take that bet: The upstart firm scored record first-quarter results, generating $2.5 billion in direct retail mortgage originations-or 15,450 mortgages, up 13.6 percent from the previous quarter. The firm also secured $1.2 billion in mortgage requests and produced $1.2 billion growth in the correspondent side of its mortgage business.
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