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TeleBank, E-LOAN Launch Mortgage Center

In a move aimed at targeting its services to would-be home buyers, online mortgage broker E-LOAN and TeleBank, a FDIC-insured "branchless" bank, announced the launch of a co-branded mortgage center on TeleBank's banking and financial services Web site.

Under terms of the agreement, E-LOAN now exclusively provides direct access to the nation's leading mortgage lenders and products, and allows users to apply for and obtain a loan online through Telebank's Mortgage Center site. Financial details were not disclosed.

"TeleBank's customers are early adopters of online banking and have happily traded their brick-and-mortar bank branch for better rates and lower fees," said Chris Larsen, CEO of E-LOAN. "Obtaining a mortgage online and saving up to 75% on brokerage fees isn't a giant leap for TeleBank's customers--it's what they expect."

On the new site, users can compare mortgage rates, get pre-qualified or pre-approved, and complete the entire loan transaction online, the companies stated.

"E-LOAN shares our commitment to low costs, high value, and creative distribution geared toward the consumer," says Mitch Caplan, president of TeleBank. "This synergy, combined with the breadth of E-LOAN's product offerings and national reach, makes them a natural partner and the best choice for our customers."