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Net.B@nk Enhances Loan Services

Online banking service Net.B@nk Tuesday added a series of loans to its line of online financial products and services.

The company currently offers mortgages, but will add lending services such as equity lines, equity loans and auto loans with real-time approvals, call center support and fast closings. Net.B@nk said it expects to introduce this new loan offering in the third quarter 1999 with a redesigned look to the bank's existing online loan center.

Under terms of Tuesday's agreement, PNC Bank will process and service all loan applications. James DeFoggia, vice president of consumer lending at PNC Bank, said that the agreement was made to enhance the company's position in the financial industry.

"We are very pleased with this arrangement because it leverages our expertise in consumer lending portfolio management and loan servicing," he said. "Net.B@nk is the dominant player in pure Internet banking and with our help, it can become a premier provider of loan originations on the Web."

"This is one more step aimed at making Net.B@nk a full-service financial services provider on the Internet," said Jeff Watson, chief lending officer at Net.B@nk. "We selected PNC because it is an industry leader in the provision of e-commerce services."



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