DLJdirect, E-LOAN team to offer mortgages
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DLJdirect investors will be able to search mortgage loan rates, compare loans from various lenders and apply for a mortgage immediately online.
DLJdirect will also allow its customers to use their portfolio as collateral toward residential mortages. Instead of selling stock in their portfolios to make a cash down payment on a home, DLJdirect will allow investors to borrow against the value of their securities. The customers will still be able to make trades through their accounts.
"We believe that we will be the first online broker to enable customers to use their investment accounts to secure mortgages and are pleased to provide this unique product which was previously available only to a select group of traditional, full-service brokerage customers," said Blake Darcy, Chief Executive Officer of DLJdirect. "DLJdirect investors will soon be able to manage their liabilities online with as much attention as they do their assets."