RealTime IT News

E*Trade Takes Minority Stake in Mortgage Service

E*TRADE Group Inc. Monday took a minority stake in mortgage platform LoanCity.com, investing in a second round of funding that raised $10 million for the company.

The amount of E*Trade's investment was not specified.

LoanCity.com Monday also rolled out its new Web hub, including online loan applications, interest rate comparisons, application tracking, and other information services.

The e-commerce hub deals with top tier mortgage lenders, which represent 75 percent of the mortgage market, and provides brokers and consumers with more than 50,000 competitively priced loan products.

"By investing in LoanCity.com, E*TRADE is supporting its broad mission of empowering consumers to achieve their financial goals," said Tom Bevilacqua, executive vice president of corporate development and strategic investments for E*TRADE.