Online broker DLJdirect Inc. and Internet mortgage
provider E-LOAN Inc. announced a
partnership Thursday to offer mortgages to DLJdirect customers.
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.”
“E-LOAN is excited about the opportunity to offer DLJdirect customers
direct access to our complete menu of mortgage services,” said Chris
Larsen, Chief Executive Officer of E-LOAN. “We are pleased to partner
with such a top-rated online financial institution using the Internet to
bring powerful information and financial management tools to its
customers.”