Wells Fargo Adds Internet Home Equity Loans to National Offerings; Online Banking Innovator Extends Home Equity Lending through Financial Destination Site

Business Wire, Oct 7, 1999

SAN FRANCISCO--(BUSINESS WIRE)--Oct. 7, 1999--

Wells Fargo & Company (NYSE:WFC), which operates the nation's largest Internet bank, wellsfargo.com, said today it will rollout home equity loans over the Internet nationwide.

Wells Fargo was the first to introduce instant decisions for home equity loans over the Internet when it launched the service in 10 Western states in 1998. As the first major financial services company to introduce Internet banking, wellsfargo.com provides customers with access to services and financial information how, when and where they want.

"The Internet enables us to rapidly customize product features such as loan type, payment flexibility, pricing and other benefits real-time," said Colin Walsh, senior vice president with Wells Fargo Home Equity Group. "We understand that homeowners want more customized options to meet their home equity needs and we are committed to delivering innovative solutions."

Wells Fargo approves online applications instantly for homeowners based on their credit and available equity. If the loan is approved, a Wells Fargo banker contacts the applicant within hours.

"With the expansion of Wells Fargo's home equity capabilities on the Internet, Norwest customers and customers across the rest of the nation can now move rapidly from thinking about applying for a loan to making that loan a reality," said Sharon Osberg, executive vice president, Wells Fargo Online Financial Services.

Wellsfargo.com is becoming a robust financial-services portal and a primary source for nearly everything related to major life events and financial decisions. Also, online customers will be able to conduct most banking business typically conducted at a banking store.

Wells Fargo online customers can apply for a home equity loan, check balances, pay bills, obtain stock quotes, research and invest in mutual funds, apply for a credit card, locate the nearest ATM, and access financial planners and calculators.

Individuals who own property located in the United States can apply for home equity loans and lines with Wells Fargo. Homeowners who choose not to apply online can call Wells Fargo's toll-free number (1-800-225-5932).

The home equity credit application process uses the same stringent security measures employed by Wells Fargo in its other online financial services. Processing of applicants' data takes place behind a secure firewall and all information transmitted over the Internet is encrypted.

Wells Fargo & Company (NYSE:WFC) is a $205 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance services through almost 6,000 stores, the No. 1 bank Internet site, (www.wellsfargo.com) and other distribution channels across North America and elsewhere internationally.