Falling Interest Rates Spur Increase in Online Mortgage Applications Through Quicken Loans

Business Wire, Jan 3, 2001

Business Editors

LIVONIA, Mich.--(BUSINESS WIRE)--Jan. 3, 2000

Refinance Boom On: Consumers Using Internet to Lock in Low

Mortgage Rates

Today's move by the Federal Reserve to lower interest rates is contributing further to an online refinance boom. Consumers are swarming to online lenders to lock in lower mortgage rates, which are nearing 30-year lows. The most current low interest rates are already available on the Quickenloans.com site.

"The Internet has made it easy to get approved for and close a loan in a very short time, helping consumers take advantage of the current rates quickly," said Daniel Gilbert, CEO of Intuit's (NASDAQ: INTU) Quicken Loans, one of the nation's leading online mortgage lenders.

"Nearly 50 percent of all homeowners are candidates for refinancing right now. Anyone who's obtained a fixed rate mortgage in the last two years and anyone with an adjustable rate mortgage could benefit from refinancing right now. This also is good time for consumers to consolidate their holiday credit card debt at much lower interest rates through a home equity loan."

Quicken Loans has simplified the mortgage process, making it easy and convenient for anyone to apply for a loan online. Consumers visiting the site can explore and analyze a number of financial options using a variety of educational content and tools, such as the Refinancing Center and the Home Equity Center, designed to help consumers make better decisions when it comes to purchasing or refinancing a home.

-- The "Refinance" calculator enables homeowners to enter basic information on
their current mortgage and quickly calculate the monthly savings obtained by
refinancing at lower rates. With a few clicks of the mouse, consumers who
complete the loan interview process will receive a variety of loan options
tailored to meet their specific needs based on the information they provide
(subject to credit approval).

-- The Debt Consolidation calculator at the Quicken Loans Home Equity Center
enables consumers to determine how much they can save by consolidating their
debt into a lower interest home equity loan.

"Consumers have told us they want to be empowered to make better financial decisions, " said Gilbert. "Quicken Loans offers consumers outstanding technology, tools and service, as well as access to expert mortgage professionals at every step in the loan process."

Quicken Loans provides customers the speed, efficiency and convenience of Internet-based mortgage lending as well as the ability to work directly with an experienced lending team during every step of the process. Consumers visiting QuickenLoans.com can also:

-- Apply online and receive instant, printable pre-approval

letters.

-- Compare interest rates, fees, and other terms on a wide

variety of loan programs. Make informed choices on a wide

range of financing options: FHA-backed loans, zero-down loans,

ARMs, refinancing options, conventional fixed loans, home

equity/cash out loans, etc.

-- Contact a mortgage specialist via chat, toll-free phone

numbers and e-mail. Chat on every page connects consumers

directly to a mortgage banker and the main toll-free number is

located on every page.

-- Receive regular status updates on their loan, and view and

print all loan documents online. Users also receive automated

emails as their loan completes critical milestones, such as

appraisal or title. Whether the loan is with the loan officer,

underwriter or the appraiser, they can easily phone, fax or

email the appropriate team member.

About Quicken Loans

Quicken Loans Inc., a leading provider of direct-to-consumer home loans on the Internet, offers mortgages in all 50 states and the District of Columbia. The company provides a wide variety of home financing options including conventional, sub-prime, home equity, government, and jumbo loans.

Quicken Loans combines cutting-edge technology and high touch personal service to give consumers a convenient one-stop mortgage lending experience on the Internet. More than 575 experienced mortgage professionals at the Quicken Loans' state-of-the-art Web/Call Center work directly with consumers throughout the entire process to help consumers close their loans quickly. The Web site also educates and empowers consumers through timely interactive tools and information related to the home financing process. Quicken Loans is a wholly-owned subsidiary of Intuit Inc.

About Intuit

Intuit Inc. (NASDAQ: INTU) is the leader in e-finance, including financial software and Web-based services. Intuit develops and markets Quicken(R), the leading personal finance software; TurboTax(R), the best-selling tax preparation software; and QuickBooks(R), the most popular small business accounting software.

Intuit's Quicken.com (R) Web site (www.quicken.com) is a leading financial Web site, offering a comprehensive set of financial news, information and tools, including insurance, mortgage, investment and tax preparation services. Intuit's products and services enable individuals, small businesses and financial professionals to better manage their financial lives and businesses.