Wells Fargo Selects ImproveNet as Online Home Improvement Financing Destination

Business Wire,  Dec 7, 2000  

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Business Editors

REDWOOD CITY, Calif.--(BUSINESS WIRE)--Dec. 7, 2000

ImproveNet Inc. (NASDAQ: IMPV), a leading web-based home improvement services company, today announced that its customers can apply for Wells Fargo home equity loans and lines of credit online and receive instant approval decisions from wellsfargo.com through www.go.improvenet/wellsfargo.com or via a dedicated toll-free telephone line (800/442-9381).

Under the terms of the agreement, homeowners can quickly and conveniently apply to learn if they qualify for financing simultaneously while an ImproveNet member professional is assembling an estimate for prospective home improvement projects. ImproveNet will enhance its site by featuring Wells Fargo financing content that includes rate comparisons, product information and loan calculators to help homeowners understand their home improvement financing options.

In addition ImproveNet's member professionals - pre-screened contractors, architects and designers who specialize in household improvements - are now able to offer home equity financing through Wells Fargo as a quick, economic and convenient online lending solution to help complete home improvement contracts with homeowners.

Commenting on the agreement, Ron Cooper, Chairman and CEO stated, "We are excited that Wells Fargo has selected ImproveNet as an e-service solution to expand their home equity financing business. We know it will be a powerful tool for our customers and professional members to be able to win ImproveNet-supplied jobs in an efficient amount of time."

"By providing our home equity financing solutions through ImproveNet, homeowners will be able to expedite home equity transactions and secure financing in moments," said Colin Walsh, SVP of Home Equity Internet Services with Wells Fargo & Company. "This partnership is another example of our providing service to customers how, when and where they want to interact with Wells Fargo."

Wells Fargo also offers its home equity products and services through its leading financial services Web site (www.wellsfargo.com), along with online banking, business e-commerce services, retirement planning, mortgage services and more.

Similar to other Wells Fargo Home Equity alliances, this marketing partnership has been established to capitalize on the growth of home equity loan originations through the Internet. According to Forrester Research, the online home equity origination business is forecasted to grow to $20.2 billion by 2003. Wells Fargo Home Equity's Internet business launched the first real-time online decision application during second quarter 1998 and started to offer loans nationally in the third quarter of 1999. Wells Fargo Home Equity became the second largest home equity originator among banks in 1999.

As the first major financial services company in the U.S. to launch Internet banking services in 1995 (www.wellsfargo.com), Wells Fargo has blazed the trail for interactive tools and features for customers. Wells Fargo started online services in 1989, and over the last decade has introduced a wide range of easy-to-use online services for customers. Both Gomez Advisors and Nielsen/Net Ratings recently named Wells Fargo the top Internet bank in terms of market share and total monthly visitor count.

About ImproveNet

ImproveNet Inc. (NASDAQ: IMPV, news, msgs) ImproveNet combines the convenience and speed of the Internet with personalized assistance to make home improvements more successful for homeowners, contractors, architects, designers, manufacturers, retailers, lenders and real estate professionals. Among the more than 65 partners currently using ImproveNet content and services as an e-business and customer loyalty solution are GE, DuPont Corian, Owens Corning, Dow, Delta Faucet, Yahoo, Microsoft Home Advisor, Knight Ridder and Cox Interactive. For more information, contact www.ImproveNet.com; www.ImproveNetPRO.com, or 800/437-0473.

About Wells Fargo

Wells Fargo Home Equity is a business unit of Wells Fargo & Company (NYSE: WFC), a diversified financial services company with $263.5 billion in assets, providing banking, insurance, investments, mortgage and consumer finance from more than 5,700 stores and the Internet (wellsfargo.com) across North America and elsewhere internationally.

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