- E-Loan
Infobox Company
company_name = E-LOAN, Inc.
company_
company_slogan = Radically Simple
company_type = Public
foundation = 1997
founder = Janina Pawlowski and Chris Larsen
location = Pleasanton, California
key_people = Mark Lefanowicz, President
industry = Financial Services
products = Mortgage Refinance Loans
Home Loans
Home Equity Loans
Car Loans
Online Savings Accounts & CDs
Student Loans
num_employees = 300
parent = Popular, Inc.
homepage = [http://www.eloan.com/ www.eloan.com]E-LOAN, Inc. is a financial services company that offers mortgage refinance, home purchase loans, home equity loans, car loans, & student loans online. It is a wholly owned subsidiary of Puerto Rico-based Popular Financial Holdings, Inc.
E-LOAN also offers high yield savings accounts and certificate of deposit (CDs) through its financial affiliate, Banco Popular North America.
Headquartered in
Pleasanton, California , E-LOAN employs about 300 people. As of March 2008, the company has funded over $33 billion in loans.Advertising
In May 2005, E-LOAN launched a new advertising and branding campaign, and unveiled a new tag line: "E-LOAN. Radically Simple" [cite web|url=http://findarticles.com/p/articles/mi_hb5246/is_200506/ai_n20498709|title=E-LOAN launches 'Radically Simple' ad campaign.] The campaign, created by Merkley + Partners in New York, was inspired by E-LOAN's belief in its pro-consumer values and the ways in which the company continues to improve the consumer lending experience.
History
Key Dates
*1997: E-Loan, Inc. was founded by Janina Pawlowski and
Chris Larsen to provide customers with access tomortgage loans over theInternet .*1998: E-LOAN received venture capital funding from
Sequoia Capital . [cite web|url=http://www.sequoiacap.com/company/e-loan/|title=Sequoia Capital funds E-LOAN|accessdate=2007-12-11]*1999: In June 1999, along with Larsen, Pawlowski led E-LOAN to a successful IPO. E-LOAN added car loans, credit cards, and small business loans to its product line in September 1999.
*2000: E-LOAN became the first company to provide consumers with free access to their credit scores, allowing customers to check for possible incidents of identity theft or erroneous entries of
credit debt . This was introduced at a time when many financial companies were reluctant to release this information.*2003: Larsen helped form “Californians for Privacy Now” to lead the fight for stricter financial privacy protection. After collecting over 600,000 signatures, the measure was placed on the California ballot and passed into law in 2003.
*2005: Ownership of the company changed when
Popular, Inc. acquired E-LOAN, Inc for $300 million. [cite web|url=http://juantornoe.blogs.com/hispanictrending/2005/08/popular_to_acqu.html|title=Popular to acquire E-Loan for $300M]*2006: E-LOAN branched out into online savings accounts and CDs. [cite web|url=http://bankdeals.blogspot.com/2006/10/e-loan-savings-account-and-cds-one.html|title= E-LOAN Savings Account and CDs One Month Anniversary]
*2007: E-Loan fired 500 people as a way to concentrate on other loans.
Online Loan Process & Services
At [http://www.eloan.com www.eloan.com] , consumers can first shop for mortgage rates without entering any personal information. When they're ready to apply, consumers can quickly and easily complete an online application. Within approximately two minutes of customer submission, the loan is automatically underwritten and an email response sent to the customer. Once approved, a personal loan consultant contacts the customer within the hour to confirm the loan.
In 1998, E-LOAN launched E-Track, the first ever 24-hour loan tracking service, a proprietary system that allows borrowers to securely check the status of their loan application online at every stage of the process. E-TRACK gives customers a greater level of control over a process that has traditionally been confusing and frustrating in the offline world.
Using E-Track, customers will instantly know pertinent information such as the date that their application was received, which additional documents are required, appraisal results and lock-in status, and anticipated closing date. E-Track also provides current closing cost information including the exact amount of cash needed to close the loan and specifications for impounds and mortgage insurance. In 1999, the company launched E-Track Pro(SM), an extension of E-Track, for realtors to use to track their clients' mortgage applications in process at E-LOAN. [cite web|url=http://realtytimes.com/rtpages/19990521_preloan.htm|title=E-LOAN Launches E-Track Pro]
In February 2000, E-LOAN launched My E-LOAN, the first online account available to help people manage their loans as easily and intuitively as they manage their investments. [cite web|url=http://www.eloan.com/s/show/press/2001-08-13|title=E-LOAN Transforms the Mortgage Process] By setting up a customized My E-LOAN account, people can:
*Track interest rate trends & get an overview of the factors affecting current interest rates.
*Instantly receive their credit score for free, understand how it is calculated, and determine how the score may affect their loan rates & term.
*Access E-LOAN's full range of tools, calculators, advice and educational content.
*Access E-TrackSince 2000, E-LOAN customers have been getting approvals within minutes and mobile notary service for home equity loans. [cite web|url=http://findarticles.com/p/articles/mi_m0EIN/is_2000_Dec_18/ai_68141218|title=E-LOAN Unveils Instant Online Decisioning for Home Equity Loans] They enjoy the convenience of automated appraisal valuations & receive their loan funds in as little as ten business days. Once they receive their check, they can use it for whatever purpose they choose, such as debt consolidation, college tuition or home improvements.
In 2002, E-LOAN unveiled Loan Advisor, [cite web|url=http://ccrmag.net/article.html?id=20061016GJHNSSCZ|title=E-LOAN Unveils 'Loan Advisor'] the first financial planning tool to offer personalized advice to address customers’ unique debt situation. It asks consumers about their goals, how much money they are seeking, how long they will need the money, their tax rate and information about existing mortgage & home equity loans. It will then determine the loan solution that offers the lowest payments or has the lowest cost over the time period the customer is considering.
E-LOAN Inc. currently owns the following trademarks: E-LOAN ®, E-LOAN - A better way to get a loan ®, My E-LOAN ®, PowerCheck ®, and E-LOAN Express ®.
2007 Credit Crunch
E-LOAN is not considered a subprime lender. The company has borrowers with higher credit quality. Nevertheless, in light of the significant changes and challenges in the mortgage industry, the company cut over 500 jobs as part of a restructuring plan in November 2007. [cite web|url=http://www.inman.com/news/2007/11/1/e-loan-shedding-more-500-workers|title=E-LOAN announces layoffs] The layoffs were a result of a move to concentrate on loans eligible for repurchase to Fannie Mae and Freddie Mac, according to a U.S. Securities and Exchange Commission filing by Popular, Inc. The company has also temporarily suspended the acceptance of new "Home Equity" Wholesale loan applications.
Awards
Since its inception, E-LOAN has garnered various awards for privacy and ease-of-use. Some of these include:
* [http://news.morningstar.com/newsnet/ViewNews.aspx?article=/BW/20080522005859_univ.xml Ranked #1 Mortgage Website for the 5th Consecutive Time] - 2008 Mortgage Scorecard by
Keynote Systems . This is the 5th consecutive win for E-LOAN.
* [http://www.truste.org/pdf/2007_Most_Trusted_Companies_Award.pdf Top Financial Company for Privacy by TRUSTe and the Ponemon Institute ] (April 2007)
* [http://findarticles.com/p/articles/mi_m0EIN/is_2006_Nov_13/ai_n16836039 Ranked #1 for Customer Respect (November 2006)]
* [http://blogs.zdnet.com/ITFacts/?p=8754 Ranked #3 in Privacy by The Customer Respect Group] (August 2005) E-LOAN was the only financial services company and the highest ranking online company to make the top ten.
* [http://goliath.ecnext.com/coms2/gi_0199-3926300/E-LOAN-Ranked-Best-Overall.html Highest rating in the First Quarter 2005 Online Customer Respect Study of North America's largest financial services firms.] (March 2005)
* [http://www.eloan.com/s/show/ease_of_use? Easiest Site For Consumers to Use ] (March 2004)
* [http://goliath.ecnext.com/coms2/gi_0199-4054806/The-Mortgage-Professor-Will-Certify.html E-LOAN was the first lender to earn the Upfront Mortgage Lender certification.]
* [http://www.computerworld.com/securitytopics/security/privacy/story/0,10801,100946,00.html COMPUTERWORLD’s Safest Places On the Web]References
External links
* [http://www.eloan.com www.eloan.com] (Homepage)
* [http://savings.eloan.com/savings savings.eloan.com/savings] (Savings & CDs)
* [http://www.eloan.com/s/show/simply E-LOAN corporate About page]
* [http://www.eloan.ws Online E-loan Info]
* [http://www.eloan.com.au www.eloan.com.au] (E-LOAN Australia Homepage: Independently operated)
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