E-Loan
From Wikipedia, the free encyclopedia
| E-loan, Inc. | |
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| Type of Company | Private |
|---|---|
| Founded | 1997 |
| Founder | Chris Larsen |
| Headquarters | Pleasanton, CA |
| Key people | Mark Lefanowicz, President |
| Industry | Financial Services |
| Products | Auto Loans Mortgage Loans Mortgage Refinance Loans Home Equity Loans Savings & CDs |
| Employees | 950 |
| Parent | Popular, Inc. |
| Slogan | Radically Simple |
| Website | www.eloan.com |
E-Loan, Inc. is a financial services company that offers home mortgage, home equity, and auto loans, along with online high yield savings and certificates of deposit (CDs).
E-LOAN® is currently headquarted in Pleasanton, CA, and employs more than 950 people. As of October 2006, the company has funded over $32 billion in loans.
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[edit] History
Founded in 1997 by Chris Larsen, E-Loan, Inc. was established to provide customers with access to mortgage loans over the Internet.
As the company continued to evolve, more products and enhancements were introduced. In 1998, E-LOAN launched E-Track, a proprietary system that allows borrowers to securely check the status of their loans online.
In 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.
Buoyed by this success, but still determined to improve public credit disclosures throughout the nation, 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.
Ownership of the company changed in 2005 when Popular, Inc. acquired E-Loan, Inc.
In 2006, E-LOAN branched out into online savings accounts and CDs, promising their CD rates would be among the highest in the nation.
[edit] Core Products
Mortgage Loans
E-LOAN offers several different types of mortgages, including 40, 30, 20 and 15-year loans.
Other loan choices include those with zero down or no PMI (Private Mortgage Insurance). These remain popular among customers financing a home loan in locations where housing costs remain above the national average.
Refinance Loans
E-LOAN offers refinancing options for customers searching for a better rate, extra cash, or both. Customers can apply for a mortgage refinance with a cash-out refinance or a home equity loan.
E-LOAN provides two types of home equity loans:
- A home equity line of credit, also known as a HELOC, which extends a credit line that can be accessed whenever the borrower chooses.
- A home equity loan or “second mortgage,” which provides cash in a lump sum while retaining the borrower’s existing first mortgage.
Vehicle Loans
E-LOAN also provides car, truck, and motorcycle loans for both dealers and non-dealers (private party). Loans for lease buyouts are also available, along with auto refinance loans for borrowers searching for better rates than their current car loans.
E-LOAN provides approved vehicle loan applicants with a “PowerCheck®,” which works much like a regular check.
Online Savings and CDs
Differing from its other loan products, E-LOAN also offers high yield savings and CDs. Current rates are listed on the company’s Web site at http://www.eloan.com/savings
[edit] Awards
Since its inception, E-LOAN has garnered various awards for privacy and ease-of-use. Some of these include:
- Rated # 1 in Web Excellence for Mortgage (July 2006)
- Top Financial Company for Privacy by TRUSTe and the Ponemon Institute (March 2006)
- Ranked #3 in Privacy by The Customer Respect Group (August 2005)
- Highest Customer Respect Rating (March 2005)
- Easiest Site For Consumers to Use (March 2004)
- Certificate for E-LOAN as an Upfront Mortgage Lender
- COMPUTERWORD’s Safest Places On the Web article
[edit] External Links
- www.eloan.com (Homepage)
- www.eloan.com/savings (Savings & CDs)
- www.radicallysimple.com (the Company Blog)
