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E-Loan (Wholesale) - Wholesale
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2008-01-30
Update - 2008-01-31: At a little after 4:00 pm yesterday 2 Senior managers walked in and notified the last 6 employees of E-Loan Equity Connect that "it's done." Orders apparently came directly from Banco Popular.
Last summer this department was funding up to 700 loans per month, down to just over 300 for December. Brokers will miss what may have been the last stand-alone SISA 2nd in the country.
Original Post - 2008-01-30: After the announcements on November 8, 2007 that E-Loan was laying off 517 people, we got word "They will keep just a few people while they wind down."
Turns out it's true. This just in:
Sent: Wednesday, January 30, 2008 4:46 PM
Subject: E-Loan Equity Connect - Effective Immediately!
I regret to inform you that effective immediately E-LOAN has temporarily suspended all wholesale operations until further notice. For loan status questions, please call 877-428-5177, or email hequestions@eloan.com.
More to follow. We will repost and update shortly. We started a Discussion on E-Loan in early November. Click here to participate.
E-Loan is wholly owned by Banco Popular, who we previously reported on here.
Important: This company is on our list of lending operations that have "imploded" (see also ailing lenders). However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.