E-Loan - Retail
Update - 2008-10-22: We're hearing today employees have been given 60 days' notice of layoff, and that E-Loan will cease operations as of 2009-01-09. Some processing staff will remain to close-out the pipeline, according to one source we spoke with. It is not clear how many employees will be affected.
Reuters reported uber-parent Popular Inc. (parent of Banco Popular) booked a $668.5 million third-quarter loss, $139 million of that attributable to E-Loan's parent Banco Popular N.A. Said Chief Executive Richard Carrion, "We are focused on the profitability of our U.S. operations and we will be taking additional steps to further reduce expenses and to close or consolidate unproductive branches."
The official announcement comes from Banco Popular Wholesale Division, but specifies "all niche business lines that are non-deposit generating operations" will be closed.
Details are still forthcoming, so check back as we update this listing. Email us if you can provide additional info.
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
More to follow. We will repost and update shortly. We started a Discussion on E-Loan in early November. Click here to participate.
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Important: This company is on our list of lending operations that have "imploded". 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.