In October 2008, E-Loan's parent company, Popular, Inc. said E-Loan would no longer operate as a direct mortgage lender in 2009, but would continue to provide certificates of deposit and savings accounts. Operational, general and administrative support functions would be transferred to other Popular subsidiaries.[1][2] The company subsequently moved its headquarters in 2009 from Pleasanton, California to Rosemont, Illinois.
Company officials said customers who have already obtained loans through E-Loan would not be affected.[3]
History
E-Loan was founded by Janina Pawlowski and Chris Larsen in 1997 to provide customers with access to mortgage loans over the Internet. In 1998, the company received venture capital funding from Sequoia Capital.[4]Company layoffs
The company cut over 500 jobs as part of a restructuring plan in November 2007.[5]Awards
Since its inception, E-Loan has garnered various awards for privacy and ease-of-use:- Top Financial Company for Privacy by TRUSTe and the Ponemon Institute (April 2007)
- 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.
- Safest Places On the Web. Computer World
References
- ^ "E-LOAN Restructuring Plan".
- ^ "E-LOAN To Stop Direct Mortgage Lending".
- ^ "E-LOAN Will Stop Issuing New Loans".
- ^ "Sequoia Capital funds E-LOAN". Retrieved 2007-12-11.
- ^ "E-LOAN announces layoffs".
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