E-Loan

E-Loan, Inc.
Type Private
Founded 1997
Founder Janina Pawlowski and 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 headquartered in Pleasanton, CA, and employs more than 950 people. As of October

2006, the company has funded over $32 billion in loans.




History

Founded in 1997 by Janina Pawlowski and 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.

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


Awards

Since its inception, E-LOAN has garnered various awards for privacy and ease-of-use. Some of these

include:

* Best Overall in Best Practices in 2007 Mortgage Scorecard by Keynote_Systems
* 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
* COMPUTERWORLD’s Safest Places On the Web article

External Links

* www.eloan.com (Homepage)
* savings.eloan.com/savings (Savings & CDs)
* www.eloan.com.au (E-LOAN Australia Homepage: Independently operated)