E-LOAN Company Description
E-LOAN has E-LIMINATED its direct-to-consumer lending activities and now only provides access to CDs and savings accounts through its Web site. The struggling division of Banco Popular North America (BPNA) stopped issuing new auto, home, and other types of loans in 2008 after it faced significant losses amid illiquid credit markets, declining mortgage originations, and a spike in foreclosures. E-LOAN attempted to restructure itself in 2007 and it cut 40% of its workforce. But a year later, its parent company, Puerto Rico's Popular, announced that it would scale back its US operations. E-LOAN'S functions were transferred to BPNA and Popular's processing unit, EVERTEC, in mid-2009.
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The Company Description provides a historical perspective of E-LOAN's organization from inception to current status.
Produced by Hoover's in-house editorial team, the Company Description tracks ownership transitions, company progress via mergers and acquisitions, major growth milestones, and strategic initiatives, to provide a holistic view of E-LOAN's evolution in the marketplace.
