loan application


E-LOAN, Inc. is a financial services company that offers mortgage refinance, home purchase loans, home equity loans, car loans, & student loans online. It is a wholly owned subsidiary of Puerto Rico-based Popular Financial Holdings, Inc.

E-LOAN also offers high yield savings accounts and certificate of deposit (CDs) through its financial affiliate, Banco Popular North America.

Headquartered in Pleasanton, California, E-LOAN employs about 300 people. As of March 2008, the company has funded over $33 billion in loans.


In May 2005, E-LOAN launched a new advertising and branding campaign, and unveiled a new tag line: "E-LOAN. Radically Simple" The campaign, created by Merkley + Partners in New York, was inspired by E-LOAN's belief in its pro-consumer values and the ways in which the company continues to improve the consumer lending experience.


Key Dates

  • 1997: E-Loan, Inc. was founded by Janina Pawlowski and Chris Larsen to provide customers with access to mortgage loans over the Internet.
  • 1998: E-LOAN received venture capital funding from Sequoia Capital.
  • 1999: In June 1999, along with Larsen, Pawlowski led E-LOAN to a successful IPO. E-LOAN added car loans, credit cards, and small business loans to its product line in September 1999.
  • 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.
  • 2003: 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.
  • 2005: Ownership of the company changed when Popular, Inc. acquired E-LOAN, Inc for $300 million.
  • 2006: E-LOAN branched out into online savings accounts and CDs.
  • 2007: E-Loan fired 500 people as a way to concentrate on other loans.

Online Loan Process & Services

At, consumers can first shop for mortgage rates without entering any personal information. When they're ready to apply, consumers can quickly and easily complete an online application. Within approximately two minutes of customer submission, the loan is automatically underwritten and an email response sent to the customer. Once approved, a personal loan consultant contacts the customer within the hour to confirm the loan.

In 1998, E-LOAN launched E-Track, the first ever 24-hour loan tracking service, a proprietary system that allows borrowers to securely check the status of their loan application online at every stage of the process. E-TRACK gives customers a greater level of control over a process that has traditionally been confusing and frustrating in the offline world.

Using E-Track, customers will instantly know pertinent information such as the date that their application was received, which additional documents are required, appraisal results and lock-in status, and anticipated closing date. E-Track also provides current closing cost information including the exact amount of cash needed to close the loan and specifications for impounds and mortgage insurance. In 1999, the company launched E-Track Pro(SM), an extension of E-Track, for realtors to use to track their clients' mortgage applications in process at E-LOAN.

In February 2000, E-LOAN launched My E-LOAN, the first online account available to help people manage their loans as easily and intuitively as they manage their investments. By setting up a customized My E-LOAN account, people can:

  • Track interest rate trends & get an overview of the factors affecting current interest rates.
  • Instantly receive their credit score for free, understand how it is calculated, and determine how the score may affect their loan rates & term.
  • Access E-LOAN's full range of tools, calculators, advice and educational content.
  • Access E-Track

Since 2000, E-LOAN customers have been getting approvals within minutes and mobile notary service for home equity loans. They enjoy the convenience of automated appraisal valuations & receive their loan funds in as little as ten business days. Once they receive their check, they can use it for whatever purpose they choose, such as debt consolidation, college tuition or home improvements.

In 2002, E-LOAN unveiled Loan Advisor, the first financial planning tool to offer personalized advice to address customers’ unique debt situation. It asks consumers about their goals, how much money they are seeking, how long they will need the money, their tax rate and information about existing mortgage & home equity loans. It will then determine the loan solution that offers the lowest payments or has the lowest cost over the time period the customer is considering.

E-LOAN Inc. currently owns the following trademarks: E-LOAN ®, E-LOAN - A better way to get a loan ®, My E-LOAN ®, PowerCheck ®, and E-LOAN Express ®.

2007 Credit Crunch

E-LOAN is not considered a subprime lender. The company has borrowers with higher credit quality. Nevertheless, in light of the significant changes and challenges in the mortgage industry, the company cut over 500 jobs as part of a restructuring plan in November 2007. The layoffs were a result of a move to concentrate on loans eligible for repurchase to Fannie Mae and Freddie Mac, according to a U.S. Securities and Exchange Commission filing by Popular, Inc. The company has also temporarily suspended the acceptance of new "Home Equity" Wholesale loan applications.


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


External links

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