ELOAN layoffs

Posted: Thu Nov 08, 2007 9:38 pm

Discuss the news item, ELOAN lays off 500 ..., here:

Dyn-o-mite! Joined: 24 Aug 2007 Posts: 245

I'm sorry for the people, but I wish they would just shut their doors too. If you ask me, the business model they subscribe to is one of the things that screwed so many people over.

Can you tell I'm a proponent of relationship-driven business?

Posted: Thu Nov 08, 2007 11:00 pm

This just in the mailbag, an update from an anonymous source:

Quote:

currently at 950 employees world wide
will be at 250 before the end of January
so over 70% reduction

India outsourcing - closed,
Texas office - closed

Home equity is getting rid of most of staff and keeping managers on just to act as loan consultants
IT, and various support departments, pretty much gone, skeleton crew

ECS (E-LOAN's title company) closed

preapproval, closed

1st mortgage, down to about 15 LCs and 8 processors, two managers

Cherry Bomb Joined: 25 Oct 2007 Posts: 183

dont let the door hit you in the bEhind on the way out e-loan crooks

Posted: Fri Nov 09, 2007 7:25 pm

Two simple rules: 1) you can't run a business without a product and I'm not sure if they have FHA or not, which leads us to rule 2) you can't run a business if you're employees are too dumb to understand the product that you do have. I'm sure if they have FHA or not but I know that most of their salespeople wouldn't understand it enough to sell it. Without being able to sell people fast and easy products they are going to be doomed I'm surprised that they lasted this long. BUT HEY PEOPLE ARE SMART. Oh sorry that's Ditech not E-loan well at least the name is different. Kind of 6 in 1 - 1/2 dozen in another huh.

Strouper

Posted: Thu Jan 31, 2008 2:03 am

E-Loan (Wholesale) just made the Imploded list.

Banco Popular cutting their losses.

C-4 Joined: 10 Dec 2007 Posts: 1128 Location: Texas

gee that's shocking because according to all their advertising, they are the only lender on the planet whose mortgage rates go down when the FED lowers rates....

C-4 Joined: 10 Dec 2007 Posts: 1128 Location: Texas

Strouper2 wrote:

Two simple rules: 1) you can't run a business without a product and I'm not sure if they have FHA or not, which leads us to rule 2) you can't run a business if you're employees are too dumb to understand the product that you do have. I'm sure if they have FHA or not but I know that most of their salespeople wouldn't understand it enough to sell it. Without being able to sell people fast and easy products they are going to be doomed I'm surprised that they lasted this long. BUT HEY PEOPLE ARE SMART. Oh sorry that's Ditech not E-loan well at least the name is different. Kind of 6 in 1 - 1/2 dozen in another huh.

Strouper

rule #3 - Karma. Advertise B.S. like they did today when rates dropped and you will get what you deserve in the end.

C-4 Joined: 10 Dec 2007 Posts: 1128 Location: Texas

Justin wrote:

preapproval, closed

what exactly does that mean? They can't issue pre-approvals?

Posted: Thu Jan 31, 2008 2:43 am

Does anyone know if they are going to finish out their pipeline???