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Justin
My head implode


Joined: 17 May 2006
Posts: 493
Location: Atlanta

ELOAN layoffs
PostPosted: Thu Nov 08, 2007 9:38 pm Reply with quoteBack to top

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

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Justin @ Justin Owings dot Com @ The Mortgage Lender Implode-O-Meter
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loanstar93
Dyn-o-mite!


Joined: 24 Aug 2007
Posts: 245

Re: ELOAN layoffs
PostPosted: Thu Nov 08, 2007 10:05 pm Reply with quoteBack to top

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?
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Justin
My head implode


Joined: 17 May 2006
Posts: 493
Location: Atlanta

Re: ELOAN layoffs
PostPosted: Thu Nov 08, 2007 11:00 pm Reply with quoteBack to top

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

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johnnyo
Cherry Bomb


Joined: 25 Oct 2007
Posts: 183

Re: ELOAN layoffs
PostPosted: Fri Nov 09, 2007 6:02 pm Reply with quoteBack to top

dont let the door hit you in the bEhind on the way out e-loan crooks
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Strouper2
Schumpeter Reincarnate


Joined: 12 Jul 2007
Posts: 2563
Location: Florence, KY

Re: ELOAN layoffs
PostPosted: Fri Nov 09, 2007 7:25 pm Reply with quoteBack to top

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
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Randall
Batman


Joined: 19 Oct 2007
Posts: 720
Location: Orange County, California

E-Loan Done
PostPosted: Thu Jan 31, 2008 2:03 am Reply with quoteBack to top

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

Banco Popular cutting their losses.

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Randall

Last edited by Randall on Thu Jan 31, 2008 2:31 am; edited 1 time in total
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Rolo Tomasi
C-4


Joined: 10 Dec 2007
Posts: 1128
Location: Texas

Re: ELOAN layoffs
PostPosted: Thu Jan 31, 2008 2:26 am Reply with quoteBack to top

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....

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Rolo Tomasi
C-4


Joined: 10 Dec 2007
Posts: 1128
Location: Texas

Re: ELOAN layoffs
PostPosted: Thu Jan 31, 2008 2:33 am Reply with quoteBack to top

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.

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Rolo Tomasi
C-4


Joined: 10 Dec 2007
Posts: 1128
Location: Texas

Re: ELOAN layoffs
PostPosted: Thu Jan 31, 2008 2:39 am Reply with quoteBack to top

Justin wrote:
preapproval, closed

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

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msloanlady
Cherry Bomb


Joined: 09 Nov 2007
Posts: 143
Location: Sunny SOCAL

Re: ELOAN layoffs
PostPosted: Thu Jan 31, 2008 2:43 am Reply with quoteBack to top

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

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A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.
Mark Twain
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