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E-LOAN Snapshot
E-LOAN has E-LIMINATED its direct-to-consumer lending activities and now only provides access to CDs and savings accounts through its website. 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, began scaling back its US operations. All of E-LOAN'S functions were transferred to BPNA and Popular's processing unit, EVERTEC, in mid-2009.
