home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

E-Loan Expects 4th Quarter Profit

3rd quarter mortgage production $702.3 million

October 10, 2001


In its 3rd quarter earnings announcement, E-Loan said that it expects a pro-forma operating profit of $1 million in the 4th quarter of this year, an increase from the prior pro-forma break even guidance. The company reported a $9 million loss from operations for the third quarter, and a Pro Forma profit of $312,000.

Proforma net income excludes a compensation charge related to the company's stock option plan, amortization of goodwill on the acquisition of CarFinance.com, and amortization of marketing costs related to warrants issued to purchase the Company's common stock. Amortization of marketing costs and goodwill concluded in the second and third quarters of 2001, respectively.

In the third quarter, E-Loan sold 3,343 mortgage loans for a total dollar volume of $702.3 million. Also in the third quarter, E-Loan sold 1,765 home equity loans for a total dollar volume of approximately $87.4 million.

One sign of life beyond the end of the refinance boom for E-Loan was the growth in purchase money business. "The strong growth in our purchase mortgage business -- up 65 percent from last quarter -- is particularly exciting: It's further evidence that consumers are embracing and more willing than ever to trust the E-Loan brand," said Chris Larsen, E-Loan's Chairman and CEO.

E-Loan, which has been a proponent of the disclosure of credit scores to consumers, was recently reported to have an imminent plan to compensate real estate agents. In its announcement, the company's CFO said that customers who would recommend E-Loan to a friend has grown to 90 percent.

In afternoon trading shares of E-Loan (NASDAQ: EELN) were trading at $1.64, up 25% or $0.33.

Sam Garcia owns E-Loan shares.

Sam Garcia has been in mortgage lending since 1980, and is managing editor of MortgageDaily.com. He also owns and operates CloseNow.com, a real estate portal site.

email: [email protected]

hosted by USANow.net

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders