Below are the most searched keywords,about 'eloan',in the internet (datas of September 2007)

Search	Word
24343	eloan
1853	eloan com
1792	eloan mortgage
442	auto eloan
115	eloan complaint

A Complaint About E-Loan, And A Response

Here’s an interesting complaint about E-Loan from “VelocityDC,” followed by a reasonable response to the complaint that I solicited from the company. Hot Property doesn’t make a practice of investigating readers’ complaints, but this one seemed worth checking out.

THE COMPLAINT …

I need to lock in a rate in the next week for a house in Silver Spring and have been shocked by how much the rates change from one day to the next. Besides the most recent interest rate hike by the Fed, what other factors affect the interest rate? Unemployment rates? Oil prices? COnflict in the Middle East?

For the real mortgage rate hawks out there: what are some general tips for trying to get the best rates? Are rates generally lower in the morning or afternoon or does it matter at all? (I'm not the day-trading type, but since I'm going to be stuck with this rate for some time, I'd like to shave as much off the rate as possible.)

I'm also a little perturbed by the loan officer from E-Loan who called me on Friday to tell me ostensibly that she got an email from her boss saying that rates are lower than they have been in months, and encouraging me to lock in that day. That didn't make sense to me then, and now I see that Freddie Mac is reporting that rates on a 30-year fixed are the highest they've been since 2002. Is this fraud? Should I drop ELoan now?

Thanks for any advice.

... AND THE RESPONSE

Peter,

Again, thank you for bringing this to our attention.

I talked with our SVP of first mortgages. He feels that this sounds like a very common occurrence of a consumer being confused by the complexity of the various pieces of information out there that can factor into consumer lending rates. Specifically, what the Loan Consultant was referring to was the fact that the 10-year treasury benchmark had dropped in the previous couple of days to its lowest in 4 months. However, your writer is comparing this to the Freddie Mac rate which is a backward logging rate – always looking back about a week or so whereas most lenders tend to move with the market. In other words, the writer was not comparing apples to apples. Unfortunately, it seems that consumers are often misled – or tend to misunderstand – the relationship to mortgage rates of these Freddie Mac announcements.

And, I thought I’d take the liberty of providing a couple of tips that might help him and other borrowers make the best loan decision:

It’s usually best to lock in a rate in the morning since most lenders tend to increase their margins at the end of the day and put out their best price in the morning to encourage applications and locks.
As with any decision, it pays to be the informed consumer. Feel free to ask as many questions as necessary to be sure you understand what you’re getting – and what you’re NOT getting. As with the above situation, a consumer should feel perfectly comfortable asking to be convinced that this is the case – ask to understand how this compares with what you might be hearing about Freddie Mac’s rate.
Compare, compare, compare – as with any purchase, be sure to seek out more than one price or offer. Even if you know you’re going to use your local lender or broker, take full advantage of the internet and compare rates, fees, potential overages. Keep in mind that you can’t just compare rates – most lenders will lure you on rate only to surprise you with hefty fees at the closing. Demand a listing of all fees before agreeing to lock. ...

Best,
Laurie

...if you want to read comments to this article or if you want to comment here is the source link :
http://www.businessweek.com/the_thread/hotproperty/archives/2006/07/a_complaint_abo.html

E-Loan At Work

E-Loan,an online consumer direct lender, was one of the first marketers in the lending industry to fully recognize the advantage of developing a search engine marketing (SEM) strategy. The goal was clear: optimize the value of paid keyword campaigns and develop a balanced approach based on spend versus risk.

E-LOAN is dedicated to providing borrowers with a Radically Simple way to obtain mortgage, auto and home equity loans. Since its launch in 1997, E-LOAN has originated and sold over $25 billion in consumer loans.

Setting a Strategy

E-LOAN's first step for launching into SEM campaigns was to develop a strategy and set measurable business goals. Imran Khan, Head of Search Marketing for E-LOAN, and his team of experienced analytically-oriented web marketers immediately identified their overall business objectives and set out to execute against his winning strategy: 1. build a scalable infrastructure, 2. develop a sophisticated keyword methodology, and 3. establish an effective bid strategy.

The next step was to secure the support of senior management. Imran developed a process to educate the senior management team on SEM, explain how it was evolving and, most importantly, demonstrate how E-LOAN could drive more business through the implementation of a strategic SEM program.

Using this strategy, E-LOAN honed and expanded its paid keyword search campaigns and took advantage of an early entry into SEM. By recognizing the opportunity early on, E-LOAN has established itself as a leader in the SEM space for lending products.

...if you want to read all click here

source : http://www.efrontier.com/efficient_frontier/customers/eloan.htm

A Discussion about E-Loan,at marc.perkel.com

I've been seeing a lot of E-Load commercials lately and it's rather disturbing. In 2000 I got a loan through E-Loan and it was not a pretty process. It started out fairly well, except that they offered me one rate - but approved me at a signicantly higher rather than advertised. They said it was due to my credit - but my credit was perfect at that point having finally scraped my ex-wife off my credit report.

I agreed to the higher rate and got a "check" for the new Honda CR-V I was buying. I went to the dealer and he sold me the car. So far - so good.

Then - I started getting calls from E-Loan to get more information to qualify me for the loan. I pointed out that I was already qualified and that they had send me a check and that the car was bought 3 weeks prior. It was a done deal - so what's the qualifying about?

They tried to tell me that the check they sent me wasn't a final approval - even though the paperwork they send claimed otherwise and the auto dealer had already cashed the check.

I forget all the details - but the check bounced - then very soon after that they made it clear somehow.

The loan wasn't through E-Laon - it was through Bank of America. So E-Loan wasn't the actual lender - they brokered it.

Even though everything came out OK in the end - the process was very spooky and dishonest on the part of E-Loan. The bottom line is - I'll never do business with them again - and I would advise my friends to avoid them as well. The idea that they write checks that are convincing enough for auto dealers to take and then claim that the loan wasn't yet approved is what I would call fraud.

Posted by marc at April 22, 2004 02:24 PM |

Comments

I to had a bad experence with them. It was early in the process so I just went with another company. They keep asking for more and more documentation. even after I sent them the HUD-1 they wanted more proof where my down paynment came from. I will NEVER recomend e-load.

Posted by: kelly at November 12, 2005 05:12 AM

Bad Experience with E-Loan.

Recently I was persuing a loan with E-loan, I haven't borrowed much money in the past, so I'm not real "savy" with loan processes.

Things I don't like about e-loan:

Not being able to deal with 1 person

I did not feel I received enough infomation to be
comfortable with the entire process.

I also found it strange after contacting e-loan all of a sudden I started receiving numerous phone calls from other loan companies by telephone. Did they give it out? I dunno, sure seems like a strange coincidence.

The "real kicker". After I notified them that I was not going to go thru with the loan with them... the person said to me "well... thanks alot for waisting our time and money" ... (to me this was rude and unprofessional) ... my reply to him was "I didn't think it was necessary for him to be a smart alec and because of his "smart alec" answer told me that I had made the right decision in not acquiring the loan thru them.

Obviously they do not care about people nor how they feel. So I have made it my quest to post this "experience" in as many places as possible.

Feel free to copy this and blast it out into cyberspace. We "people" deserve to be treated with respect, regardless of our decisions... afterall.... it is OUR MONEY!!

Totally agreed E-Loan Sucks!!

Posted by: Joyce Hill at July 8, 2006 08:55 AM

Eloan.com is a nightmare! I applied for a car loan with them on the recommendation of a friend. I quickly realized they were worthless but they continued to FLOOD my email Inbox with hundreds of solicitations.

My credit score is in the top 10 percentile and they insisted that I apply to their loan partners hence the hundreds of emails. I have had to create a new online email address for personal correspondence because my other email is now so contaminated. This was in April 2006 and I still receive more than 100 junk emails a week from applying at eloan.com (it s almost September).

Plus they never got around to stating terms of the loan, they just wanted more and more info. I DON T recommend them. Join a credit union, check with your bank, ask your friends!!! Just don t apply with eloan.com.

Posted by: Laura Sullivan at August 28, 2006 04:33 PM

..........
if you want to read this discussion and comment,here is the link :
http://marc.perkel.com/archives/000216.html