E-LOAN Hires Countrywide's E-Commerce Head; Cameron King Joins E-LOAN as Senior Vice President of Technology Integration
Business Wire - September 20, 1999 08:22
DUBLIN, Calif.--(BUSINESS WIRE)--Sept. 20, 1999--E-LOAN, Inc. (Nasdaq:EELN) (www.eloan.com), the leading online lending company, today announced that Cameron King, Countrywide's Executive Vice President of Electronic Commerce, has joined E-LOAN as Senior Vice President of Technology Integration.
With more than 15 years of experience in electronic loan origination, King will be responsible for furthering E-LOAN's move toward completely automating the online lending process -- evolving lending into an entirely paperless transaction. King's appointment demonstrates E-LOAN's continued emphasis on taking unnecessary steps and costs out of the traditional process of applying for mortgage loans, and passing the savings on to consumers.
"Fundamentally changing the back-end processes to make the entire loan transaction more efficient is an integral part of our vision," said Janina Pawlowski, President and co-founder of E-LOAN. "Cameron's charge is to take every step of the loan application process, from the time it hits the website to the day it closes, and transform it into a streamlined, rapid and less cumbersome experience for consumers."
Cameron King has been Executive Vice President of Countrywide's E-Commerce Division for the past five years. King joined Countrywide (NYSE:CCR) in 1987 as Executive Director of Information Services, was promoted in 1991 to Senior Executive Director, and rose to the role of Executive Vice President of E-commerce in 1994. Prior to working for Countrywide, King was a technology manager for Peat Marwick, where he specialized in automating the loan origination process for financial institutions.
A graduate of the University of Southern California, King is a member of the Mortgage Bankers Association, the Microsoft Real Estate Advisory Board and was recently re-elected President of the Electronic Financial Services Council (EFSC), an organization of online financial institutions, based in Washington, D.C.
"E-LOAN has centered its business model around revolutionizing the mortgage process, and that's where my heart has always been," said King. "I've known E-LOAN's co-founders, Chris Larsen and Janina Pawlowski, for the past two years, and watched with admiration as their entrepreneurial drive turned the E-LOAN vision into reality. I'm excited to join a company that shares my goal of driving savings and reducing transaction barriers through innovative uses of technology."
"Cameron has an unmatched track record in the industry for defining the leading edge of how consumers get mortgages," said Chris Larsen, CEO and co-founder of E-LOAN. "As E-LOAN scales up to meet our goal of becoming the first nationally-branded multi-lender for consumer loans, Cameron's expertise in creating consumer-friendly, cost-effective process will be a key factor in our success."
This news release contains forward-looking statements based on current expectations that involve risks and uncertainties. E-LOAN actual results may differ from the results described in the forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, general conditions in the mortgage industry, interest rate fluctuations, and the impact of competitive products. These and other risk factors are detailed in E-LOAN's periodic reports and registration statements filed with the Securities and Exchange Commission.
About E-LOAN, Inc.
Founded in 1996, E-LOAN, Inc. launched its online mortgage operations in the United States in June 1997. At www.eloan.com, borrowers can compare, apply for and obtain home loans from many nationally recognized lenders. E-LOAN, Inc. offers borrowers origination cost savings of more than 50 percent as compared to obtaining a mortgage through most traditional mortgage brokers and single-source lenders.
After closing a loan, E-LOAN, Inc. can, at the customer's request, continue to send customized information about new products that become available, helping consumers turn a mortgage into a working financial asset. E-LOAN, Inc. has strategic partnerships that allow it to offer mortgage loans to customers of Yahoo!, DLJ Direct, Telebank and E*Trade. The company's loan processing center is located in Dublin, CA. E-LOAN, Inc. is publicly traded on the Nasdaq system under the symbol EELN.
CONTACT: E-LOAN, Inc., Dublin
Tiffany Kelley, 925/560-2614 (PR)
tiffanyk@eloan.com
or
Stapleton Communications
Bob Okunski, 650/470-4210 (IR)
bob@stapleton.com
or
Niehaus Ryan Wong, Inc.
Denica Gordon, 650/827-7011 (PR)
denica@nrwpr.com
|
