Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Dell Technologies Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (112598)	3/26/1999 10:55:00 AM
From: PAL	Read Replies (1) \| Respond to of 176387

<--OT--> Has not been announced as far as I know. Paul

To: Mohan Marette who wrote (112598)	3/26/1999 10:58:00 AM
From: stockman_scott	Read Replies (1) \| Respond to of 176387

OT -- E-Loan Update-- FYI... <<"Online Mortgage Provider E-Loan Files to Sell Shares to the Public" By Timothy Hanrahan (The Wall Street Journal) 03/24/99 NEW YORK -- Online mortgage provider E-Loan Inc. filed to raise as much as $55.2 million in an initial public offering, as the company races to stay ahead of deep-pocketed competitors including Microsoft Corp. and Intuit Inc. The IPO filing comes on the heels of a new promotional deal with MarketWatch.com Inc. and the naming of a well-respected auto-industry executive to E-Loan's top marketing post. The Dublin, Calif., company aims to simplify the home-loan process and drive down costs by giving consumers more lender choices and largely cutting out the middleman. E-Loan's site offers about 50,000 loan products provided by about 70 lenders, and says its service offers transaction-cost savings of over 50% compared with mortgages from traditional mortgage brokers or single-source lenders. E-Loan said in the filing that about $1 billion in closed loans originated through the company's site last year, making it the biggest online-mortgage firm. Revenue rose nearly sevenfold to .8 million for the 12 months ended Dec. 31, from $1 million a year earlier. This fast growth hasn't gone unnoticed by bigger e-commerce companies. E-Loan faces competition from the online loan units of much bigger companies, including Intuit's QuickenMortgage unit and Microsoft's MSN HomeAdvisor unit. E-Loan also faces competition from single-source lenders such as Countrywide HomeLoans Inc. and Norwest Mortgage Inc., the filing says. E-Loan also said that it is heavily dependent on distribution partnerships, particularly its deal with Yahoo! Inc. During the year ended December 1998, the company said that about 13% of its closed loans were derived from a co-branded Yahoo Web site. E-Loan also has distribution deals with ETrade Group Inc. and DLJdirect, the online unit of Donaldson Lufkin & Jenrette Securities Corp. Overall, 17% of its closed loans resulted from partnerships, E-Loan said. The deals with DLJdirect and ETrade reflect E-Loan's effort to position itself as a financial-services provider -- and not a real-estate seller. Last month, E-Loan hired Joseph Kennedy, former vice president of marketing at General Motors Corp.' Saturn division, to head up marketing at E-Loan. In an interview last week, Chief Executive Chris Larsen said that Mr. Kennedy could transform the way consumers look at mortgages. "Our objective is to create a loved brand for mortgages and he's the kind of guy who can do that," Mr. Larsen said. Other risks for E-Loan investors include the company's limited operating history and its fast pace of expansion: The company had 224 employees as of Dec. 31, up from 40 employees a year earlier. Also, the company has never operated during a downturn in the mortgage industry. Goldman Sachs & Co., Hambrecht & Quist Group Inc., Donaldson Lufkin & Jenrette and E*Trade will underwrite the offering. E-Loan said it will use proceeds from the offering for working capital and general purposes, including capital expenditures. Like most Internet start-ups, E-Loan isn't profitable and said it doesn't foresee becoming profitable for the "foreseeable future." It had a loss of $11.2 million for 1998, compared with $1.4 million in 1997. It plans to trade on the Nasdaq Stock Market under the symbol "EELN." © Wall Street Journal>>