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by CareyBot

Consumer direct lender E-Loan today reported a net loss of $1.1 million, or 2 cents a share in the first quarter, due to the shrinking refinance loan volume. The company's first-quarter revenue was $32 million, down from $36 million a year ago. Home equity revenue was a record $10.7 million, up 146 percent from the first quarter 2003. Diversified mortgage revenue, comprised of purchase and non-prime mortgage, was $8.2 million, up 5 percent from the same quarter last year. Refinance mortgages accounted for 25 percent of revenue at $7.9 million, up from $6.7 million the previous quarter and down from $18 million a year ago. Home equity loans accounted for 29 percent of revenue at $9.3 million, up from $6.6 million the previous quarter and $3.9 million a year ago. E-Loan provides mortgage, a...