Industry News

E-Loan boosts quarterly earnings

2004 profits sink on shrinking refinance market

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Online consumer-direct lender E-Loan today reported $36.2 million in fourth-quarter revenue, up 36 percent from the same period the previous year. Net income was $1 million, or 2 cents a share, up from $200,000 reported in the fourth quarter 2003. The company also announced today that current president and chief operating officer Mark Lefanowicz would assume the role of CEO. E-Loan founder Chris Larsen, who formerly held the post, will continue as the company's chairman. Stemming from a significant drop in mortgage refinance loans in 2004, E-Loan's total revenue for the year suffered an 11 percent decline from 2003 to $135 million. Net income for the year plunged to $805,000, or 1 cent a share, from $23 million in 2003. Diversified revenue, comprising total revenue except for prime refinance mortgage, was $98 million in 2004, up 22 percent from $80 million in 2003. Total diversified revenue accounted for 73 percent of the company's total revenue in 2004 compared with 53 percent i...