E-LOAN shedding more than 500 workers

Online lender to focus on agency-eligible loans

Online lender E-LOAN is in the process of laying off 513 employees, or two-thirds of the company’s workforce, as parent company Banco Popular North America reports mounting losses related to subprime mortgage loans.

The layoffs are part of a move to concentrate on loans eligible for repurchase to Fannie Mae and Freddie Mac, according to a U.S. Securities and Exchange Commission filing by BPNA’s parent company, Popular Inc.