Why E-LOAN is Closing the Affiliate Program

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Recently, there was a lot of fuss in the affiliate blogosphere about the closure of the E-LOAN affiliate program.

A’Lisa Tomatis, Sr. Marketing Manager of Affiliates and Offline Marketing at E-Loan, Inc., posted the following explanation of things to the Bay Area Affiliate Marketing Coalition group list.

“I would like to address everyone’s comments and/or concerns regarding our decision to close our affiliate program. E-LOAN has experienced a resizing to keep inline with the demands of the market. However, we will now be at the same staffing level we were at during the Mortgage Refinance boom. E-LOAN will continue to diversify product offerings with plans to add a credit card and checking account product in Q1 2008. Our focus will remain on mortgage loans and our deposits/banking products. Our deposits department was not effected by the resizing. Also E-LOAN will remain headquartered in the same building in Pleasanton and there are no plans for future layoffs.

As for the decision to close our affiliate program, most of the volume we receive through the program is auto loan volume. Being that most of our auto business is prime and the margins on what we make are very small, the decision has been made to cut all marketing spend for our auto loan product for the time being. In addition, our mortgage, refinance and home equity volume has continued to decrease over the last year due to the market. That being said, the amount of volume we would receive via our affiliate program after we remove auto would not be worth the resources we would need to keep it going. However, we plan to contact our top performers and possibly create a direct partnership.”

This message was posted with the permission of A’Lisa to to ensure correct information is being circulated about the E-LOAN affiliate program.