From my blog: http://www.freezinghot.com/index.php/20071127/bad-move-of-the-day-e-loan-cancels-affiliate-program/ E-loan axed their affiliate program and sent an email to affiliates last night. Here is an excerpt: Dumb. No scaling back, no apology, just termination. Anyways, here is the full email below. Dear Affiliate Partner, In order to stay ahead of the current mortgage cycle and enable E-LOAN to maintain its leadership position in the industry, E-LOAN will begin scaling back some operations/programs to reduce its cost structure and unfortunately removing our affiliate program is one of them. E-LOAN was founded with a clear vision to transform the loan industry by creating a fast, easy, affordable and transparent experience for consumers. Throughout the nine years since our inception, we have continually delivered on that vision and our promise to the borrower. In fact, E-LOAN was just named the top mortgage website by Keynote WebExcellence for the third year running. The resizing of E-LOAN’s work force and reduction in cost structure will not change our vision, and is being undertaken to make us even more effective at delivering on that promise. We are more committed now than ever before. We believe that today’s market climate has proven us right: an open and honest experience that serves the needs and best interests of the consumer is the business model that will win in the long run. This situation is unfortunate, but E-LOAN will retain all of its pieces of business, and is on track to expand its product offerings over the next year. On December 7, 2007 Commission Junction will set your account with E-LOAN to expire on December 14, 2007. Your account will just expire - you are not required to do anything. We at E-LOAN, Inc., have enjoyed the opportunity to work with you in this capacity and wish you the very best in future endeavors. If you have any questions regarding this matter, please do not hesitate to contact me at [email removed for privacy]. Sincerely, A’Lisa Tomatis Sr. Marketing Manager E-Loan, Inc. [email removed for privacy]
Eloan affiliate program was responsible for supporting many affiliates with monthly checks. Too bad they were affected by the economic woes. However if you have traffic that made you money with Eloan, you would be able to convert that traffic well with Credit Land affiliate program or our co-branded program for credit cards. The co-branded program is absolutely FREE. We also have multiple FREE CREDIT REPORT offers to promote via affiliate channel. All offers pay great. Free credit card product feed is offered as well. If anyone needs assistance or advice on converting E-Loan traffic sources to Credit-Land, let me know. I'd be happy to assist.
I was looking at alternatives to e-loan and one main prospect was Quicken Loans. They too use CJ and one of their creatives had an EPC of over $1,000. Not to shabby.
Are they in bigger trouble than the email sounds? If anything they should be working harder to compete for customers at this moment, and their commission (including maintenance cost and all that stuff) is still cheap for a mortgage, don't you think?