E-Loan Prez: Industry Hasn't Fully Embraced Web

The mortgage industry has embraced the concept of having websites but has fallen short of actually embracing the Internet, according to Joseph Kennedy, president and chief operating officer of E-Loan Inc., Dublin, Calif.Mr. Kennedy made his comments at Thomson Media's 5th Annual Mortgage EC conference in Las Vegas. During his presentation, he drew parallels to the automotive and travel industries and concluded that the mortgage industry is using the Web more like the former than the latter. Car dealers use the Web as a source of leads, he said, but ignore the real need of their customers: accurate pricing information. The tourist business, in contrast, has changed its methods and given Web visitors the information they need to close the deal. "Our product is information-based," Mr. Kennedy said. "It is absolutely perfect for the Web. Borrowers are embracing the Internet, and eventually so must we as an industry." E-Loan can be found online at http://www.eloan.com.