LoanDepot

LoanDepot, sometimes stylized as loanDepot, is a Foothill Ranch, California-based holding company which sells mortgage and non-mortgage lending products.[4] It is reportedly the second largest non-bank provider of direct-to-consumer loans in the United States.[5]

LoanDepot
TypePrivate
IndustryMortgage lending
Founded2010 (2010)[1]
FounderAnthony Hsieh
Headquarters
Foothill Ranch, California
,
U.S.
Key people
Anthony Hsieh (CEO)
Productsconsumer mortgages,[2] mello mortgage technology platform[3]
Websitewww.loandepot.com

History

LoanDepot was founded in 2010 by entrepreneur Anthony Hsieh, who had previously founded mortgage companies LoansDirect.com which he sold to E*Trade, and HomeLoanCenter.com, which he sold to LendingTree.[1] The company's products at the time included fixed rate, jumbo, FHA and home equity loans, in addition to more controversial adjustable-rate mortgages (ARM) and negative amortization products.

In November 2015, the company postponed a planned IPO, citing poor market conditions.[5]

In March 2017, the company introduced technology to automate the loan process, allowing customers to apply for a mortgage without talking to a loan officer.[6]

In January 2018, the company announced two products as part of its technology platform, now called Mello, a home improvement unit to allow contractors to offer financing to customers, and Mello Home, a platform to connect pre-approved buyers to realtors.[3]

In September 2019, the company partnered with Century 21 Redwood Realty to form a new mortgage platform for the mid-Atlantic area, Day 1 Mortgage.[7]

References
  1. Sherter, Alaine (January 7, 2010). "Mortgage Entrepreneur Anthony Hsieh Says He's No Predator and Plans to Prove It". CBS News. Retrieved January 22, 2019.
  2. Koren, James (March 31, 2016). "LoanDepot CEO Anthony Hsieh is banking on growth". Los Angeles Times. Retrieved December 29, 2020.
  3. Brennan, Peter (January 23, 2018). "LoanDepot Unveils 2 New Businesses". Orange County Business Journal. Retrieved January 22, 2019.
  4. "Company Overview of loanDepot, Inc". Bloomberg L.P. Retrieved December 29, 2020.
  5. Bomey, Nathan (November 13, 2015). "Mortgage lender LoanDepot halts plans for IPO". USA Today. Retrieved January 22, 2019.
  6. Koren, James (March 6, 2017). "Apply for a home loan from your phone? That's just the start of LoanDepot's plans". Los Angeles Times. Retrieved January 22, 2019.
  7. Mendoza, Candyd (September 20, 2019). "loanDepot and Century 21 Redwood Realty create Day 1 Mortgage platform". Mortgage Professional America Magazine. Retrieved December 29, 2020.
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