loanDepot LLC Announces Plans To Expand Suite Of Lending Products
America's Consumer Lender Adds Home Equity and Personal Lending Products Slated for 2015
Feb 26, 2015
IRVINE, Calif., Feb. 26, 2015 /PRNewswire/ -- loanDepot LLC, America's consumer lender, today announced plans to offer home equity loans to qualified borrowers interested in financing home improvements, repairs, and approved solar installations. The introduction of FHA Title 1 loans will be the first in a series of new lending products slated for delivery by loanDepot to consumers across the nation in 2015.
"loanDepot is committed to being America's consumer lender, a place where everyone can go for credit at affordable rates and responsible terms as they pursue their dreams," said Dave Norris, president and chief operating officer of loanDepot LLC. "Market timing for the introduction of our home equity loan program is ideal. The economy continues to heal, consumer confidence is improving, and many markets across the country are experiencing home price appreciation. This is the first of several credit products loanDepot will bring to market this year, and part of our strategy to integrate fully into the financial lifecycles of consumers as their trusted and valued consumer credit partner."
The FHA Title 1 home improvement loan is a flexible and affordable product that gives homeowners the opportunity to finance home improvements or repairs, and make their dream home a reality. Loan amounts will be offered up to $25,000 over 20 years with fixed interest rates. Appraisals and equity are not required, and FHA Title I loans can be in a second or third position. There are no prepayment penalties and, in most cases, the interest expense is tax deductible. When combined with a personal loan of up to $35,000 from loanDepot's Consumer Lending division, consumers will be able to borrow up to $60,000 for home improvements, repairs and additions. Fast fundings usually occur in one week.
loanDepot will offer consumers convenient high-tech, high-touch access to FHA Title 1 home improvement, mortgage and personal loan credit through all of the company's business brands and channels including online, four direct-lending web centers, and 130+ branches across the country.
"Our commitment to expand and add consumer loan products, our ability to harness our distribution channels and technology, and our consumer-first philosophy positions loanDepot as America's premier nonbank consumer lender well into the future," said Norris. "We look forward to remaining at the forefront of this newly emerging credit cycle and marketplace as America's consumer lender of choice to all 50 states."
loanDepot remains on track to offer unsecured personal loan products in the first half of 2015 to responsible borrowers through the company's newly launched Consumer Lending Division.
ABOUT LOANDEPOT LLC
Launched in 2010, loanDepot LLC is an emerging-growth nonbank consumer lender and market leader offering mortgage and nonmortgage lending products in all 50 states. Founded in 2010 by industry pioneer and innovator Anthony Hsieh, loanDepot LLC operates under the brand names loanDepot.com, imortgage, Mortgage Master, and LDWholesale. The company maintains dual headquarters in Foothill Ranch, CA and Plano, TX, operates 130+ local branches offering lending products to consumers nationwide, and generates loan production from four technology-enabled business centers. More than 4000 people are employed by loanDepot, including 1300+ licensed loan officers. As America's consumer lender, loanDepot is disrupting consumer finance and redefining the market with less division between mortgage and nonmortgage credit amid changes in consumer behavior and technology, access to credit, economic cycles and market consolidation. loanDepot LLC is an approved seller and servicer for Fannie Mae, Freddie Mac and Ginnie Mae. loanDepot, LLC, NMLS # 174457 Learn more at loanDepot.com.
SOURCE loanDepot LLC