loanDepot Fundings Surge By 118% In 2015; $60 Billion Funded Since 2010
America's Lender Helps 125,000 Borrowers and Funds $29 Billion in Loans in 2015, Setting Stage for Accelerated Growth in 2016
Jan 11, 2016
IRVINE, Calif., Jan. 11, 2016 /PRNewswire/ -- loanDepot, America's Lender, heads into 2016 after a record breaking year of adding 125,000 new consumers to the loanDepot community of borrowers in 2015, and increasing year-over-year fundings by 118 percent to $29 billion, more than double last year's funding levels. The company has funded more than $60 billion in loans since launching in 2010.
loanDepot is the only marketplace lender today offering personal, purchase, refinance and home equity loans to borrowers nationwide.
Committed to delivering a full suite of high-quality, competitively priced loans on one tech-enabled platform, loanDepot moved into marketplace lending in 2015 with the highly successful launch of its personal loans. In the first six months alone, loanDepot funded $353 million in personal loans to more than 23,000 borrowers nationwide. Last month the company announced the closing of a $150 million securitization of its personal loan product, further demonstrating the popularity and quality of the loanDepot platform.
"2015 was a transformational year in lending, and an incredible year for loanDepot at the forefront of the modern lending movement," said Anthony Hsieh, chairman and chief executive officer of loanDepot. "In six short years, loanDepot has grown into a powerful national brand that challenges the status quo of traditional banking everyday with our marketing and technology platform. Our record breaking performance in 2015 was fueled by investments that sharpened our technology, expanded our products and attracted top talent. It set the stage for us to accelerate the growth of the loanDepot brand in 2016, and expand our reach to connect with greater numbers of borrowers we know want access to our products."
Four months after the introduction of personal loans, loanDepot became the first marketplace lender to offer home equity loans. Fundings of loanDepot home equity loans have doubled every month since launch, with average loan amounts on the rise ranging from nearly $40,000 to $60,000. Median home prices in 2016 are expected to increase between 4.3 percent and 4.9 percent, enough to add another 800,000 homeowners into equity-positive positions and raise the total number of U.S. homes with equity to 47.3 million.
loanDepot also reaffirmed its commitment to America's veterans in 2015. The company strengthened its VA loan team of licensed loan officers dedicated to helping vets with their lending needs. As a result, loanDepot funded more than 10,000 VA home loans nationwide in 2015.
Ranked by INC Magazine as one of the fastest growing private companies in 2015, loanDepot grew its nationwide employee base to more than 5,000 people, nearly doubled its office space to more than one million square feet nationwide, and expanded the company's national footprint to include eight technology-enabled business centers and 140+ loan stores.
"Consumer demand for loanDepot brand products continues to grow at impressive rates. It confirms America's appetite for a disruptive model based on a platform engineered to connect borrowers quickly with a broad selection of high-quality lending products backed by a trusted national brand," said Hsieh. "That's exactly what we're doing at loanDepot. We're answering consumers' demand for a highly efficient, tech-based lending experience that's easy to navigate and supported by world class customer care as they search for financing to fuel their lives."
Nearly 75 percent of the company's personal loan borrowers are homeowners, demonstrating loanDepot's power to cost-efficiently integrate multiple products into consumers' financial lifecycle through its unique marketing and technology-based platform that is redefining America's lending landscape.
ABOUT LOANDEPOT, LLC
loanDepot, America's lender, matches borrowers through technology and high-touch customer care with the credit they need to fuel their lives. As a fast-growing national marketplace lender, the loanDepot platform is disrupting finance by dissolving the lines between mortgage and nonmortgage credit. The company has over $60 billion in loans since inception. loanDepot is passionate about emerging financial technology and dynamic product delivery supported by excellent customer service to empower consumers. Headquartered in Southern California, loanDepot employs 5,000+ people across the country including 1,500+ licensed loan officers, and operates 140+ loan stores nationwide. The company operates under the brand names loanDepot, imortgage, Mortgage Master, LDWholesale and LDEscrow. NMLS # 174457
Learn more at loanDepot.com