loanDepot Funds $100 Billion In Just Seven Years Since Launch
America's Lender Increases 2016 Annual Fundings by 33 Percent, Drives Bold Growth with Opening of 65,000 Square Foot SoCal Business Campus
Jan 25, 2017
IRVINE, Calif., Jan. 25, 2017 /PRNewswire/ -- loanDepot, America's lender, today confirmed its drive toward record growth by funding $100 billion in home, personal and home equity loans since inception in 2010. As the newest and most forward-looking brand among the nation's top five retail mortgage lenders, loanDepot has grown originations on average by 70 percent annually since 2010, and grown its market share by 400 percent since 2012.
The $100 billion milestone builds on a phenomenal year in 2016 in which loanDepot funded $38 billion in loans, a 33 percent increase compared to 2015, and nearly five times its funding volume in 2013. The company also grew its top line revenue in 2016 by approximately 41 percent compared to a year earlier, nearly 140 percent higher than 2014.
"In 2010, we launched loanDepot when many lenders were retreating from the market. What we've accomplished in seven years is really something special and extremely rewarding," said Chairman and CEO Anthony Hsieh. "loanDepot has grown into a powerful national brand that challenges the status quo of traditional banking every day. Our $100 billion in fundings has been fueled by millions in capital strategically reinvested back into the company to sharpen our technology, expand our products and attract the nation's top talent. We're very excited with the work we're doing to help borrowers achieve their dreams, and we're looking forward to the next chapter for loanDepot and our nation."
Ranked by Inc. Magazine as one of the fastest-growing private companies in 2016 and 2015, loanDepot opened three new campuses in 2016 across the country to expand its Direct, Retail, and Wholesale business channels. Growing its nationwide employee base to nearly 6,000 strong today, loanDepot recently signed a lease to open a new 65,000 square foot business campus located in Irvine, California. The opening of this new campus will support loanDepot's accelerated growth and expansion, and reflects the company's commitment to developing market-leading technology, digital product delivery platforms and processes that will usher in the next generation of consumer lending.
Today, the loanDepot marketing platform acquires more than 500,000 potential borrowers every month, up 25 percent from a just over a year ago. The company maintains a total borrower data base of more than 15 million consumers nationwide.
"Unlike most lenders, loanDepot isn't burdened with legacy issues that impede advancements in building proprietary technology, product delivery systems that bring greater efficiency to the lending process, or regulatory compliance. Our diversified origination platform is purpose built to pivot quickly in fast-changing market conditions. This philosophy empowers us to further penetrate purchase, refinance and consumer loans," continued Hsieh. "This is an ideal time for loanDepot to gain greater market share as the leading solution to satisfy consumer demand for a highly efficient, tech-based lending experience that's easy to navigate and supported by world class customer care."
In a move to drive revenue and higher end-to-end service levels, last month loanDepot announced the acquisition of Closing USA and American Coast Title to its portfolio of brands. The move demonstrates loanDepot's power to add and integrate multiple services and channels into one powerful technology-based lending platform that is redefining America's lending landscape and how consumers think about accessing credit.
Today, the top five largest retail mortgage lenders, including loanDepot, are Wells Fargo, Quicken Loans, Bank of America, and JP Morgan Chase, according to the most recent Inside Mortgage Finance (IMF) report on the nation's top retail mortgage lenders.
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 consumer lender, the loanDepot platform is disrupting finance by dissolving the lines between mortgage and nonmortgage credit. The company has funded over $100 billion in loans since inception and is passionate about emerging financial technology and dynamic product delivery supported by excellent customer service to empower consumers. Headquartered in Southern California, loanDepot employs 6,000+ lending professionals across the country including 1,700+ licensed loan officers who hold 12,000+ licenses. The company operates 180+ local loan locations nationwide. NMLS # 174457