National lender loanDepot says it has funded $100 billion in home, personal and home equity loans since its inception in 2010. As reported, loanDepot has grown originations on average by 70% annually since 2010 and grown its market share by 400% since 2012.
The $100 billion milestone builds on a year in which loanDepot funded $38 billion in loans – a 33% increase compared with 2015 and nearly five times its funding volume in 2013. The company also grew its top line revenue in 2016 by approximately 41% compared with a year earlier – nearly 140% 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,” says chairman and CEO Anthony Hsieh. “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.”
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, loanDepot recently signed a lease to open a new 65,000-square-foot business campus located in Irvine, Calif.
The loanDepot marketing platform acquires more than 500,000 potential borrowers every month – up 25% from just over a year ago. The company maintains a total borrower database 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,” continues Hsieh.
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 technology-based lending platform.
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 report on the nation’s top retail mortgage lenders.