loanDepot To Expand Suite Of Lending Products

Posted by Patrick Barnard on March 02, 2015 No Comments
Categories : Residential Mortgage

loanDepot reports that it is expanding its suite of lending products to include Federal Housing Administration Title 1 loans, which will be offered to qualified borrowers interested in financing home improvements, repairs and approved solar installations.

In addition to the FHA Title 1 loans, the company plans to roll out additional lending products in 2015.

In a release, Dave Norris, president and CEO of loanDepot, says the ‘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,’ he says. ‘This is the first of several credit products loanDepot will bring to market this year and [is] 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, the company says in its release. 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.

The company points out that these FHA Title 1 loans can be combined with a personal loan of up to $35,000 through its newly launched Consumer Lending division, thus enabling homeowners to borrow up to $60,000 for home improvements, repairs and additions.

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