U.S. Consumer Marketplace Lending Index To Include loanDepot Data

Posted by Patrick Barnard on February 29, 2016 No Comments
Categories : Residential Mortgage

Non-bank mortgage lender loanDepot Inc. has formed a strategic partnership with Orchard Platform, a technology and data provider for marketplace lending, to integrate loanDepot’s performance data into the Orchard U.S. Consumer Marketplace Lending Index and Market Data products.

“As online lending continues to grow in size and importance, access to transparent and unbiased, benchmarked data will become more important to investors as they evaluate opportunities,” says Brian Biglin, chief risk officer at loanDepot.

“Our personal loan product continues to perform very well, attracting a larger mix of high quality, more responsible borrowers as compared to many online lenders,” Biglin adds. “We’re excited to showcase our portfolio on the Orchard platform as an attractive option to investors interested in specific loan types, borrower profiles and risk and return potential.”

loanDepot moved into marketplace lending in May 2015 with the launch of its unsecured personal loan product. Within the first eight months of loan availability, loanDepot funded more than $400 million in personal loans to approximately 26,000 consumers nationwide.

“We’re excited to partner with a category leader like loanDepot and have their data available on our platform and included in the U.S. Marketplace Lending Consumer Index,” says Matt Burton, CEO and co-founder of Orchard. “Through our proprietary approach to data standardization, loanDepot’s data will be made available to institutional investors and facilitate further participation in their purchase programs.”

The Orchard Index, which is distributed via Bloomberg Professional service, measures the overall performance of U.S. consumer marketplace loans, providing a widely accepted benchmark to evaluate the loans’ relative performance. Data from the index is available to subscribers in Orchard’s Monthly Industry Report.

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