loanDepot’s fight to be the No. 1 nonbank consumer lender
Will 2016 be its year?
loanDepot made a lot of moves in 2015 to reach its goal of becoming the No. 1 nonbank consumer lender.
While the company said it hasn’t passed Quicken Loans for the top spot, it has done a lot to position itself for growth in 2016.
The lender said that last year loanDepot added 125,000 new consumers to its community of borrowers and increased year-over-year fundings by 118% to $29 billion, more than double last year’s funding levels.
And since launching in 2010, the company said it has funded more than $60 billion in loans.
“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,” said Anthony Hsieh, chairman and CEO of loanDepot.
As far as what loanDepot accomplished last year, in May it broke into the personal loan space, which reached more than $40 million in funding volume within the first two months of launching.
And it recently announced it closed a $150 million securitization of unsecured personal loans.
Then at the beginning of August, loanDepot expanded its product offerings again by announcing its plans to offer new home equity products and second mortgages.
"Our vision is to deliver a diversified lending model sustainable in all market conditions," said Hsieh at the time.
The year did come with some hiccups for the lender. loanDepot made headlines in December when it decided to withdraw its Initial Public Offering.
loanDepot’s decision to withdraw its IPO was easier than expected, according to Hsieh in a company blog.
The online mortgage lender was scheduled to trade on the New York Stock Exchange on Nov. 13 but announced on Nov. 12 that it was withdrawing its IPO due to adverse "market conditions."