Lending The Ticker

loanDepot reaches landmark $100 billion in funded loans

Since inception in 2010

loanDepot

loanDepot kept busy the past seven years since it launched into the housing finance market after the financial crisis, with all the work eventually leading to its current landmark of $100 billion in funding home, personal and home equity loans.

“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.”

The nonbank, which is not publically traded, does not release quarterly financial reports, with this report giving the latest pulse on the strength of the company.

However, that’s not to say loanDepot didn’t try to go public. loanDepot was originally scheduled to trade on the New York Stock Exchange starting on Nov. 13, 2015, but announced the day before that it was withdrawing its Initial Public Offering due to adverse "market conditions."

Then back in August, loanDepot finally revisited its financial situation, revealing that it decided to go a different route for raising money. Instead, loanDepot announced it closed $150 million in term debt financing on Aug. 9.

Hsieh expanded the on the current milestone, stating, “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 also reported that originations on average increased by 70% annually since 2010, and grown market share by 400% since 2012.

In 2016 alone, loanDepot funded $38 billion in loans, a 33% 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% compared to a year earlier, and maintains a total borrower data base of more than 15 million consumers nationwide.

Most recently, loanDepot announced two major acquisitions, adding Closing USA, a national title, escrow and settlement company, along with affiliate, American Coast Title, to the company.

As a result of the acquisitions, loanDepot’s national licensing footprint for title, escrow and settlement services expanded to more than 30 states and Washington, D.C.

And all the added growth created the extra need for space. Since HousingWire covered the company opening its new co-headquarters in Plano, Texas, nearly four years ago, it announced three new campuses in 2016 alone, growing its nationwide employee base to nearly 6,000 strong today.

loanDepot even recently signed a lease to open a new 65,000 square foot business campus located in Irvine, California.

“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,” continued Hsieh. “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.”

 

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