loanDepot is getting ready to file an initial public offering after making significant strides in the industry this year to try and become the No. 1 nonbank consumer lender, industry sources close to the company tell HousingWire.
At the beginning of August, loanDepot closed the hole on its product offerings and announced its plans to offer new home equity products and second mortgages. A move opposite of the rest of the industry.
Just days after loanDepot announced it was jumping into home equity products, Wells Fargo (WFC) said it stopped offering closed-end home equity loans due to the upcoming TILA-RESPA Integrated Disclosure Rule taking effect on Oct. 3.
"Our vision is to deliver a diversified lending model sustainable in all market conditions. We look forward to leading the development of marketplace lending through the introduction of new products and services that provide credit solutions for borrowers with attractive returns for investors," said Anthony Hsieh, CEO and chairman of loanDepot.
And that was only the latest initiative from the nonbank.
And shortly after that in May, it broke into the personal loan space, which has already experienced rapid market acceptance, with funding volume in the first two months of launch reaching more than $40 million.