loanDepot announced today a new partnership with a technology and data provider for marketplace lending.
loanDepot’s new partnership with Orchard Platform will give it a deeper understanding and insight into the performance of loanDepot personal loan products relative to other marketplace lenders and the industry as a whole. LoanDepot will integrate its 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,” loanDepot Chief Risk Officer Brian Biglin said.
Less than a year after loanDepot made its announcement that it would be moving into the marketplace with the launch of its unsecured personal loan product, it is announcing its new partnership. This product has been met with success as, within the first eight months, loanDepot has funded more than $400 million in personal loans to about 26,000 consumers nationwide. Today, the loanDepot tech-enabled lending platform delivers personal loans, purchase and refinance, and home equity loan products.
Matt Burton, chief executive officer and co-founder of Orchard, said: “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 measures the overall performance of U.S. consumer marketplace loans. It provides investors with a useful and widely accepted benchmark to evaluate the relative performance of these loans.
Meanwhile, loanDepot's competitor Quicken Loans is also branching out of mortgages.