Another lender is eyeing the Detroit area for its employee potential. The area is already home to companies such as Quicken Loans and United Wholesale Mortgage.
And now, loanDepot is opening a new direct-lending production center in Southfield, Michigan.
The “nation’s second-largest nonbank consumer lender” said that it already has staff there, along with approximately 100 loan officers.
Despite Detroit’s struggle to recover after the financial crisis, more and more lenders are choosing to grow in the area, helping fuel life back into the once-decaying city.
HousingWire Magazine covered the city back in March 2014, narrating how the city hit rock bottom and has been striving to get out ever since.
loanDepot isn’t the first lender to want to harness the talent potential in the area. Within the last year, HomeBridge Financial Service also announced new office in the Detroit suburb of Troy, stating at the time that it was the start of a huge push by the lender to grow in the area.
Both United Wholesale Mortgage and Quicken Loans are based in the Detroit area as well.
Quicken Loans CEO Bill Emerson once said in an interview with HousingWire, “You take 50 years of what happened to Detroit, and you can’t expect that to transition in five years. But the progress in those five years is amazing.”
As far as loanDepot’s growth, the company announced in August that it closed $150 million in term debt financing.
loanDepot said it intended to use the proceeds to further fuel its "record-breaking" performance with continued investments in technology and product development, and to leverage its balance sheet to hold certain loan assets.
And only a little more than a year ago, loanDepot said it nearly doubled the size of its online direct-lending production center, located in Orange County, California, from 131,267 to 238,732 square feet, bringing the lender to officially occupy more than 885,162 square feet of space nationwide. This included, at the time, direct-lending production centers in Plano, Texas, Brentwood, Tennessee and Scottsdale, Arizona.
When the news came out last year, loanDepot Chairman and CEO Anthony Hsieh said, “The continued expansion of our business and operations reflects the strength of the loanDepot brand and growing consumer demand for our products and services.”