loanDepot’s commitment to veterans has skyrocketed over the last two years, as the company’s latest mortgage report shows a huge jump in VA home loans.
According to loanDepot, it has increased its number of funded VA-guaranteed home loans by 170% and its total funded volume of VA home loans by nearly 225% since 2014.
As a result, it’s now the nation’s fifth largest lender of VA-guaranteed home loans.
"Homeownership is a key part of the American dream, yet too many of our veterans and active military aren't using the benefits they've earned to finance their homes," said Dan Hanson, chief retail production officer at loanDepot.
"The latest VA data indicates only 12.6% of our nation's 18.9 million vets used the VA Home Loan Guaranty program,” said Hanson. “We want veterans to know there are dedicated resources to help them access the most advantageous mortgage financing available to fulfill their dreams of homeownership."
In 2016 alone, loanDepot helped serve more than 23,000 veterans, active military and spouses, resulting in nearly $7 billion in VA loan financing.
And its not only mortgage that loanDepot is helping veterans with. The lender added that in order to serve the unique needs of veterans and military families, loanDepot hires loan officers who are veterans themselves and will match VA applicants with loan officers proficient in VA home loan benefits.
For added perspective, the latest data from the Mortgage Bankers Association found that the Veterans Affairs’ share of total applications sits at 10.5% of total applications.