Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
690,015-16,539
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.84%-0.01
Mortgage

loanDepot eyes purchase business in the South with new mortgage JV

The partnership is with Smith Douglas Homes, which sold nearly 2,300 homes last year

loanDepot has signed a new joint venture agreement with Smith Douglas Homes, a top-50 homebuilder with a solid book of business in the Southern states.

Known as Ridgeland Mortgage, the joint venture will expand loanDepot’s footprint in a region where new-home sales account for roughly one-third to one-half of all transactions, depending on the market.

In a statement issued on Monday, loanDepot said its partnership with Smith Douglas Homes, the nation’s 36th-largest homebuilder, would provide it strong purchase business in Atlanta and central Georgia, as well as Houston; Birmingham and Huntsville, Alabama; Charlotte and Raleigh, North Carolina; and Chattanooga and Nashville, Tennessee.

“Smith Douglas Homes’ approach to the new construction market is perfectly aligned with loanDepot’s commitment to serving the needs of first-time homebuyers,” said Dan Peña, executive vice president of national joint ventures for loanDepot.

“Our new joint venture helps both companies make the American dream of home ownership possible for more families while providing Smith Douglas Homes with access to an unparalleled lending platform that will deliver an exceptional customer experience.”

Smith Douglas Homes sold 2,297 homes in 2023.

loanDepot has a variety of partnerships with homebuilders across the country. Its partners include Schell Brothers, AV Homes, Meritage Homes, Michael Saunders & Co, Tripointe Homes, Polygon Northwest Homes and LGI Homes.

The retail lender is scheduled to announce its third-quarter earnings on Tuesday. In the second quarter, the company lost $16 million, which included costs related to a hacking incident in the first quarter.

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular Articles

Latest Articles

CoreLogic: Mortgage delinquencies kept climbing in September 

September signified a steady decline in mortgage performance since the end of third-quarter 2023. About 3% of all mortgages were in some form of delinquency in September 2024 — up 20 basis points year over year, according to a CoreLogic report released this week.

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please