loanDepot

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LoanDepot
TypePublic
NYSE: LDI
IndustryMortgage lending
Founded2010; 12 years ago (2010)[1]
FounderAnthony Hsieh
Headquarters
Lake Forest, California
,
U.S.
Key people
Anthony Hsieh (CEO)
Productsconsumer mortgages,[2] mello mortgage technology platform[3]
RevenueIncrease$4.3 Billion (2020)[4]
Number of employees
11,763[5]
Websitewww.loandepot.com

LoanDepot, sometimes stylized as loanDepot, is a Lake Forest, California-based holding company which sells mortgage and non-mortgage lending products.[6] In 2015, the company claimed to be the second largest non-bank provider of direct-to-consumer loans in the United States.[7]

History[]

LoanDepot was founded in 2010 by entrepreneur , who had previously founded mortgage companies LoansDirect.com which he sold to E*Trade, and HomeLoanCenter.com, which he sold to LendingTree.[1] The company's products at the time included fixed rate, jumbo, FHA and home equity loans, in addition to more controversial adjustable-rate mortgages (ARM) and negative amortization products.

In November 2015, the company postponed a planned IPO, citing poor market conditions.[7]

In March 2017, the company introduced technology to automate the loan process, allowing customers to apply for a mortgage without talking to a loan officer.[8]

In January 2018, the company announced two products as part of its technology platform, now called Mello, a home improvement unit to allow contractors to offer financing to customers, and Mello Home, a platform to connect pre-approved buyers to realtors.[3]

In September 2019, the company partnered with Century 21 Redwood Realty to form a new mortgage platform for the mid-Atlantic area, Day 1 Mortgage.[9]

loanDepot went public on the New York Stock Exchange on February 11, 2021 under the ticker symbol LDI.[10]

In 2020, loanDepot broke $100 billion of mortgage originations for the first time, with just under 300,000 loans originated.[11]

In March 2021, the company bought the naming rights to Marlins Park, the home ballpark of the Miami Marlins of Major League Baseball and renamed it LoanDepot Park.[12]

References[]

  1. ^ a b Sherter, Alaine (January 7, 2010). "Mortgage Entrepreneur Anthony Hsieh Says He's No Predator and Plans to Prove It". CBS News. Retrieved January 22, 2019.
  2. ^ Koren, James (March 31, 2016). "LoanDepot CEO Anthony Hsieh is banking on growth". Los Angeles Times. Retrieved December 29, 2020.
  3. ^ a b Brennan, Peter (January 23, 2018). "LoanDepot Unveils 2 New Businesses". Orange County Business Journal. Retrieved January 22, 2019.
  4. ^ Inc, loanDepot. "loanDepot Announces Fourth Quarter and Full Year 2020 Financial Results". www.prnewswire.com.
  5. ^ "LoanDepot Number of Employees 2019-2021 | LDI". www.macrotrends.net.
  6. ^ "Company Overview of loanDepot, Inc". Bloomberg L.P. Retrieved December 29, 2020.
  7. ^ a b Bomey, Nathan (November 13, 2015). "Mortgage lender LoanDepot halts plans for IPO". USA Today. Retrieved January 22, 2019.
  8. ^ Koren, James (March 6, 2017). "Apply for a home loan from your phone? That's just the start of LoanDepot's plans". Los Angeles Times. Retrieved January 22, 2019.
  9. ^ Mendoza, Candyd (September 20, 2019). "loanDepot and Century 21 Redwood Realty create Day 1 Mortgage platform". Mortgage Professional America Magazine. Retrieved December 29, 2020.
  10. ^ Melendez, John (February 18, 2021). "LoanDepot Closes IPO". Mergers & Acquisitions. Retrieved April 15, 2021.
  11. ^ "loanDepot Mortgage Originations 2020". Retrieved December 2, 2021.
  12. ^ "Miami Marlins' ballpark to be renamed LoanDepot Park". ESPN. Associated Press. March 31, 2021. Retrieved March 31, 2021.

External links[]

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