FOOTHILL RANCH, CA--(Marketwire - Sep 7, 2011) - loanDepot.com LLC, one of the nation's largest online mortgage lenders, today announced that it originated $1 billion in residential mortgage loans for the month of August 2011. This milestone comes just 20 months after the company launched and was done in one of the most challenging mortgage markets in history.
"This incredible milestone was achieved through the dedication and hard work of our entire team of mortgage professionals who have been relentless in their pursuit of providing consumers with the best mortgage experience possible," said Anthony Hsieh, CEO of loanDepot.com. "Achieving this milestone amidst this most challenging economic environment indicates that loanDepot is building a solid foundation for future performance. We hope to be a leader and innovator as we mature as a company and executing our strategy."
The company expects these originations, defined as a loan that has been locked and sent to its operations group for closing, to continue to fund though September. Based on historical conversion rates, the $1 billion in originations will likely result in up to $750,000,000 in total loan fundings.
loanDepot also continued to execute on its strategic plans during the summer months through a variety of initiatives aimed at growth. These initiatives include:
- The opening of its new corporate headquarters in Foothill Ranch, CA. This 85,000+ square foot facility will house over 750 people and be used to house loanDepot's growth in Southern California.
- The launch of loanDepot's national expansion coincides with the opening of loanDepot's first origination branch, located outside Nashville, TN. loanDepot has already identified 6 additional markets for branches and is aggressively hiring in those markets. Plans are to house 50-100 licensed loan officers in each location.
- The launching of O2 Funding, loanDepot's wholesale mortgage division. O2 will serve the lending needs of the mortgage broker community and currently employs 54 people, with plans to reach 200 by year's end.
"The summer of 2011 is a monumental time in the history of loanDepot. Hitting $1 billion in originations while we launched 3 major initiatives is a testament to our mission to become one of the largest mortgage lenders in the nation. loanDepot will continue to grow, innovate and obsess over providing world-class customer service as we continue building the best mortgage company in the nation," said Hsieh.
To learn more about loanDepot's mortgage loans or mortgage refinance opportunities, please visit www.loandepot.com.
About loanDepot.com
loanDepot, based in Foothill Ranch, CA, is a 3rd generation online direct-to-consumer lender servicing multiple states. The company founder, industry veteran Anthony Hsieh, with a world-class executive team, is well known for pioneering the Internet mortgage industry, building two highly successful companies and merging them into publicly-traded companies, E*TRADE Mortgage and LendingTree Loans, both of which are still in operation today. loanDepot is committed to delivering a better, faster, more efficient process and industry-leading rates while delivering the best service in the industry. loanDepot is currently licensed in 46 states with over 1,100 individual loan officer licenses. For more information on loanDepot, visit www.loandepot.com.
Contact Information:
CONTACT:
Matthew Murray
949.470.6869