loanDepot

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]

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

History

LoanDepot was founded in 2010 by entrepreneur Anthony Hsieh, 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. 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. 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. 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.
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