LoanDepot, sometimes stylized as loanDepot, is an Irvine, California-based nonbank holding company which sells mortgage and non-mortgage lending products.[5][6]
LoanDepot was founded in 2009 by entrepreneur Anthony Hsieh, who had previously founded mortgage companies LoansDirect.com which he sold to E*Trade in 2001, and HomeLoanCenter.com, which he sold to LendingTree in 2004.[7][8][9] 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.[citation needed]
In November 2015, loanDepot claimed to be the second largest non-bank provider of direct-to-consumer loans in the United States and postponed a planned IPO, citing poor market conditions.[10] 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.[11] In January 2018, the company announced two products as part of its technology platform, a home improvement unit to allow contractors to offer financing to customers, and Mello Home, a platform to connect pre-approved buyers to realtors.[2] 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.[12]
In 2020, loanDepot made $100 billion of mortgage originations for the first time, with just under 300,000 loans originated,[13] which was twice the amount of loans originated the previous year, according to industry data tracker iEmergent, which also found loanDepot to be the fourth-largest mortgage provider based on the dollar amount of the loans.[8] In 2020, Hsieh was paid "a special one-time discretionary bonus" of $42.5 million, and other executives received smaller bonuses, between $9 million and about $12 million.[8]
loanDepot went public on the New York Stock Exchange on February 11, 2021, under the ticker symbol LDI.[14][9] Shares were sold at $14 and by September 2021 had lost about half of their value, with the company valued at $2.2 billion.[8][9]
In April 2022, Hsieh stepped down from his role as chairman and CEO to become the executive chairman of the company, and Frank Martell became president and CEO.[16] In July 2022, LoanDepot filed a statement with the Securities and Exchange Commission announcing it would reduce its workforce from 11,300 to 6,500, and that it currently had 8,500 employees.[6] On July 12, the LoanDepot stock price was about $1.50 per share.[6]
$1.8billion (2022 forecast)[3]
