On Monday, direct lender loanDepot announced that it is heading into 2016 after a record-breaking 2015. This is due to the fact that the company added 125,000 new consumers to its community of borrowers over the past twelve months and has increased year-over-year fundings by 118 percent to $29 billion, more than double 2014’s funding levels. The company also revealed that it has funded more than $60 billion in loans since launching in 2010.
Anthony Hsieh, chairman and chief executive officer of loanDepot, stated:
“2015 was a transformational year in lending, and an incredible year for loanDepot at the forefront of the modern lending movement. In six short years, loanDepot has grown into a powerful national brand that challenges the status quo of traditional banking everyday with our marketing and technology platform.
“Our record breaking performance in 2015 was fueled by investments that sharpened our technology, expanded our products and attracted top talent. It set the stage for us to accelerate the growth of the loanDepot brand in 2016, and expand our reach to connect with greater numbers of borrowers we know want access to our products.”
Recently, INC Magazine declared loanDepot as one of the fastest growing private companies in 2015. It has grown its nationwide employee base to more than 5,000 people, nearly doubled its office space to more than one million square feet nationwide, and expanded the company’s national footprint to include eight technology-enabled business centers and 140+ loan stores. Hsieh commented:
“Consumer demand for loanDepot brand products continues to grow at impressive rates. It confirms America’s appetite for a disruptive model based on a platform engineered to connect borrowers quickly with a broad selection of high-quality lending products backed by a trusted national brand. That’s exactly what we’re doing at loanDepot. We’re answering consumers’ demand for a highly efficient, tech-based lending experience that’s easy to navigate and supported by world class customer care as they search for financing to fuel their lives.”
Nearly 75% of the company’s personal loan borrowers are homeowners, demonstrating loanDepot’s power to cost-efficiently integrate multiple products into consumers’ financial lifecycle through its unique marketing and technology-based platform that is redefining America’s lending landscape.