SoFi expects the online mortgage origination industry to be a big portion of their business. In fact, they expect mortgages to experience the fastest growth of any of their products to date.
National Mortgage News shared some comments from SoFi management including Chief Revenue Officer Michael Tannebaum who said they expect significant growth;
“Mortgages are the product that we’re looking for the fastest growth from our three main lending products.”
SoFi has been offering mortgages for some time now but the business has been quietly growing. SoFi apparently did $100 million in mortgages in the month of December alone.
The report says SoFi is plotting a mortgage blitz after a challenging 2016. Their plan is to roll out mortgage offerings in states with lots of jumbo loans. So far, SoFi has been licensed in 27 different states – including New York which is expected to come through today. SoFi just recently leased a sizeable office space in Manhatten in the Meatpacking district becoming a bicoastal operation.
SoFi won’t have the market to itself. Lending Home, RocketLoans, and LoanDepot are all in the mortgage/mortgage refi space. But this sector of the lending industry is enormous with total outstanding mortgage debt over $13 trillion. And SoFi has a growing legion of loyal users who started by financing their student loans.