The announced merger of two mortgage bankers is projected to create one of the largest independent retail lenders in the country.
A press release Wednesday indicated that loanDepot.com LLC and imortgage Inc. have reached a definitive agreement to merge.
The transaction, which the announcement said is subject to regulatory approval, is expected to closed in the fourth quarter.
loanDepot was launched in 2010 by former LendingTree LLCÂ president Anthony Hsieh and Parthenon Capital Partners. The company says it currently operates in all 50 states and is approved as a seller-servicer by Fannie Mae, Freddie Mac and Ginnie Mae.
imortgage was founded 14 years ago and operates 56 branches.
Combined, loanDepot and imortgage reportedly originate $15 billion annually through retail branches and a centralized lending operation.
The merged entity will “rank as the third largest private, independent retail mortgage lender in the nation,” the announcement said.
The news release indicated that the combined companies will have a fast-growing servicing business.
More than 2,200 people are collectively employed by the two companies, the statement said. Total staffing includes more than 700 licensed loan consultants.
Branch count will total 60 once the deal is done.
Hsieh will serve as chairman and chief executive officer of the combined company, while imortgage President Dean Bloxom and Chief Operating Officer Jay Johnson will continue in those roles.
The imortgage brand will be maintained.
