Young Firm Touts $1 Billion Monthly Milestone

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1 · 06 · 11

A company that launched for business just last year took in $1 billion in business last month.

loanDepot was launched in January 2010 by former LendingTree LLC president Anthony Hsieh.

As of last month, the company said it had grown to 475 employees and was licensed in 47 states

A news release Tuesday from the Foothill Ranch, Calif.-based company indicated that it took in $1 billion in new residential business during August.

“The company expects these originations, defined as a loan that has been locked and sent to its operations group for closing, to continue to fund though September,” the statement said. “Based on historical conversion rates, the $1 billion in originations will likely result in up to $750,000,000 in total loan fundings.”

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