Mortgage originations reported by loanDepot in September were, in fact, loan applications. Still, the 11-month-old firm was able to make history in its first year of business.
In response to a previous request for loanDepot’s annual originations, a spokesman for the Irvine, Calif.-based company reported in September to Mortgage Daily, “Our per month average is 1,800 and growing.”
But the 1,800 monthly average was actually loan applications and not loan fundings, the spokesman clarified today.
He also touted an industry milestone.
“As of Nov. 30th, loanDepot became the first company in consumer direct lending history to fund 1,000 loans in a single month in the first year of business,” the spokesman said in a statement. “This record was not broken in the hay day of mortgage lending; the record was broken during what has been described as one of the strictest lending environments of modern times.”