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New Wholesale Lender Launches

Mortgage News

A company that projects it will originate nearly 40 percent more this year than last year is looking to mortgage brokers to help it achieve its goal.

Earlier this month, loanDepot LLC made a projection that it will close $14 billion during all of 2014.

That’s significantly more than in 2013, when the Irvine, Calif,-based company funded $8.4 billion, and in 2012, when production amounted to $6.7 billion.

On Wednesday, loanDepot announced that it has launched a wholesale lending division.

Dubbed LDWholesale, the unit promises efficient, high-touch boutique-style service.

Products being offered by the wholesaler include conventional loans, government mortgage programs and Home Affordable Refinance Program loans.

At the heart of the new business is proprietary mortgage technology built on a web portal and loan origination system offering brokers 24-hour access to a full suite of loan products, the statement said.

“Today’s mortgage brokers will play an important role in the nation’s overall recovery this year, especially considering the far reaching impact housing has on the health of the U.S. economy,” loanDepot President and Chief Operating Officer David Norris said in the news release. “loanDepot is dedicated to their success and we look forward to becoming a valued partner to mortgage brokers across the country.”

Jeff Walsh has been named president of LDWholesale.

loanDepot’s entry comes at a time when many lenders are abandoning the wholesale channel.

Information about the new business is online at www.LDWholesale.com.

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