Anthony Hsieh, financial services veteran and entrepreneur, in a partnership with Parthenon Capital Partners and advised by Milestone Capital, is pleased to announce the launch of loanDepot.com. The highly accomplished executive team at loanDepot.com, with 25 years of online and direct-to-consumer mortgage banking experience, will look to once again reinvent the industry, offering low rates, fast closings, and educational resources for customers.
As more people use the Internet to address their financial service needs, the adoption of online mortgage lending will continue to increase. Deloitte Consulting research shows that 93 percent of those who applied for a mortgage online started their research online, 71 percent of telephone applicants started their research online, and 60 percent of face-to-face applicants started their research online.
"loanDepot.com is built around a mission of responsible lending, with a clear focus on putting the customer first while offering industry-leading closing times," said Anthony Hsieh, CEO and founder of loanDepot.com. "As a champion of customer rights and service, loanDepot.com will lead the way in open and honest communication, extensive product and industry knowledge, and the ability to manage and exceed consumers' expectations."
The recent collapse of the housing market has led to drastic changes in the mortgage industry. State and federal laws, spurred on by the SAFE Act, have enacted new licensing, disclosures, operations, ethics, and hiring guidelines. Companies are now required to hire employees after background checks and to have mortgage bankers be licensed by state regulators. loanDepot.com has embraced these changes, ensuring that all of the company’s mortgage bankers are both federally tested and state licensed, in accordance with all applicable guidelines.
loanDepot.com is an approved and registered direct lender with HUD and is an approved, non-supervised FHA lender already compliant with HUD’s “good faith” guidelines, providing each customer with an easy-to-read standardized Good Faith Estimate, ensuring that the price quoted on the estimate is the price the customer will be paying.
As pioneers of online direct-to-consumer lending, the executive team at loanDepot.com has put technology at the forefront, providing exceptional customer service, efficient mortgage processing, and stringent underwriting. This next-generation platform is designed to stay current with all state and federal guidelines while offering seamless and efficient loan processing, instant loan status updates, and direct access to the most up-to-date mortgage rates. loanDepot.com’s mortgage platform addresses the new regulatory needs set forth following the recent mortgage crisis, the company is one of the only direct-to-consumer lenders built to address the new mortgage marketplace. loanDepot.com provides a full-service education center, including a free e-Appraisal and property analysis, an on-demand video Q&A vault, and a home buying and refinance guide.
"We were very impressed with loanDepot.com, the executive team and their track record of success,: said Brian Golson, managing partner of Parthenon Capital Partners. “Mr. Hsieh brings a unique combination of entrepreneurship, knowledge, honesty, motivation, and drive; the exact qualities we look for when investing in a company.”
loanDepot.com is forecasting the creation of over a thousand jobs by 2013. This type of growth is not new to Hsieh or the executive team at loanDepot.com, at their previous ventures the team created 1,000 jobs within two years. loanDepot.com is licensed currently in 18 states with plans to be approved in all 50 states by the end of 2010. The company will continue to build its nationwide lending platform in a responsible and strategic manner, offering the best in pricing and service to consumers.
For more information, visit www.loanDepot.com.