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loanDepot founder and CEO Anthony Hsieh announced that the company will be donating $2 million during the holiday season, to support families and individuals impacted by the COVID-19 pandemic. The donation will also be distributed to several key partner charitable organizations, according to a press release.
The donations are being made on the behalf of loanDepot's employees bringing the company's total donation efforts in 2020 to $3 million.
"Our company wants to help bring relief to those impacted by COVID-19, as well as support the necessary and important efforts of a variety of charities, which have also been affected by this year's challenging conditions," said Hsieh.
According to the report, $1.5 million will be allocated to more than 3,000 vulnerable individuals and families directly impacted by the COVID-19 pandemic through unemployment, furlough or loss of income. The donation will be distributed in the form of $500 emergency payment cards that can be used without restriction to pay for basic necessities or other needs. The War Heroes on Water, United Cerebral Palsy of Orange County, Boys and Girls Club of Central Orange Coast, Second Harvest Food Bank and Free Wheelchair Mission will each receive $100,000.
"As the nation's second-largest retail nonbank lender, we have the good fortune of being able to help hundreds of thousands of families every year achieve their dreams of homeownership," added Hsieh. "But with that opportunity comes a responsibility to our employees, our customers and to communities nationwide. This donation is especially important to our employees who want to do whatever they can to support those who are experiencing hardship at this time."
The company is also giving employees an opportunity to increase the total donation through personal contributions.