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loanDepot Will Service Ginne Mae Loans In-House

Jan 04, 2022
Loandepot solo logo.

The move leverages loanDepot's ongoing investment in its servicing platform.

loanDepot, the nation's second largest nonbank retail lender, said today it will bring the servicing of FHA-, VA-, and USDA-funded Ginnie Mae loans in-house.

The company said the move leverages ongoing investment in loanDepot's servicing platform, allowing it to scale for operational efficiency and enhanced customer service. 

Earlier this year, loanDepot began retaining servicing for newly funded Freddie Mac and Fannie Mae loans, while laying the groundwork for Ginnie Mae Mortgage-Backed Securities. The approval from Ginnie Mae to service its loans in-house is significant, loanDepot said, because Ginnie Mae remains the market's primary guarantor of securities containing FHA, VA, and USDA loans.

"Servicing our Ginnie Mae loans in-house is important for loanDepot, because it enables us to provide the best-in-class care and service that our customers have come to expect — from initial consultation through servicing for the life of their loans," said Dan Binowitz, loanDepot’s executive vice president of servicing and capital market operations. "We're relying less on third- party sub-servicing partners, which streamlines the process and allows us to work directly with our customers so we can offer the outstanding service that they expect and deserve."

To accommodate this move and continued growth, loanDepot recently upgraded its servicing portal with intuitive technology. loanDepot is also recruiting for positions across its servicing organization, focusing on customer-facing talent. 

Since its launch in 2010, loanDepot has brought a digital-first approach to the home-buying industry, making it easier, faster and less stressful to purchase or refinance a home.

 

About the author
David Krechevsky was an editor at NMP.
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