Anthony Hsieh, an entrepreneur who previously created and sold LoansDirect and Home Loan Center, has started a new online mortgage company, loanDepot.com which is based in Irvine, Calif. The backers for loanDepot include San Francisco-based private equity company Parthenon Capital Partners. Mr. Hsieh has ambitious plans for the company, projecting the creation of over 1,000 jobs by 2013. Right now it is licensed in 18 states, with plans to be approved nationwide by the end of this year. In support of its business plan, loanDepot cites two studies, including one from National Mortgage News that shows 80% or more of all mortgages originated have touched the Internet at some point in their process. It also pointed to Deloitte Consulting research which found 93% of those who applied for a loan online started their research online, 71% of telephone applicants started their research online and 60% of face-to-face applicants started their research online. The company has already been approved by the Federal Housing Administration as a non-supervised lender.
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Some members of the Senate, where the GOP majority is thinner, also are asking the Federal Housing Finance Agency to reveal more about planned mortgage reforms.
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The housing regulator has been mum on details about its reshuffling, but Secretary Scott Turner has emphasized mission-critical functions would persist.
April 2 -
Regulators should approve the deal because post-merger, the servicing market remains fragmented and the mortgage origination business is even more dispersed.
April 2 -
Publicly traded lenders, including UWM, Rocket Mortgage and Guild Mortgage, saw personnel expenses increase significantly throughout last year.
April 2 -
A three-judge panel will hear an appeal by the Trump administration of a preliminary injunction that has blocked the government from dissolving the Consumer Financial Protection Bureau.
April 2 -
The measure applies to mortgages closed in the months prior to the Southern California wildfires, which are now experiencing early-stage distress.
April 2