Industry Vet Launches New Online Mortgage Lender

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.