Meet the Online Lender That’s Made $100 Billion in Loans
Here’s a milestone for you, loanDepot has funded more than $100 billion in loans since they were founded in 2010. Mortgage loans may have enabled them to hit such a higher number in a short amount of time, but they also have a robust personal loan business. The two have more in common than you might think.
One trend that loanDepot CEO Anthony Hsieh shared when he spoke at the Marketplace Lending & Investing Conference back in September, is that since the Great Recession, borrowers that would have traditionally sought a home equity line, have instead been applying for personal loans. They know this because the credit and financial profiles between their home loan borrowers and personal loan borrowers is virtually identical, Hsieh said.
loanDepot celebrated making $100 billion in loans by publishing this video. Have a look: