LoanDepot
| Company type | Public |
|---|---|
| Industry | Financial services |
| Founded | 2010 |
| Founder | Anthony Hsieh |
| Headquarters | Irvine, California , United States |
Key people | Anthony Hsieh (Executive Chairman), Frank Martell (President and CEO) |
| Products | Mortgage and non-mortgage lending services |
Number of employees | 11300 (before reduction) |
| Website | loandepot |
LoanDepot, occasionally presented as loanDepot, is a nonbank holding company headquartered in Irvine, California that focuses on both mortgage and non-mortgage lending services.
History
Established in 2010 by entrepreneur Anthony Hsieh, who had earlier founded and sold mortgage firms LoansDirect.com and HomeLoanCenter.com, LoanDepot initially provided a range of loan products including fixed-rate, jumbo, FHA, home equity loans, and adjustable-rate mortgages (ARMs).
By November 2015, LoanDepot ranked as the second-largest non-bank direct-to-consumer lender in the United States; however, it delayed its planned initial public offering due to unfavorable market conditions. In March 2017, the company introduced technology designed to automate the loan application process, allowing borrowers to apply without interacting with loan officers. January 2018 marked the launch of two tech-driven initiatives: a home improvement financing division aimed at contractors and Mello Home, a platform facilitating connections between pre-approved buyers and real estate agents. In September 2019, LoanDepot collaborated with Century 21 Redwood Realty to debut Day 1 Mortgage services in the mid-Atlantic area.
During 2020, LoanDepot originated $100 billion in mortgages—twice the amount from the previous year—positioning it as the fourth-largest mortgage provider in the U.S. by loan volume. That year CEO Hsieh was awarded a $42.5 million discretionary bonus, while other senior executives received bonuses ranging from $9 million to $12 million.
LoanDepot became a publicly traded company on the New York Stock Exchange on February 11, 2021, under the ticker symbol LDI. The stock debuted at $14 per share but declined nearly 50% by September 2021, placing the company's valuation near $2.2 billion.
In March 2021, LoanDepot secured naming rights for the Miami Marlins’ stadium, which was subsequently renamed LoanDepot Park.
April 2022 saw Hsieh step down from his roles as chairman and CEO to become executive chairman, with Frank Martell assuming the positions of president and CEO. By July 2022, LoanDepot announced plans to reduce its workforce from approximately 11,300 employees to around 6,500 amid operational difficulties; at that point, its stock price hovered near $1.50 per share.
Litigation
In 2020, LoanDepot faced a class action lawsuit filed in the U.S. District Court for Arizona alleging breaches of federal robocall regulations. In September 2021, former COO Tammy Richards initiated legal action against the company in California Superior Court citing concerns related to operations. That same year, LoanDepot was subject to a securities fraud class action lawsuit in the U.S. District Court for the Central District of California, followed by an additional shareholder suit filed by Tuyet Vu in Delaware’s U.S. District Court in March 2022.
2024 Data Breach
On January 8, 2024, LoanDepot informed the Securities and Exchange Commission that its phone and loan processing platforms had been compromised by an unauthorized entity beginning January 4. The organization subsequently revealed that this cyber intrusion resulted in the exposure of sensitive personal data belonging to 16.6 million customers.
External links
- Tammy Richards Lawsuit Against LoanDepot
- Hoard v. LoanDepot.com, LLC (robocall class action)
- Articles with short description
- Companies based in Orange County, California
- Financial services companies established in 2010
- Financial services companies of the United States
- Mortgage lenders of the United States
- 2009 establishments in California
- Holding companies established in 2009
- American companies established in 2009
- Companies listed on the New York Stock Exchange