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LoanDepot Unveils 2 New Businesses

LoanDepot LLC, the second largest non-bank mortgage lender in the U.S., launched two new businesses to expand real estate lending through its technology platform dubbed Mello.

The Foothill Ranch-based firm began a new home improvement unit that lets contractors offer financing to clients. Borrowers can get up to $75,000 and work with verified contractors through a loanDepot smartphone and desktop computer app.

Homeowners spend on average $4,000 to $6,000 a year on home repairs and upgrades, loanDepot said, citing statistics from Zillow and the National Association of Homebuilders. About half of homebuyers in 2016 needed improvements on their new homes and 83% of sellers make improvements before selling.

The second new unit, called mello Home, connects pre-approved borrowers to real estate agents vetted by loanDepot.

LoanDepot is the second largest non-bank consumer lender in the U.S. after Quicken Loans. It recently spent $80 million to upgrade its technology and Mello was introduced last March.

Anthony Hsieh founded LoanDepot in 2010; it has more than $1 billion in annual sales and 6,000 employees.

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Peter J. Brennan
Peter J. Brennan
With four decades of experience in journalism, Peter J. Brennan has built a career that spans diverse news topics and global coverage. From reporting on wars, narcotics trafficking, and natural disasters to analyzing business and financial markets, Peter’s work reflects a commitment to impactful storytelling. Peter’s association with the Orange County Business Journal began in 1997, where he worked until 2000 before moving to Bloomberg News. During his 15 years at Bloomberg, his reporting often influenced financial markets, with headlines and articles moving the market caps of major companies by hundreds of millions of dollars. In 2017, Peter returned to the Orange County Business Journal as Financial Editor, bringing his heavy business industry expertise. Over the years, he advanced to Executive Editor and, in 2024, was named Editor-in-Chief. Peter’s work has been featured in prestigious publications such as The New York Times and The Washington Post, and he has appeared on CNN, CBC, BBC, and Bloomberg TV. A Kiplinger Fellowship recipient at The Ohio State University, he leads the Business Journal with a dedication to uncovering stories that matter and shaping the local business community and beyond.
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