Foothill Ranch-based mortgage lender loanDepot Inc. (NYSE: LDI) continues to invest in the tech aspects of its business.
In November, loanDepot launched “Closing Connection” to boost its wholesale mortgage business. Earlier this month, it introduced even more upgrades in its closing process for brokers and settlement agents.
The company said it has spent more than $400 million on tech to improve the process of obtaining mortgages.
“In the few short months since launching Closing Connection in our proprietary broker portal, we’ve received excellent feedback on the speed and efficiency at which brokers have been able to close, and these new features take the platform a step further extending enhanced functionality to settlement agents,” said loanDepot Wholesale’s Senior Vice President of Sales Mike Klotz. “We anticipate a great response to these latest updates and have even more in the works for 2022.”
The mortgage provider (NYSE: LDI) is scheduled to present fourth-quarter results on Feb. 1. Analysts are forecasting revenue will drop 48% to $714 million.
Since loanDepot’s IPO last February at $14, its shares have declined more than half to $5.21 and a $703 million market cap.
Earlier this month, loanDepot brought in-house its servicing of Ginne Mae loans, saying it allows the company to scale for operational efficiency and rely less on third party sub-servicing partners. The company is hiring for positions in its servicing department, with a particular emphasis on customer-facing employees.
