LoanDepot has started a new wholesale lending channel that aims to offer mortgage brokers a “white-glove, relationship-first experience” with competitive pricing.
The move marks a strategic shift for the mortgage giant, which is now opening its doors to independent mortgage brokers after years of focusing primarily on direct-to-consumer and retail loans.
President of Partnership Lending, Dan Peña, will lead the new venture, along with mortgage veteran Matt Mancasola, who returns to loanDepot to serve as vice president of wholesale lending.
“Serving brokers through wholesale naturally expands our multi-channel origination strategy and complements our direct-to-consumer, in-market retail, joint venture, and servicing businesses,” said Anthony Hsieh, loanDepot founder and CEO, in a news release. “By leveraging the existing shared services infrastructure of our joint venture channel, we are well-positioned to scale this business and add a new source of profitable growth.”
Shares of loanDepot were up 2.8% to $1.82, with a market cap of $813.3 million.
