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loanDepot Appoints New COO To Foster More Growth And Operational Efficiencies

The country’s fifth largest retail lender, loanDepot, announced Tammy Richards will join the executive team as Chief Operations Officer for enterprise mortgage operations. Richards has 30+ years of experience, and has been a C-Level executive during the industry’s shift into contemporary times.

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“As I help our industry move into the modern digital era, there is only one team I wanted to join,” said Richards. “loanDepot—with its current positioning and recent launch of sister company mello Home to expand services for customers—is the best place to bring my expertise, and I’m thrilled to join the leading FinTech team.”

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Richards has served in senior roles at Wells Fargo, Bank of America, and most recently Caliber Home Loans.  In her impressive career, she’s overseen the move to digital mortgage processing and e-signings, reduced costs, and driven company efficiency and growth at scale.

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“Leaders like Tammy who truly understand how to blend technology and high-touch service are rare in the mortgage industry,” said Jeff Walsh, loanDepot’s Chief Operating Officer. “She gets our vision of expanding to meet customer needs with new offerings beyond mortgage, and is the best person to drive tech-enabled process improvement.”

Richards will report to Walsh and oversee about 1,600 team members. She will grow and refine loan production, and manage underwriting, processing, credit policy, funding/closing processes, and quality controls. She will be located in our Southern California headquarters, and collaborate closely with our recently launched state-of-the-art mello Innovation Lab—which houses 450+ developers and engineers—to simplify and improve the loan process.

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loanDepot Helps Those Impacted By Hurricanes

loanDepot, announced its plans to help families impacted by flooding and damage from hurricanes Harvey and Irma by introducing a FHA-203(h) product for those who need to rebuild or repair a destroyed or damaged home as well as for those needing to buy a replacement home.

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This FHA-203(h) Mortgage Insurance for Disaster Victims product is specifically designed to help those within Presidentially-declared major disaster areas (PDMDA) in urgent need of home repairs, a full rebuild, or to purchase a new home. The 203(h) product guidelines may allow loanDepot to disregard any late payments that were the result of the destroyed or damaged property in specific PDMDA areas. Additionally, it provides more flexibility on documentation of employment, assets and liabilities in cases where records were destroyed by the disaster.

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“Due to the scope and severity of the disasters, we felt it necessary and important to help families get back into homes as quickly as possible,” said Anthony Hsieh, loanDepot CEO and Chairman. “When I visited Texas and Florida and saw the devastation with my own eyes, I immediately knew that we needed to act quickly to support families in need. Not only have we donated to the American Red Cross and supported local diaper banks, but we’re using our expertise to help homeowners navigate the system so repairing, rebuilding or purchasing of homes can happen quickly to ensure a more rapid recovery allowing homeowners to rest easier.”

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For those needing repairs, the FHA-203(h) product can cover repairs such as:

>>Repair/replacement of roofs, flooring, gutters

>>Repair/replacement of existing plumbing and electrical systems

>>Painting (both interior and exterior)

>>Purchase and installation of major appliances such as stoves, refrigerators, washer/dryers, dishwashers and microwaves.

>>Accessibility improvements for persons with disabilities

>>Basement waterproofing

>>Window/door replacement and exterior wall re-siding

>>Other repairs to make the home safe and livable

For those renters or owners who need to purchase a new home, FHA-203(h) allows for a zero-dollar down payment if their current home was damaged or destroyed. Existing homeowners will need to document sufficient insurance coverage to pay off the existing mortgage of their damaged/destroyed home.

Eligibility may require a credit score threshold as well as the demonstration of on-time credit obligation payments for the 12 months prior to the disaster. 203(h) loans need to be initiated within a year of the disaster and to qualify, previous homes both owned or rented must have been located in a PDMDA and either destroyed or damaged to such an extent that reconstruction or replacement is necessary.

Lender Reaches Funding Milestone

loanDepot confirmed its drive toward record growth by funding $100 billion in home, personal and home equity loans since inception in 2010. In total, loanDepot has grown originations on average by 70 percent annually since 2010, and grown its market share by 400 percent since 2012.

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The $100 billion milestone builds on a phenomenal year in 2016 in which loanDepot funded $38 billion in loans, a 33 percent increase compared to 2015, and nearly five times its funding volume in 2013. The company also grew its top line revenue in 2016 by approximately 41 percent compared to a year earlier, nearly 140 percent higher than 2014.

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“In 2010, we launched loanDepot when many lenders were retreating from the market. What we’ve accomplished in seven years is really something special and extremely rewarding,” said Chairman and CEO Anthony Hsieh. “loanDepot has grown into a powerful national brand that challenges the status quo of traditional banking every day. Our $100 billion in fundings has been fueled by millions in capital strategically reinvested back into the company to sharpen our technology, expand our products and attract the nation’s top talent. We’re very excited with the work we’re doing to help borrowers achieve their dreams, and we’re looking forward to the next chapter for loanDepot and our nation.”

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Ranked by Inc. Magazine as one of the fastest-growing private companies in 2016 and 2015, loanDepot opened three new campuses in 2016 across the country to expand its Direct, Retail, and Wholesale business channels. Growing its nationwide employee base to nearly 6,000 strong today, loanDepot recently signed a lease to open a new 65,000 square foot business campus located in Irvine, California. The opening of this new campus will support loanDepot’s accelerated growth and expansion, and reflects the company’s commitment to developing market-leading technology, digital product delivery platforms and processes that will usher in the next generation of consumer lending.

Today, the loanDepot marketing platform acquires more than 500,000 potential borrowers every month, up 25 percent from a just over a year ago. The company maintains a total borrower data base of more than 15 million consumers nationwide.

“Unlike most lenders, loanDepot isn’t burdened with legacy issues that impede advancements in building proprietary technology, product delivery systems that bring greater efficiency to the lending process, or regulatory compliance. Our diversified origination platform is purpose built to pivot quickly in fast-changing market conditions. This philosophy empowers us to further penetrate purchase, refinance and consumer loans,” continued Hsieh. “This is an ideal time for loanDepot to gain greater market share as the leading solution to satisfy consumer demand for a highly efficient, tech-based lending experience that’s easy to navigate and supported by world class customer care.”

In a move to drive revenue and higher end-to-end service levels, last month loanDepot announced the acquisition of Closing USA and American Coast Title to its portfolio of brands. The move demonstrates loanDepot’s power to add and integrate multiple services and channels into one powerful technology-based lending platform that is redefining America’s lending landscape and how consumers think about accessing credit.

Today, the top five largest retail mortgage lenders, including loanDepot, are Wells Fargo, Quicken Loans, Bank of America, and JP Morgan Chase, according to the most recent Inside Mortgage Finance (IMF) report on the nation’s top retail mortgage lenders.

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Retail Lender Makes Huge Gains

In less than seven years, loanDepot has taken the retail mortgage industry by storm, soaring to the top tier of home loan lending as the newest and forward-looking brand among the nation’s five largest retail mortgage lenders. Today, as a result of loanDepot’s rise from the seventh position in 2015 to the fifth, the top five largest retail mortgage lenders, including loanDepot, are Wells Fargo, Quicken Loans, Bank of America, and JP Morgan Chase, according to the most recent Inside Mortgage Finance (IMF) report on the nation’s top retail mortgage lenders.

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Since launching in 2010, loanDepot has experienced 400 percent annual market share growth and achieved 70 percent average annual year-over-year growth since inception. loanDepot’s 1,700 licensed loan officers hold more than 10,000 licenses to serve borrowers in all 50 states, reinforcing its position as a national diversified origination platform with a well-balanced strategy to penetrate refinance, purchase and consumer loans.

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The latest IMF report on top Retail Mortgage Lenders echoes results reported in the latest Home Mortgage Disclosure Act (HMDA) survey released last month showing loanDepot’s rise as the newest contemporary company with a category leading position among the top five lenders, rising from 10th in 2014 to fifth place in 2015 among national originators of all mortgage products.

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“The loanDepot platform is purpose-built to deliver a high-tech digital and high-touch human experience through our website and our national network of licensed lending officers,” said loanDepot Chairman and CEO, Anthony Hsieh. “By engineering our own technology, digitizing the mortgage experience and further expanding our retail network, we’re reimagining how borrowers can access credit on their own terms. The popularity of our modern approach is demonstrated by steady increases in consumer demand for our services and quality loan products.”

loanDepot’s year-to-date funding volume for the first three quarters of 2016 reached $27 billion, a 23 percent increase compared to the same period in 2015, and three times the funding volume for the entire year of 2013. As the youngest brand among today’s top five retail mortgage lenders, loanDepot has funded more than $90 billion in home, personal and home equity loans since inception.

loanDepot has also significantly grown top line revenue this year. For the first three quarters of 2016, the company grew its year-over-year revenue by approximately 36 percent compared to the same time last year, or 78 percent higher than the entire year of 2014.

Today, the loanDepot marketing platform captures more than 500,000 potential borrowers every month, up from 400,000 a month last year, and maintains a total borrower data base of more than 14MM consumers. loanDepot continues to capture borrower insights from its immense consumer data base to create and refine its market leading services, an unmatched borrower experience, and proprietary loan products.

“Nonbank lenders continue to take market share from traditional banks, with loanDepot at the forefront of the modern lending movement,” Hsieh says. “As the purchase market gains momentum next year, so will loanDepot. We fully expect to continue outpacing market performance as we become an even greater force for overdue change and positive disruption in financial services.”

loanDepot Gets Financing

loanDepot, America’s lender, today announced the closing of $150 million in term debt financing on August 9, 2016. The company intends to use the proceeds to further fuel its record-breakingperformance with continued investments in technology and product development, and to leverage its balance sheet to hold certain loan assets.

“Capital investment in consumer lending and in the mortgage industry is very tight and highly selective,” saysAnthony Hsieh, chairman and chief executive officer at loanDepot. “Investors are interested in category leaders with scale who succeed in all credit cycles. This deal confirms the strength of our business model and the positivemomentum of our brand. It also signals the competitive advantage loanDepot has in accessing capital in today’smarket as we pursue our long-term growth strategy.”

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As the nation’s second-largest nonbank consumer lender, loanDepot heads into the second half of 2016 with second-quarter fundings reaching nearly $10 billion in home, personal and home equity loans. Total fundings for the first half of 2016 are up 16 percent compared to the same time last year. The number of loans funded by loanDepot in thefirst six months of 2016 increased by 33 percent compared to the same period last year, further demonstrating the valueof the company’s personal loan platform and cross-selling opportunities between loan products.

“Working capital and liquidity are essential for today’s nonbank lender, and only available if you have scale, asolid track record and a great reputation,” says Hsieh. “loanDepot is a strong and stable company responsible to ourcustomers, employees and shareholders. We’ll continue reinvesting back into our platform in a variety of ways,including technology, the customer experience and product development. We believe this approach strengthens our position as the leading modern lender as the industry heads into the next generation of lending.”

In November 2015, the company postponed its initial public offering. This capital debt financing is the continuation of its capital strategy and commitment to pursue long- term growth plans.

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Launched in 2010, loanDepot has achieved 80 percent year-over-year average annual growth from 2010 to2015. The company continues to make significant reinvestments into its proprietary technology and marketing platform, credit and risk models, and product delivery systems. The company remains an employer of choice for its5,200 #TeamloanDepot employees who continually vote the company a Top Workplace across the nation. Today the company operates from eight business centers and 150+ loan stores across the nation. loanDepot was the first nonbank consumer lender to offer home, personal and home equity loan products nationwide.

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Presidential Candidates, Don’t Forget To Talk About Lending

The two presumptive nominees have spent the past few days criticizing each other. The American people however, want the candidates to talk about housing policy. With the presidential elections fast approaching, one in five Americans (21%) say a candidate’s housing and finance policies will influence their vote, according to new research conducted for loanDepot. Nearly two out of five (36%) also think the presidential candidates are doing a bad job of articulating their housing and finance policies, and 35 percent would like to hear more from the candidates on these topics. Among those interested in hearing more, 56 percent are Democrats, 39 percent are Republicans, and 29 percent are Millennials.

loanDepot Election Survey Results - Democrats vs. Republications

Americans also weighed in on their economic and housing priorities for the 45th president’s first 100 days, electing to keep housing more affordable and interest rates low. Making homeownership more affordable for middle and lower income families topped the list with 37 percent of Americans, including 32 percent who are Millennials, 64 percent who are Democrat and 32 percent who are Republican. Keeping interest rates low (34%) and making more credit available to small businesses (11%) are second and third priorities. There was bi-partisan agreement on keeping interest rates low during the next president’s first 100 days with Democrats and Republicans at 47 percent and 49 percent respectively.

“People across the nation told us they want to hear more from the presidential candidates about their housing and financial policies on issues like income, access to credit, interest rates and affordable housing,” said loanDepot Chairman and CEO, Anthony Hsieh. “The candidate who does a good job in communicating their policies moving forward has an opportunity to influence millions of potential voters.”

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Same Old Same Old?  Maybe Not
Most Americans expect their financial situations to stay the same or get worse as a result of the upcoming presidential election, which could be due to a lack of information from candidates about these key policies. While the majority of likely voters (66%) don’t expect the election will impact their personal finances, nearly one quarter (24%) think they’ll be worse off financially. Of those who expect be worse off, 56 percent say the candidates have done a bad job of articulating their housing and financial policies. More Democrats (50%) expect to be worse off financially as a result of the elections than Republicans (44%). Only six percent of all voters expect to be better off as a result of the general November election.

Millennials May Miss Out
With Millennials now outnumbering baby boomers as the nation’s largest living generation of consumers, their entrance into homeownership has been anticipated as a welcome boost to home sales, especially starter homes. However, while 38 percent of home loans closed by Millennials in April 2016 were FHA loans1, the survey revealed many are still discouraged about their incomes and the election’s impact on their access to credit. In fact, more than one third (36%) of Millennials say their primary financial concern is not making enough money, and 46 percent are concerned about how the elections will impact their ability to access credit. Two out of five (40%) Millennials said making homeownership more affordable to middle- and low-income Americans should be a priority for the next president’s first 100 days.

“As more Millennials enter the housing market, we expect to see a higher priority placed on better borrowing options for first-time homebuyers,” said Hsieh. “loanDepot is one of the five largest FHA lenders in the country and we remain focused on helping borrowers, including Millennials, access the credit they need to finance home purchases.”

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Homeowners Are Getting Optimistic Again

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Nearly half (46%) of all U.S. homeowners with a mortgage expect their equity will increase in 2016, even though three out of five (60%) report equity in their homes has already increased during the last three years of the housing recovery, according to new research conducted for loanDepot.

Of those who expect their equity to change this year, 85 percent expect it to rise as much as 10 percent, with a quarter (27%) expecting it to rise between 6 to 10 percent. More than half (58%) are expecting an equity bump between one and five percent. Industry-wide reports forecast 2016 annual price gains to range between 2.3 and 4.7 percent. Only 3 percent of homeowners expect their equity to fall in 2016, and 27 percent expect it to remain the same.

More than 100 U.S. housing experts forecast home values will reach an average annual growth rate of 3.65 percent through the end of 2016. Today, more than 49 million homeowners – or 66 percent of all homeowners – hold a mortgage on their home.

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The loanDepot research also found that while 57 percent of homeowners believe their home’s value has appreciated in the past three years, the majority (80%) underestimate the amount of value their home has gained throughout the housing recovery. Of those who believe their home’s value has increased since 2013, one in four (27%) believe it increased between one and five percent since 2013. The Case Shiller 20-city index shows prices rose twice that much, in fact 10 percent from Nov 2013 to Nov 2015.

“Homeowners who bought during the housing boom are regaining equity many thought was lost forever, yet too many are not aware of the equity they have gained or they are unclear about how to determine changes in their equity,” said Bryan Sullivan, chief financial officer of loanDepot, LLC. “People who bought after the housing boom when prices were low are realizing homeownership can be a great investment and an asset that they can now leverage through equity to realize many dreams. Whether they choose to leverage their home equity now or reserve it for future needs, millions of homeowners have choices today not available just a few years ago.”

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loanDepot Launches Product And Consumer Experience Team

loanDepot, America’s lender, today announced the launch of its consumer experience and product development team with the appointment of Tim Von Kaenel as chief product officer, Rick Medeiros as chief digital officer, and Helen Wang as head of consumer experience. The appointment of these outstanding leaders signals the acceleration of loanDepot’s investment in technology innovations and digital product development to drive a superior user experience across the nation’s leading online consumer lending platform.

“Understanding today’s empowered consumer and how technology, access to information, and life’s milestones impact their behavior is critical for lenders who will successfully compete for future market share,” said Anthony Hsieh, chairman and chief executive officer at loanDepot. “Consumers expect and deserve a fast, intuitive and seamless experience in every segment of their lives, and loanDepot is committed to developing the kind of experience consumers have come to expect from other industries. We’re excited to welcome Tim, Rick and Helen to our team, and we look forward to the next chapter of modern lending with loanDepot on the frontlines.”

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Von Kaenel joins loanDepot after a 20 plus year career focused on product management with start-up and Fortune 500 companies in the software, wireless broadcast, and financial services industries. Von Kaenel most recently served as managing director at Outset Ventures LLC. Von Kaenel’s experience also includes leadership roles at technology brands SimpleAir, Inc., Tyco Retail Solutions, Vue Technology, Airmedia Inc., and Stamps.com. VonKaenel holds an MBA in economics, finance and strategy and a BA in economics both from University of California, Irvine.

Medeiros comes to loanDepot after serving as executive director at Lenovo where he oversaw end-to-end vision and strategy for the digital user experience and marketing campaigns. He brings 20 years of experience to loanDepot, leading the digital and user experiences for brands including Seagate Technology, Intuit, AT&T Wireless, Getty Images, and Dell Computers. Medeiros holds an MBA from the University of Utah and a BA from Brigham Young University.

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Wang brings 20 years of experience to loanDepot focused on consumer marketing strategy and analytics, product management and innovation in consumer lending, and consumer credit card acquisition. Wang most recently served as head of marketing strategy for Hyundai Capital America where she developed and oversaw all consumer and dealer marketing programs. Her career includes roles at Hyundai Capital America, JP Morgan Chase, Citi Cards and Fleet Financial Group. Wang holds an MBA from Harvard Business School, and a BS in Finance and international business from Georgetown University.

Recent research1 on consumer lending confirms the majority of borrowers today prefer applying for loans online, especially younger borrowers. In fact, preference for online interactions over the past two years has jumped nearly 30 percent, indicating a viable digital process today is a must have for lenders competing in all segments and demographics. While interest rates continue to consistently rank as the single most important factor influencing consumers when selecting a lender, features that make up a lender’s overall experience such as speed, transparency, and customer service in aggregate contribute to more than 50 percent of a consumer’s decision-making criteria.2

The loanDepot mission is to be America’s lender of choice. The company is committed to serving the needs of responsible borrowers across the country through technology innovations, predictive data science, exceptional service, and cost-efficient consumer-acquisition delivery systems. With its full suite of lending products, loanDepot continues to be a major driver of the fundamental shift underway in America’s consumer lending landscape.

Launched in 2010, loanDepot has quickly become the nation’s second largest nonbank consumer lender, funding $29 billion in 2015 alone. Since 2012, the company has experienced 400 percent annual market share growth.

The addition of Von Kaenel, Medeiros, and Wang to loanDepot’s product and consumer experience bench rounds out 24 months of leadership hires who bring significant lending, product development and technology innovation experience with market-leading companies. In addition to these newest hires, loanDepot has attracted: Brian Biglin, chief risk officer who came from Intuit, PayPal, and Microsoft; Chief Technology Officer, Dominick Marchetti who came to loanDepot from Blueberry Systems; Charles Merrill, VP of portfolio management who came to loanDepot from PIMCO, Goldman Sachs, and UBS Investment Bank; and Executive Vice President, Retail David Norris who came to loanDepot from Nationstar, LendingTree, Qualcomm and Discover Home Loans.

What’s On The Minds Of Homeowners?

Nearly half (46%) of all U.S. homeowners with a mortgage expect their equity will increase in 2016, even though three out of five (60%) report equity in their homes has already increased during the last three years of the housing recovery, according to new research conducted for loanDepot, America’s lender.

Of those who expect their equity to change this year, 85 percent expect it to rise as much as 10 percent, with a quarter (27%) expecting it to rise between 6 to 10 percent. More than half (58%) are expecting an equity bump between one and five percent. Industry-wide reports forecast 2016 annual price gains to range between 2.3 and 4.7 percent. Only 3 percent of homeowners expect their equity to fall in 2016, and 27 percent expect it to remain the same.

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More than 100 U.S. housing experts forecast home values will reach an average annual growth rate of 3.65 percent through the end of 2016. Today, more than 49 million homeowners – or 66 percent of all homeowners – hold a mortgage on their home.

The loanDepot research also found that while 57 percent of homeowners believe their home’s value has appreciated in the past three years, the majority (80%) underestimate the amount of value their home has gained throughout the housing recovery.  Of those who believe their home’s value has increased since 2013, one in four (27%) believe it increased between one and five percent since 2013. The Case Shiller 20-city index shows prices rose twice that much, in fact 10 percent from Nov 2013 to Nov 2015.

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“Homeowners who bought during the housing boom are regaining equity many thought was lost forever, yet too many are not aware of the equity they have gained or they are unclear about how to determine changes in their equity,” said Bryan Sullivan, chief financial officer of loanDepot, LLC. “People who bought after the housing boom when prices were low are realizing homeownership can be a great investment and an asset that they can now leverage through equity to realize many dreams. Whether they choose to leverage their home equity now or reserve it for future needs, millions of homeowners have choices today not available just a few years ago.

loanDepot: Loan Fundings Increase By 118%

loanDepot, heads into 2016 after a record breaking year of adding 125,000 new consumers to the loanDepot community of borrowers in 2015, and increasing year-over-year fundings by 118 percent to $29 billion, more than double last year’s funding levels. The company has funded more than $60 billion in loans since launching in 2010.

Committed to delivering a full suite of high-quality, competitively priced loans on one tech-enabled platform, loanDepot moved into marketplace lending in 2015 with the highly successful launch of its personal loans. In the first six months alone, loanDepot funded $353 million in personal loans to more than 23,000 borrowers nationwide. Last month the company announced the closing of a $150 million securitization of its personal loan product, further demonstrating the popularity and quality of the loanDepot platform.

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“2015 was a transformational year in lending, and an incredible year for loanDepot at the forefront of the modern lending movement,” said Anthony Hsieh, chairman and chief executive officer of loanDepot. “In six short years, loanDepot has grown into a powerful national brand that challenges the status quo of traditional banking everyday with our marketing and technology platform. Our record breaking performance in 2015 was fueled by investments that sharpened our technology, expanded our products and attracted top talent. It set the stage for us to accelerate the growth of the loanDepot brand in 2016, and expand our reach to connect with greater numbers of borrowers we know want access to our products.”

Four months after the introduction of personal loans, loanDepot became the first marketplace lender to offer home equity loans. Fundings of loanDepot home equity loans have doubled every month since launch, with average loan amounts on the rise ranging from nearly $40,000 to $60,000. Median home prices in 2016 are expected to increase between 4.3 percent and 4.9 percent, enough to add another 800,000 homeowners into equity-positive positions and raise the total number of U.S. homes with equity to 47.3 million.

loanDepot also reaffirmed its commitment to America’s veterans in 2015. The company strengthened its VA loan team of licensed loan officers dedicated to helping vets with their lending needs. As a result, loanDepot funded more than 10,000 VA home loans nationwide in 2015.

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Ranked by INC Magazine as one of the fastest growing private companies in 2015, loanDepot grew its nationwide employee base to more than 5,000 people, nearly doubled its office space to more than one million square feet nationwide, and expanded the company’s national footprint to include eight technology-enabled business centers and 140+ loan stores.

“Consumer demand for loanDepot brand products continues to grow at impressive rates. It confirms America’s appetite for a disruptive model based on a platform engineered to connect borrowers quickly with a broad selection of high-quality lending products backed by a trusted national brand,” said Hsieh. “That’s exactly what we’re doing at loanDepot. We’re answering consumers’ demand for a highly efficient, tech-based lending experience that’s easy to navigate and supported by world class customer care as they search for financing to fuel their lives.”

Nearly 75 percent of the company’s personal loan borrowers are homeowners, demonstrating loanDepot’s power to cost-efficiently integrate multiple products into consumers’ financial lifecycle through its unique marketing and technology-based platform that is redefining America’s lending landscape.