IRVINE, Calif., Dec 1, 2015 /PRNewswire/ -- loanDepot,
America's lender, today announced the closing of a $150 million securitization of its popular
unsecured personal loans accessed by consumers on loanDepot.com.
This $150 million securitization was
structured and sold by Jefferies, a global investment banking
firm.
In the first six months since launching its first nonmortgage
product, more than $250 million in
loanDepot personal loans were funded to nearly 17,000 borrowers
nationwide. The company's personal loan applications have increased
by nearly 25 percent each month since July on average.
"Demand from our customers requesting a personal loan is very
strong and growing," said Anthony
Hsieh, chairman and chief executive officer at loanDepot.
"Completing this first securitization with Jefferies of our
personal loans so soon after launch is a key milestone that enables
us to accelerate expansion of the product while meeting growing
demand. As a product innovator and technology leader in marketplace
lending, we're committed to expanding the loanDepot platform to
help even more borrowers fuel their lives and pursue their
dreams."
Michael Wade, managing director
at Jefferies, said, "We look forward to continuing to work with our
client, loanDepot, and its lending platform to structure and
deliver innovative investment opportunities to our capital markets
investor clients."
The first securitization of loanDepot personal loans coincides
with the company's nationwide work force surpassing 5,000
employees, and the expansion of its Consumer Lending division to a
new 40,000 square foot location in Orange
County, CA.
This securitization of loanDepot personal loans arrives at a
time when consumer demand for credit is on the rise. The most
recent quarterly report on household debt and credit from The
Federal Reserve Bank of New
York[1] reports the number of credit inquiries
within six months, an indicator of consumer demand for credit,
increased at an annualized rate of over 20 percent by 9 million to
182 million from the second to third quarter 2015. The same report
shows 6 percent annualized growth in credit card balances to
$714 billion, an $11 billion increase, during the same time.
loanDepot personal loans can be used in conjunction with a home
loan, or for nearly any purpose including credit card debt
consolidation, home improvement, vacations and more. The three most
popular uses today for loanDepot personal loans are debt
consolidation, home improvement and credit card refinancing.
With the launch of loanDepot personal loans in May 2015, the company redefined marketplace
lending as the first national nonbank lender to offer both mortgage
and nonmortgage lending products to consumers nationwide. Today,
loanDepot personal loans are available up to $35,000 with three- or five-year repayment terms
and rates starting at 6.17 percent APR. There are no
application fees and funds are deposited into borrower accounts in
as little as three days. Borrowers have the added convenience of
completing applications online or by phone with a loanDepot
consumer lending expert at 800.656.2606.
loanDepot's mission is to be America's lender and employer of
choice. Since 2010, the company has experienced 400 percent
annual market share growth, today employing more than 5,000
employees that includes 1,500+ licensed loan officers offering
responsible borrowers nationwide personal loans, refinance and
purchase home loans and home equity loans. Total company
funding's through September of this year of nearly $22 billion.
ABOUT LOANDEPOT
loanDepot, America's lender, is an emerging-growth nonbank
consumer lender and market leader offering mortgage and nonmortgage
lending products in all 50 states. Founded in 2010 by
industry trailblazer and innovator Anthony Hsieh,
loanDepot operates under the brand names loanDepot.com,
imortgage, Mortgage Master, and LDWholesale. The company is
headquartered in Foothill Ranch, CA, operates 139+ loan stores
offering lending products to consumers nationwide, and generates
loan production from five technology-enabled business centers.
More than 5,000 people are employed by loanDepot, including 1,500+
licensed loan officers. As America's lender, loanDepot is
disrupting consumer finance and redefining the market with less
division between mortgage and nonmortgage credit amid changes in
consumer behavior and technology, access to credit, economic cycles
and market consolidation. loanDepot is an approved seller and
servicer for Fannie Mae, Freddie Mac and Ginnie
Mae. loanDepot facilitates personal loans product through
Cross River Bank, a New Jersey State Chartered Commercial Bank and
FDIC member bank. loanDepot.com NMLS # 174457 Learn more
at loanDepot.com.
Contact:
Julie Reynolds
| 949.595.7110
jreynolds@loanDepot.com
Kristen Sharkey | 203.682.8200
loandepotICR@icrinc.com
Photo - http://photos.prnewswire.com/prnh/20151130/292005
Logo -
http://photos.prnewswire.com/prnh/20150807/257035LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/loandepot-closes-150-million-securitization-of-personal-loans-300185838.html
SOURCE loanDepot.com, LLC