Irvine, Calif.-based loanDepot announced its latest venture and launched its wholesale lending division, LDWholesale.
The new division is designed to offer mortgage brokers efficient, high-touch boutique-style service.
“While market and regulatory conditions are pushing many lenders out of the wholesale market, we see a tremendous opportunity to serve brokers who are interested in a wholesale partner backed by the power of the loanDepot brand,” said loanDepot President and Chief Operating Officer, Dave Norris.
Using proprietary mortgage technology, LDWholesale centers around a web portal and loan origination system offering mortgage brokers anytime access to the company’s suite of loan products.
“There is no segment within the mortgage industry facing greater challenges today than mortgage brokers and bankers. We’re committed to empowering our partners with the service levels and loan products they need and expect from a loanDepot brand business so they’re successful in today’s fast-changing marketplace,” said Jeff Walsh, president of LDWholesale.
This launch comes during a time when there is a lot of movement in wholesale lending. Back in February, Green Tree Servicing announced it is exiting wholesale lending, while in December 2013, Stonegate Mortgage said it was acquiring Nationstar’s wholesale lending channel.
