loanDepot Appoints David Norris As President And Chief Operating Officer 25-Year Veteran in Mortgage and Technology Sectors To Lead Company's Enterprise-Level Operations
IRVINE, Calif., April 7, 2014 /PRNewswire/ -- loanDepot, LLC, the nation's third largest privately-held independent retail mortgage lender and operator of loanDepot.com and imortgage, today announced David Norris will join the company in the position of president and chief operating officer. He will report directly to loanDepot Chief Executive Officer and Chairman of the Board, Anthony Hsieh.
As the former chief marketing officer of Nationstar Mortgage and president of its Greenlight Financial Services brand, Norris, 48, brings more than 25 years of consumer mortgage and technology industry experience to this important role. In addition to leading and strengthening loanDepot's daily enterprise-level operational excellence across all company channels, Norris will assume executive oversight for loanDepot's ongoing relationships with the company's affinity partners.
"We're excited to welcome Dave to loanDepot which further validates the progress we've made in building the brand into one of the premier consumer mortgage lenders in the county," said Hsieh, who will continue to lead the company's long term growth, capital strategy and the expansion of industry relationships. "Dave's impressive track record in the financial services sector as an operator, acquirer and integrator is a perfect complement to our executive team and their focus on accelerating market share expansion. His leadership style, passion for quality customer service, and talent for improving operational efficiencies in technology environments is impressive and positions him as the right person for this role."
loanDepot is the nation's fastest growing independent retail mortgage lender. Last year, loanDepot recorded market share growth of 44 percent compared to 2012, while the mortgage market contracted by approximately 51 percent.1 This year loanDepot is on track to fund $14 billion in retail loans compared to actual fundings of $8.4 billion in 2013, and $6.7 billion in 2012.
In 2013, loanDepot opened a second corporate office location in Plano, TX, formalized several strategic joint venture partnerships, closed an $80 million credit facility, and merged with imortgage which added 60 retail lending branch locations and 400 additional licensed loan officers to the company.
Since inception in 2010, loanDepot has grown to employ more than 2500 people across the United States that now includes 800 licensed mortgage bankers and 60 branch locations. loanDepot is licensed in all 50 states and is an approved seller and servicer for Fannie Mae, Freddie Mac and Ginnie Mae.
"I'm thrilled to join loanDepot, especially now as change within the industry continues to transform the way people buy homes and how lenders help them achieve their dreams of home ownership,' said Norris. "I think the loanDepot management team is leading the industry in terms of innovation and customer service, understands what borrowers want and need, and is committed to helping mortgage professionals be successful. Anthony and the executive team have positioned loanDepot extremely well. I look forward to building upon that foundation through organic growth, strategic acquisitions and partnerships, new products, and operational efficiencies to ensure we deliver the best mortgage experience possible."
As chief marketing officer of Nationstar Mortgage and president of its Greenlight Loans division, Norris was credited with increasing Greenlight Loans' production volume by 91 percent while the market contracted by 65 percent. Prior to that, Norris joined LendingTree Loans in 2006 and was promoted to president in 2008. In 2012, Norris led the company's acquisition by Discover Financial Services where he served as president of Discover Home Loans. Before joining LendingTree Loans, Norris was vice president of service and solutions (2004 to 2006) and executive quality leader (1999 to 2004) at Toshiba America Information Systems. Norris' career also includes serving in a variety of manufacturing and sales management positions at Qualcomm Personal Electronics in San Diego from 1995 to 1998, and chief operations officer for American Technology Corporation from 1992 to 1995. Norris is a Certified Mortgage Banker (CBM) by the Mortgage Banker Association and holds a Six Sigma Master Black Belt, Toshiba.
Launched in 2010, loanDepot, LLC, is one of the fastest growing independent mortgage lenders in the nation. loanDepot, LLC operates under the brand names of loanDepot.com and imortgage and maintains dual corporate headquarters in Foothill Ranch, CA and Plano, TX. loanDepot generates loan production from four web centers and operates 60 imortgage branch locations throughout the nation. loanDepot is licensed in all 50 states and employs 2500 people across the country that includes 800 licensed mortgage bankers. loanDepot and is an approved seller and servicer for Fannie Mae, Freddie Mac and Ginnie Mae. loanDepot.com, LLC, NMLS # 174457 Learn more at loanDepot.com.
1 MBA historical and forecasted 1-4 family mortgage originations, Oct 2013.