FOOTHILL RANCH, Calif., Nov. 3, 2021 /PRNewswire/ -- loanDepot, the nation's second largest nonbank retail lender, continues to successfully execute its plan to diversify its revenue streams by migrating more of its servicing portfolio in house. Against a backdrop of growth in its total servicing portfolio, loans serviced in-house now represent 37% of the portfolio, compared to only 11% at the end of the first quarter of 2021. This represents a 236% increase in only six months.
"We're pleased with our momentum in transitioning more of our high-quality servicing portfolio in-house as we rely less on third party sub-servicing partners. Our growing servicing portfolio and expanding in-house capabilities perfectly complement our loan origination strategy and ensure we can provide a best-in-class experience for our customers throughout their entire mortgage journey. Our ultimate goal is to provide the most efficient, hassle-free and streamlined service possible," said Dan Binowitz, executive vice president of servicing and capital markets at loanDepot.
loanDepot will continue to invest in its in-house servicing capabilities, leveraging the infrastructure and creating the scale necessary to increase contribution to earnings from this recurring, counter-cyclical business line. The company expects to be fully transitioned to in-house servicing of its portfolio by the middle of 2022.
As part of this expansion, loanDepot is recruiting for positions across its servicing organization, with a particular focus customer-facing talent. For more information about career opportunities, visit https://careers.loandepot.com.
About loanDepot loanDepot (NYSE: LDI) is a digital commerce company committed to serving its customers throughout the home ownership journey. Since its launch in 2010, loanDepot has revolutionized the mortgage industry with a digital-first approach that makes it easier, faster and less stressful to purchase or refinance a home. Today, as the nation's second largest retail mortgage lender, loanDepot enables customers to achieve the American dream of homeownership through a broad suite of lending and real estate services that simplify one of life's most complex transactions. With headquarters in Southern California and offices nationwide, loanDepot is committed to serving the communities in which its team lives and works through a variety of local, regional and national philanthropic efforts.