IRVINE, Calif., May 24, 2017 /PRNewswire/ -- In two short years, loanDepot, America's lender, has soared through the ranks of VA home loan lending to become the nation's fifth largest lender of VA-guaranteed home loans. In fact, through its commitment to assisting veterans' access their VA benefits, loanDepot has increased its number of funded VA-guaranteed home loans by 170 percent and its total funded volume of VA home loans by nearly 225 percent since 2014.
Last year alone, more than 23,000 veterans, active military and spouses turned to loanDepot for nearly $7 billion in VA loan financing. As a result, loanDepot's VA home loan business has grown 2.8 times faster than the national average of VA loan closings from 2014 to 2016.
"Homeownership is a key part of the American dream, yet too many of our veterans and active military aren't using the benefits they've earned to finance their homes," said Dan Hanson, chief retail production officer at loanDepot. "The latest VA data indicates only 12.6 percent of our nation's 18.9 million vets used the VA Home Loan Guaranty program. We want veterans to know there are dedicated resources to help them access the most advantageous mortgage financing available to fulfill their dreams of homeownership."
To serve the unique needs of our veterans and military families, loanDepot hires loan officers who are veterans themselves and will match VA applicants with loan officers proficient in VA home loan benefits. America's lender also worked directly with the Veteran's Administration in 2014 to develop a VA Renovation Loan program that aligned with existing VA Home Loan guidelines. Through the VA Renovation Loan program, loanDepot today assists veterans in securing financing for home renovations that combines the purchase or refinance of a home with the costs of improvements and repairs into one loan with one closing and one mortgage payment. As part of the program, loanDepot as the lender checks and confirms contractors for licenses, insurance, and bonding, among other requirements.
VA Renovation loans are available on single family and multi-unit properties for up to $35,000 in property improvements, and they are 100 percent financed. Borrowers have up to three months to complete their renovation projects, and payments for the renovations will be included with the borrower's primary mortgage for the convenience of making only one payment. Renovation projects can include kitchen and bathroom remodels, new plumbing, electrical and HVAC, energy efficient upgrades, finishing basement or attic spaces, new appliances and cabinets, and new paint, windows and flooring, among other uses.
To get started, loanDepot suggests VA loan borrowers secure a valid Certificate of Eligibility (COE) for a VA-guaranteed home loan as early as possible. Eligibility requirements differ for different periods of service and for spouses, so review the complete information from the VA on eligibility.
About loanDepot loanDepot, America's lender, matches borrowers through technology and high-touch customer care with the credit they need to fuel their lives and achieve their dreams. As a fast-growing national consumer lender, the loanDepot platform is disrupting finance by dissolving the lines between mortgage and nonmortgage credit. The company has funded over $110 billion in loans since inception and is passionate about emerging financial technology and dynamic product delivery supported by excellent customer service to empower consumers. Headquartered in Southern California, loanDepot employs 6,000+ lending professionals across the country including 1,700+ licensed loan officers who hold 12,000+ licenses. The company operates 180+ local lending stores nationwide. NMLS # 174457.