Why loanDepot Nearly Doubled its OC Space

COSTA MESA, CA—Consumer lender loanDepot LLC has nearly doubled the size of its largest online direct-lending production center here from 131,267 square feet to 238,732 square feet. GlobeSt.com has learned that the firm's new address is 3090 Bristol St., Suite 550 and that employees at the new site relocated from the firm's offices at 26642 Towne Centre Dr. in Foothill Ranch, CA.

Dave Norris, president and COO of loanDepot, tells GlobeSt.com, “As home prices continue rising in Orange County, we need to add skilled and talented loan officers to support the growing demand for mortgages.”

The company now occupies more than 885,162 square feet of space nationwide, including direct-lending production centers in Plano, TX; Brentwood, TN; and Scottsdale, AZ. It also plans to hire an additional 1,000 employees to deliver high-touch, high-tech service to borrowers.

According to loanDepot's chairman and CEO Anthony Hsieh, “As the economy continues to improve, so does consumer confidence and consumer demand for credit. loanDepot is committed to growing our product lines and expanding our services to meet the diverse financial needs our borrowers will have throughout their lives. We look forward to the continued growth that will empower us to answer increased interest and demand for odor products.”

Hsieh adds these progressive moves come “at a critical point in loanDepot's growth strategy, which includes the development of multiple product lines and existing business-channel growth. The company will soon move into marketplace lending with the upcoming launch of its first non-mortgage product: unsecured personal loans. In addition, the company is on track to begin offering home-improvement loan programs in the second quarter of this year.”

As GlobeSt.com reported in early May, loanDepot has launched a wholesale lending division called LDWholesale. The company says it is designed to offer mortgage brokers efficient, high-touch boutique-style service and that LDWholesale delivers fast-funding loan products at competitive rates with the convenience of both an online and direct-call experience.

The Orange County office market has been successful at diversifying its economy and rallying after the recession. As Jeff Ingham, SVP of JLL, told GlobeSt.com in late April, “Mortgage companies used to be the really big drivers in Orange County, and the market as a whole for mortgage has kind of fallen off a bit—a lot of refis, but not a lot of new loans. Lenders make a third on refis that they make on new loans, so mortgage business is not happening here like it used to. So, healthcare companies are expanding back into the mortgage-company space, not just care providers but administrative office as well.”