Details were not disclosed.
The combination will have both the traditional retail branch operations (which typically go after purchase business) and a centralized consumer direct channel (which tends to attract refinance customers). Together they have over $15 billion in annualized origination volume.
“Continued growth of independent mortgage lenders is vital to the recovery of the housing market,” said loanDepot CEO Anthony Hsieh. “The collective financial strength and broad distribution capabilities create a unique platform that will effectively serve large and growing segments of the market.”
What imortgage brings to the table is a 56-branch retail network, with a strong purchase-focused orientation.
When the deal is completed, it will create an entity able to lend in all 50 states, with 60 branches and 2,200 employees (including over 700 licensed loan consultants.
Hsieh will be chairman and CEO of the combined companies. However, imortgage will retain its own brand and be led by its president Dean Bloxom and chief operating officer Jay Johnson. The deal should close in 4Q13.
At the start of the summer, loanDepot (which also has a co-headquarters in Foothill Ranch, Calif.) announced plans to hire 1,000 people in the Plano office.