LoanDepot Launches Wholesale Unit
Private independent lender loanDepot, Irvine, Calif., plans to launch a wholesale lending division called LDWholesale Wednesday that's supported by proprietary broker portal automation.
LDWholesale will offer at launch a line of loan products that includes conventional fixed/adjustable-rate mortgages, conventional high-balance loans, Home Affordable Refinance Program loans, Federal Housing Administration, FHA Streamlined, and VA loans.
The company is using proprietary automation to support the channel, including a Web portal and loan origination system designed to allow brokers to match loan with clients' needs, price loans, lock loans, submit loan documents through a secure data exchange, and track loan progress.
LoanDepot executive vice president Jeff Walsh, president of the new division, has been quietly working on setting up the new unit for a few months.
Walsh previously was managing director for O2Funding, a wholesale lending company that later merged with New Penn Financial.