Loan Depot, a California-based nonbank lender that opened its doors in January, plans to hire 150 new mortgage workers this fall with 400 more being added by yearend.
The company is holding a job fair in Orange County on September 30. The lender was launched by mortgage industry veteran Tony Hsieh who founded the Home Loan Center and merged it into the LendingTree LLC in 2004.
A spokesman for Loan Depot said that currently 80% of its new business entails refinancings, but the company is not worried about a large decline in business when the refi boom ends.
The firm, which now employs 425, produces loans through call centers, and is retail only.
"Banks are so busy on so many fronts — fighting foreclosures, loan modifications and autos — that we think there's space in the market for a firm like us," said the spokesman. "We can get a refi done in a month."
Loan Depot is operating at run-rate of 1,800 units a month. In the June/July period it was producing 1,500 units a month.
The company is based in Rancho Cucamonga.
