LoanDepot’s new marketing partnership with Major League Baseball, announced Monday, offers evidence that a recent wave of nonbank mortgage IPOs is boosting interest in sports tie-ins.
The terms of the agreement call for loanDepot, which
The agreement also calls for “additional partnership activities and community-based initiatives that will be announced at a later date,” according to loanDepot.
"We are extremely excited to join the MLB family as the Official Mortgage Provider of Major League Baseball," said loanDepot Founder and CEO Anthony Hsieh, in a press release issued Monday. “LoanDepot and MLB each share a commitment to customers, fans and communities.”
Both private and public mortgage companies have shown increased interest in boosting their name-recognition through sport-related signage and broadcasts even with the pandemic limiting in-person attendance.
That’s largely because, with the rise of digital mortgages, “the customer of the future seems to be as attracted to a brand name as, ‘Hey I’ve got a friend who does a great job with mortgage lending,’” Bill Cosgrove, president and CEO of Union Home Mortgage, said in
The mortgage industry has long engaged in sports tie-ins, and digital pioneer Rocket Mortgage’s use of them has generated additional interest. Rocket’s trendsetting decision to
Rocket paved the way for broader use of
Rocket’s local competitor, United Wholesale Mortgage, followed suit by
