LoanDepot to add 1,400 new jobs as tech efforts soar
LoanDepot will accelerate hiring initiatives in the third and fourth quarter as it plans to add 1,400 new jobs by the end of the year. The company credits its technology efforts for the growth opportunities.
The new roles will be added primarily across loanDepot's sales channels, with 1,000 new loan officers coming to its Direct Lending national locations, and another 300 to local retail branches. Others will be hired as part of the lender's joint venture and wholesale channels or in corporate infrastructure positions.
The move comes at a time when others in the industry are trimming down as activity lulls. Nonbank mortgage employment dropped 4% in April from the same period a year ago, though it did increase on a monthly basis (by less than 1%) for the first time since August, according to the Bureau of Labor Statistics.
"Thanks to our proprietary technology and fully digital end-to-end mello smartloan loan process, loanDepot is entering a period of unprecedented growth and opportunity," TJ Freeborn, loanDepot's SVP of customer experience, said in a press release.
LoanDepot previously invested $80 million in its mello smartloan tool, which reduces 80% of required application legwork. It supports verification components like income, credit and employment in real time and can notify borrowers if they'll be approved in as few as seven minutes.
"To ensure we can continue to serve our customers exceptionally well during this period of dynamic growth, we are adding top-level talent to our team, and, one of the key ways we will do this is via our ACES program," said Freeborn.
The Accelerated Career in Effective Sales training program provides education to entry-level candidates in financial services and offers the opportunity for a paid mortgage apprenticeship with the company, according to loanDepot. The lender will accept 450 additional applicants to the program through Sept. 1.
LoanDepot will also utilize its DirectFlex program during its expansion. The program aims to nurture career satisfaction while helping drive performance.
"Similar to Uber in philosophy, the DirectFlex model allows sales professionals to instantly connect and work anytime, anywhere, on their own schedule and terms and creates a virtual alternative to traditional brick-and-mortar financial services employment," the company said.
DirectFlex will be available to those in locations near loanDepot's five main campuses, which are situated in Orange County, Calif., Scottsdale, Ariz., Nashville, Tenn., Dallas and Detroit.
"Our vision of the industry and customer behavior is futuristic and expansive. In order to deliver service at the proper levels, we must think about things differently," said Freeborn.
"Not everyone can be tied to an office and a 40-hour-a-week job. But Uber doesn't have the market cornered on the gig economy — with DirectFlex, we've created a model wherein someone can work where and when it makes sense for them, receiving leads and warm transfers each day, while making a great living along the way," he continued.
LoanDepot funded upwards of $181 billion since launching in 2010.