loanDepot has migrated all of its mortgage loans into its in-house servicing platform.
The company began moving all loans from its third-party sub-servicer in early 2021, and updated its servicing portal to better serve mortgagees later that year. In January 2022, it successfully moved all FHA, VA, and USDA-funded Ginnie Mae loans into the new servicing system.
“Bringing this two-year effort to the finish line is a true testament to loanDepot’s ongoing investment in our in-house servicing capabilities and, in turn, our customers,” said LDI Managing Director of Operations and Servicing Dan Binowitz.
“Providing best-in-class customer service is our top priority and owning the entire customer journey enables us to build loyalty by providing the most hassle-free and streamlined service possible.”
Servicing in-house allows loanDepot to enhance its operational efficiency and diversify its revenue streams by leveraging a larger set of products and services. Additionally, it reduces third-party vendor spending.
“Completing the migration of our servicing portfolio as part of loanDepot’s purpose-driven strategy allows us to serve customers in the way they want to be served – and has cost-saving and revenue-generating implications,” said LDI President and CEO Frank Martell.
loanDepot is one of the country’s largest non-bank retail mortgage lenders. It is headquartered in Southern California and operates nationwide.
The lender has faced challenges as the market corrects, posting a $137.5 million loss in Q3 2022.
It recently suffered a proxy fight started by its founder and former CEO, Anthony Hsieh, who planned to force a new director onto the lender’s Board, in a move that was “outside of the governance process overseen by the Board’s Nominating and Corporate Governance Committee.”
As a result, Hsieh stepped down as Executive Chairman but remains on the Board.
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