loanDepot has successfully completed the migration of its mortgage servicing operations to an in-house platform, marking a significant advancement in its Vision 2025 strategy. This move, finalized in early 2023, encompasses 100 percent of mortgage loans previously managed by a third-party sub-servicer and is set to boost operational efficiency while diversifying the company’s revenue streams.
Dan Binowitz, Managing Director of Operations and Servicing at loanDepot, stated, “Completing this two-year migration underscores loanDepot’s dedication to investing in superior in-house servicing capabilities, ultimately benefiting our valued customers.” He emphasized the company’s commitment to customer satisfaction, noting, “Our primary goal is to deliver best-in-class customer service. By managing the entire customer journey in-house, we can foster stronger customer loyalty through a seamless and hassle-free servicing experience.”
By internalizing its loan servicing, loanDepot aims to enhance the customer journey from loan origination through the entire loan lifecycle. This strategic shift enables the company to leverage its existing marketing and customer acquisition investments across a broader spectrum of financial products and services, thereby unlocking additional revenue opportunities.
Frank Martell, President and CEO of loanDepot, commented on the strategic importance of this transition. “Bringing our servicing portfolio in-house is a key component of loanDepot’s customer-centric strategy, designed to meet and exceed customer expectations,” Martell explained. “This initiative not only streamlines our operations and generates new revenue streams but also strengthens our relationships with customers and increases the overall value of our portfolio.”
This migration to in-house Loandepot Servicing is projected to yield substantial cost savings by eliminating expenses associated with third-party sub-servicers and reducing reliance on external vendors. This strategic realignment is crucial for loanDepot to operate more effectively in the current market conditions, reinforce customer loyalty, and enhance brand recognition. The move is a concrete step forward in realizing loanDepot’s Vision 2025, focusing on efficient operations and a superior customer experience.
About loanDepot
loanDepot (NYSE: LDI; NMLS # 174457) is committed to making the dream of homeownership accessible. As a leading digital commerce company and equal housing lender, loanDepot has been at the forefront of the mortgage industry since 2010. Known for its digital-first approach, loanDepot simplifies the process of purchasing and refinancing homes, making it faster and less stressful for customers. As one of the nation’s largest non-bank retail mortgage lenders, loanDepot offers a comprehensive suite of lending and real estate services designed to support customers throughout their homeownership journey. Headquartered in Southern California, with a nationwide presence, loanDepot is dedicated to giving back to the communities where its team members live and work through various philanthropic endeavors.
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SOURCE loanDepot, Inc.
