Anthony Hsieh, an entrepreneur who founded and sold LoansDirect.com and Home Loan Center Inc., has started another online mortgage company, loanDepot.com.
The Irvine, Calif., start-up's backers include the San Francisco private-equity company Parthenon Capital Partners. Hsieh has ambitious plans for the company, projecting the creation of over 1,000 jobs by 2013. Right now it is licensed in 18 states, with plans to be approved nationwide by the end of this year.
In support of its business plan, loanDepot cites two studies, including one from National Mortgage News that shows 80% or more of all mortgages originated have touched the Internet at some point in their process. It also pointed to Deloitte Consulting research that found 93% of those who applied for a loan online, 71% of telephone applicants and 60% of face-to-face applicants started their research online.
The company has already been approved by the Federal Housing Administration as a nonsupervised lender.
LoansDirect is now a part of E-Trade Financial Corp. and Home Loan Center is a part of Tree.com Inc.