loanDepot, the online mortgage lender, made a significant leap into the realm of marketplace lending on May 13, marking a historic milestone as the first national nonbank lender to provide both home and personal loans on a nationwide scale. Since this strategic move, loanDepot has experienced notable success, having funded over $250 million in personal loans. This achievement underscores the company’s commitment to diversifying its financial offerings and meeting the evolving needs of consumers in the lending landscape.

This foray into personal loans has proven to be a pivotal development for loanDepot, culminating in the company’s inaugural $150 million securitization of unsecured personal loans. This financial milestone not only highlights the growing demand for personal loans but also solidifies loanDepot’s position as a key player in the dynamic and competitive online lending market. As the company continues to navigate the intersection of mortgage and personal lending, its success in these ventures positions it as a trailblazer, setting new standards for the financial industry’s nonbank sector.

Source: LoanDepot closes first 0M securitization of personal loans