3/8/2023 0 Comments Quicken wholesale![]() He preferred to spend his time surfing or fishing rather than hitting the books, and he kept busy playing baseball at night and working a side gig as a stereo installer. “I learned English through watching Bugs Bunny on TV.”Īs a college student at Cal State Fullerton in the mid-1980s, Hsieh was barely getting through his studies as a business major. "Not knowing any English and not knowing the dress code, I experienced the immigrant life from very, very early on," he recalls. After a few years in L.A., his family moved south to settle in Orange County, where Hsieh has lived ever since. Within 24 hours of getting off the plane, he attended his first day at an American public school-”quite an interesting experience,” he now says. He was born in Taiwan and lived there for eight years, before flying to Los Angeles with his parents and two younger sisters in 1973. “We're well-positioned and we’re very excited about the next 10 years.”Īnthony’s Hsieh’s first decade in California was a bit more challenging. ![]() “We just eclipsed Bank of America, and now we're only behind Rocket and iconic American banks like Chase and Wells Fargo,” says Hsieh. LoanDepot’s profits rose by a staggering 5,750% to $2 billion in 2020, while revenues more than tripled to $4.3 billion. In just eleven years, the California-based upstart has grown to become the seventh-largest mortgage lender in the U.S., according to trade publication Inside Mortgage Finance, with roughly 3% of the $11 trillion market for new mortgages. LoanDepot points to its high customer ratings averaging above 4 stars across a number of online platforms including Google, LendingTree, Zillow and TrustLink. The company says it “denies the allegations in these cases and is vigorously defending both matters.” Of the four customers with whom Forbes spoke, three described being enticed by low rates and an easy-to-use online platform, before later getting stuck with ill-equipped agents located thousands of miles away to complete the process or waiting for months to actually close on their loan. Still, not everyone is enamored with the company’s tactics, which can veer towards the aggressive: LoanDepot is fighting two proposed class action lawsuits alleging it made excessive robocalls hawking its mortgages. LoanDepot’s mello platform uses machine learning to streamline the mortgage process for customers and its data collection makes it easier to sell them on refinancing with the company down the line, an approach that has brought concrete results: 72% of customers who got their first mortgage with the company also refinance their loans with LoanDepot, four times the industry average of 18%. Hsieh likes to quip that LoanDepot is the Lyft to Rocket’s Uber, with the two companies competing over which tech platform can best appeal to first-time buyers and lock in customer loyalty.
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