LDI - loanDepot expands reach in purchase mortgage market after NHC Mortgage launch
- In a bid to expand its reach in the purchase mortgage market, loanDepot ( NYSE: LDI ) has formed NHC Mortgage in a joint venture with Georgia-based homebuilder National HomeCorp, the company said Wednesday.
- NHC Mortgage will offer residential mortgage solutions in Florida, Iowa and North Carolina, with plans to add Kentucky, Arizona, Virginia, Texas, Alabama, Missouri, Georgia, Tennessee and South Carolina in 2023, the California-headquartered mortgage financer said.
- "Affordability is one of the key housing issues of our time and loanDepot's strategic focus on increasing and sustaining homeownership in underserved communities is a natural complement to National HomeCorp's commitment to affordable housing," said Dan Peña, loanDepot executive vice president of national joint ventures.
- The move comes after loanDepot ( LDI ), which has been increasingly losing money since Q1, said in July that it will pivot its focus to the purchase market and less rate-sensitive cash-out refinances as part of its revamp .
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loanDepot expands reach in purchase mortgage market after NHC Mortgage launch