What is the name of your business?
loanDepot.com
Business URL?
loanDepot.comWhat products/services do you sell?
Financial services specializing in direct to consumer mortgage lending
Write a paragraph about your business!
loanDepot's values are reflected in everything we do, from our focus on customer care to our commitment to responsible lending and environmental stewardship. Our employees and values serve as a foundation for how we conduct business.
Where did you get your small business idea?
I have been a pioneer in the online mortgage lending business. I was one of the creators of the online mortgage lending market places with the creation of LoansDirect.com (acquired by ETrade Financial). After taking some years off I opened up the lending market place with the creation of HomeLoanCenter.com (acquired by LendingTree). I noticed that there was a need for a direct to consumer again, especially after 2008. In January of 2010 I once again created new direct to consumer lending company - changing the lending game offering the best in technology so that we can offer top tier customer service and low rates.
What kind of financing did you use?
I received venture backing for loanDepot.com - this was the first time I ever brought in a partner to start a company both LoansDirect.com and HomeLoanCenter.com where self funded. By bringing in a partner this brings a new element to running the business - a new level of growth for me and my management team. We now answer to our customers and a board of directors. I could not be happier with the financial partner that we brought on - they understand how I work as a business man and the direction I want to take the company. It is imperative that if you choose a financial partner you find one that will work with you, challenge you and be a partner in the process of growing the business.
Lessons Learned
- Build to scale -
- In everything you do have the customer in mind
- In the grand scheme don't forget the small details
- Bring attention to problems early or they will derail your company
- Find a way to do it better - pricing, service
- Be involved in your community
- Trouble shoot everything
- Real people can never be replaced by technology
- Service - you must treat your customer right
- Reply to every email you get each day
- No excuses - find solutions
