LoanDepot Forms Strategic Partnership with Figure Technology
LoanDepot announced a strategic partnership with Figure Technology Solutions, a player in transforming financial services through the power of blockchain technology, that "creates both a meaningful growth engine for loanDepot and a means to help serve the financing needs of more customers." As part of the partnership, loanDepot will integrate Figure's proprietary credit and loan underwriting engine into its own proprietary mello technology platform and point of sale system. "loanDepot already has the most differentiated customer acquisition and retention business model in the marketplace today, with a world-class brand and the only at-scale diversified channel strategy in the industry," said Founder and CEO Anthony Hsieh. "Our partnership with Figure builds on these unique assets and provides a meaningful strategic lever for our business, allowing us to help more customers, close more loans, materially reduce the cost to produce, and deliver profitable market share growth. Further, it positions us to introduce new and innovative products that expand the way we will meet the needs of borrowers in the future."
