LoanDepot Crushing Bank Of America In Mortgage Lending Thanks To Clever, Easy-To-Understand Tactic
Anthony Hsieh worked several jobs—including installing custom sound systems—before starting as a mortgage loan officer in his early 20s. Thirty years and four startups later, the entrepreneur is a billionaire thanks to LoanDepot.n a Wednesday evening in November 2015, Anthony Hsieh was about to dig into a celebratory dinner in a conference room on the top floor of Morgan Stanley’s midtown Manhattan offices.
"LoanDepot has got a best-in-class technology platform and strong brand awareness,” says Ryan Carr, a senior associate at investment bank Jefferies. “It helps [them] disproportionately capture a higher share of first-time homebuyers, which is becoming an increasing percentage of the cohort.” “We just eclipsed Bank of America, and now we're only behind Rocket and iconic American banks like Chase and Wells Fargo,” says Hsieh. “We're well-positioned and we’re very excited about the next 10 years.”nthony’s Hsieh’s first decade in California was a bit more challenging. 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.
Hsieh graduated with a business degree three years later, all while working two jobs to support himself, pay his parents’ monthly mortgage payments and stash away some savings. “Everybody else was out there partying and I was working two jobs, trying to learn to be a loan officer,” he says. Hsieh sold the fast-growing business to online broker E-Trade Financial in 2001 for $56 million and settled into early retirement at age 35. But he quickly grew restless: “I completed the American dream and got rich, and what I've discovered is it was very unfulfilling and very boring not to have anything to do.”
Once again, it didn’t take long for Hsieh to ditch retirement and dive back into the mortgage industry. The first attempt of his third act, an “alternative mortgage lender” called Grander Financial, offered cash in return for a stake in people’s homes, but it failed to catch on and Hsieh sold his stake one year later in 2009.
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