Mortgage brokers say loanDepot is knocking at their door again

loanDepot appears to be building capabilities in the wholesale mortgage space — a channel it formally exited three years ago.

Executives and owners at three mortgage brokerage shops told HousingWire they were recently contacted by loanDepot representatives who introduced themselves as account executives while “re-introducing” the company’s wholesale channel and inviting the brokers to become partners. One of these messages, sent via social media, was reviewed by HousingWire. 

“They just emailed me and I told them to send the broker package and set up a call — I’m waiting for both,” said the CEO of a California-based brokerage, who previously partnered with loanDepot. He said the main reason to consider the lender is to expand options for his loan officers, noting he currently has 150 lenders in his portfolio.

The co-founder of a brokerage based in Michigan said he’s open to hearing more.

“Depending on what the opportunities are, we would be open to a conversation,” he said. “I will always leave the door open to anyone entering wholesale, as long as it benefits our clients through process and price.”

Some brokers pointed to loanDepot’s website, which promotes its “partner channel” and highlights access to its mello technology and closing portal.

loanDepot declined to comment.

Reversing direction

The California-based lender announced the closing of its wholesale division in August 2022, just four months after Frank Martell took over as CEO, as it sought to “direct resources to other origination channels, reduce operational complexities and increase margins.” At the time, the company had posted a $21.3 million loss amid declining originations.

Since then, loanDepot has focused on consumer direct lending, using technology to generate quotes quickly and close mortgages digitally, with a focus on refinances. It has also formed joint ventures with national homebuilders and affinity partners to lower acquisition costs. 

The company also operates a retail channel with in-market LOs who develop relationships with real estate agents and builders to receive leads from loanDepot directly.

loanDepot originated $6.7 billion in mortgages in the second quarter of 2025, up 30% from the prior quarter. The period marked the first full quarter with founder Anthony Hsieh back as interim CEO; he formally reclaimed the permanent CEO role at the end of July. The company reported a net loss of $25 million in Q2 2025, a 38% improvement from the prior quarter. 

Mike Kortas, the owner of NEXA Mortgage, said he spoke with loanDepot more than a year ago about getting set up exclusively. The call was driven solely by a top producer who wanted access to their system after previously working there.

Since then, however, he hasn’t heard from the lender. “We’re no longer in the business of denying our loan officers lenders — if someone wants them, we’ll set them up,” he said.

The outreach raises questions about whether loanDepot fully exited wholesale — or if its comeback started much earlier.

While some brokers welcomed the idea of adding loanDepot back as an option for borrowers, others were wary of competition from the lender’s large direct-to-consumer channel — a common concern with multichannel lenders.

“I would likely not sign up,” said one broker-owner based in North Carolina. “It’s not a hard no, but we generally avoid lenders with major, competing DTC divisions.” 

According to Inside Mortgage Finance, the broker channel has steadily grown its share, reaching 20.3% of originations in Q1 2025, up from 15.3% in Q3 2022 when the company exited. The top wholesale lenders were United Wholesale Mortgage, Rocket Mortgage and Pennymac.

“Given the steady growth of the channel and no reason to think it will stop, every lender in the country should be thinking about opening a wholesale division or pouring more resources into the one they have,” said Brendan McKay, chief advocacy officer at the Broker Action Coalition. “The tides have shifted, and it’s time to adapt.”

Sarah Wolak contributed reporting to this story.