LoanDepot and Brookfield Residential announced on Wednesday the creation of a joint venture, BRP Home Mortgage.
BRP will deliver a streamlined mortgage experience for Brookfield Residential homebuyers, said Dan Peña, executive vice president of national joint ventures for loanDepot.
Homebuyers in new home communities located in California, Colorado, Delaware, Texas, Virginia and Washington D.C. will now have access to loanDepot’s proprietary mortgage originations platform.
“Brookfield Residential customers will definitely benefit from our customer-centric mortgage approach and the wide variety of loan products we have to offer,” said Kelly Crowther, president, BRP Home Mortgage.
This isn’t loanDepot’s first joint venture with a builder. In 2018, it partnered with AV Homes to create AVH Mortgage, which provides mortgages for homebuyers in Florida, the Carolinas and Arizona.
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loanDepot also lists joint ventures with MTH Mortgage, MSC Mortgage, Tri Pointe Connect, Polygon Mortgage and LGI Homes.
Founded by billionaire entrepreneur Anthony Hsieh, loanDepot announced in November that it had filed paperwork with the Securities and Exchange Commission to go public. In September, Bloomberg reported that LoanDepot, which operates in retail, wholesale and correspondent channels, was eyeing an IPO that would see it valued at between $12 billion and $15 billion.