LendingHome today announced it has originated more than $2 billion in mortgage loans for homeowners and real estate investors.
The first billion of originations occurred over the course of 30 months, and it took another 12 months for the second billion. In the process, LendingHome crossed the milestone of financing more than 10,000 homes nationwide.
“Based on these numbers and our fast acceleration, we can confidently say we’ve identified a very real problem for home buyers in the U.S., and our solution is resonating with them,” said Matt Humphrey, co-founder and CEO of LendingHome.
“We built – from scratch – a high-tech way for customers to get a mortgage, and internally we’ve gotten far more efficient every single quarter. That means our customers get a simple, fast, 100 per cent online experience. By comparison, traditional lenders are still asking customers for paper applications and to visit physical branches. So LendingHome clearly presents a preferable, credible alternative.”
In October, LendingHome announced a $57 million Series C-2, bringing the total equity raise to $166 million. By the end of 2017, LendingHome will have almost doubled in size since 2015.
To accommodate the expansion of its team in San Francisco, the fin-tech startup recently relocated its headquarters to 315 Montgomery Street. It also opened an office in Pittsburgh, Pa., to grow its core mortgage operations teams and recruit top talent from the area’s technology and startup ecosystem, which includes Carnegie Mellon University and the University of Pittsburgh.
Investment advisor Wealthfront added the company to its sixth annual “Career Launching Companies List,” published in October, which identifies “ideal places for young people to start their careers.”
“When we look back, 2017 will have been a defining year for our company’s history,” said Humphrey. “We’ve doubled the business since Q1, and have set ourselves up for a big year ahead. In 2018, we are looking for more smart individuals who may never have considered working in fin-tech or mortgage. It’s not sexy, but it’s a whole lot of fun disrupting one of the largest markets in the world and helping customers use technology to make the biggest purchase of their lifetime.”