A total of 115 loan originators have rejoined the mortgage company's retail division since January 2023, John Bianchi, executive vice president of national sales at Loandepot, said in an interview. 

That number is higher when accounting for those who returned to the shop's direct consumer channel, he added. Bianchi previously mentioned that over 200 employees total have returned to the organization.

According to the executive, some originators who returned say the "grass is definitely not greener on the other side." Reasons for their return to the Irvine, California-based lender includes the company's culture and its technological perks, Bianchi claims.

Originators have told the executive that Loandepot technology is "about 70% faster compared to other places," which helps to reprice quicker and do scenarios faster.

Apart from welcoming back originators, such as Carole Cole, a Louisiana area manager, Loandepot is focused on bringing onboard new recruits and expanding its government-lending prowess.

Though the executive wouldn't disclose specific areas where Loandepot is looking to grow, Bianchi stated the company is considering "every opportunity in the marketplace and obviously just trying to make good decisions around those."

Loandepot has 1,750 sponsored loan officers, according to the Nationwide Mortgage Licensing System.

Regarding government-lending, Loandepot, already a top VA lender, is looking to further grow out its lending operation targeting veterans.

In September, Loandepot brought on board Bryan Bergjans, a VA vet and former Caliber Home Loans executive, as its national director of military growth and strategy. Bianchi says Bergjans will work alongside David Smith, the vice president of national VA lending, to grow this segment of the business.

"We know that there are a lot of veterans in our country that have not used their eligibility," said Bianchi. "Our focus is to grow VA volume and eligibility through education."

LoanDepot is leveraging social media platforms like Meta to host webinars aimed at veterans interested in purchasing homes or renovating properties, Bianchi added.

Mortgage shops such as Better Home & Finance, New American Funding, Union Home Mortgage and others have also publicly announced in recent months their desire to grow LO headcount, even with a lack of origination volume to go around. 

Much of the hiring was done to bring in immediate volume, but also in anticipation of rate cuts.Though the Fed moved to cut rates by 50 basis points, the results on mortgage lending haven't been as impactful as some stakeholders have hoped for.

Bianchi says rates not moving has not impacted the company's growth strategy, which "remains focused on hiring successful purchase producers who align with our company culture."

Throughout parts of 2022 and 2023, Loandepot implemented its Vision 2025, a larger restructuring targeting profitability in response to the cooling mortgage market.

The success of the initiative has opened up the opportunity for the mortgage shop to refocus its spending on recruiting originators, said Shane Stanton, senior vice president of retail development at Loandepot, in July."[We can expand headcount] in a profitable and responsible way and serve the market where it wants to be served," said Stanton. "For us it's just about serving the consumers better where they want to be served, and increasing our market share as we do that."