VA lender sees 225% volume increase – but most vets still aren’t taking advantage of loan programs

While loanDepot has seen a significant spike in its VA loan business, the company says veterans still aren’t taking advantage of all the programs they’re eligible for

VA lender sees 225% volume increase – but most vets still aren’t taking advantage of loan programs
Over the past two years, loanDepot has become one of the largest VA lenders in the country – but the company’s experts say many veterans still aren’t taking advantage of the VA’s loan programs.

Since 2014, the lender has increased its number of funded VA loans by 170% and its total funded volume of VA loans by almost 225%. Between 2014 and 2016, loanDepot’s VA loan business grew 2.8 times faster than the national average of VA loan closings. In 2016 alone, the lender provided almost $7 billion in VA loan financing for more than 23,000 veterans, active-duty military and their families.

But Dan Hanson, chief retail production officer at loanDepot, said that the vast majority of veterans still aren’t taking advantage of the VA’s home loan programs.

“Homeownership is a key part of the American dream, yet too many of our veterans and active military aren't using the benefits they've earned to finance their homes,” Hanson said. “The latest VA data indicates only 12.6% of our nation's 18.9 million vets used the VA Home Loan Guaranty program. We want veterans to know there are dedicated resources to help them access the most advantageous mortgage financing available to fulfill their dreams of homeownership.”

In order to better serve veterans and their families, loanDepot hires loan officers who are veterans themselves. The company also worked directly with the VA in 2014 to develop a VA renovation loan program. VA renovation loans are available for single-family and multi-unit properties for up to $35,000 in improvements and are 100% financed, according to loanDepot.


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