Move reopens a channel the lender shut during the downturn
Mortgage lender loanDepot, Inc. has rolled out a new wholesale lending channel aimed at mortgage brokers, returning to a channel it left in 2022.
The effort was led by Dan Peña, president of partnership lending, with wholesale veteran Matt Mancasola returning to help steer the business. The shift came as the broker channel continues to claw back market share and reshape lender strategies. Wholesale lending reached a 15‑year high in late 2023, with brokers accounting for about 24.3% of originations in the fourth quarter, according to Inside Mortgage Finance data.
At the same time, executives across the industry told Mortgage Professional America they expect “a big influx into the wholesale channel from retail” and “so much more opportunity for the broker space to grow.”
New channel built around ‘relationship‑first’ brokers
“We’re building this wholesale channel with the same relationship‑first commitment that has powered our joint venture success for the past two decades,” Peña said.
“Brokers deserve a partner who shows up for them—seasoned account executives who know how to earn trust, high‑touch support when it matters most, and a team that understands their business.”
“We’re combining that relationship‑driven approach with the digital convenience and efficiency brokers expect today, creating a best‑in‑class platform our broker partners can rely on to deliver an exceptional experience to their customers,” Peña said.
As part of the push, Mancasola returned to loanDepot as vice president of wholesale lending after more than 25 years in the channel, including leadership roles at Wachovia Securities, Caliber Home Loans and Homepoint.
Reentry into a strengthening wholesale market
“Serving brokers through wholesale naturally expands our multi‑channel origination strategy and complements our direct‑to‑consumer, in‑market retail, joint venture, and servicing businesses,” loanDepot founder and CEO Anthony Hsieh said.
“By leveraging the existing shared services infrastructure of our joint venture channel, we are well positioned to scale this business and add a new source of profitable growth.”
loanDepot shut down its wholesale division in 2022 amid shrinking originations and losses, part of a broader wave of exits and layoffs across the broker channel that year.
Since then, the company leaned on consumer-direct lending, in-market retail branches and a growing web of joint ventures with national homebuilders and affinity partners to diversify revenue and reduce acquisition costs.
The wholesale space remained highly concentrated: United Wholesale Mortgage (UWM) led the channel, with an estimated $161 billion in 2025 production, while Rocket Mortgage, Pennymac and The Loan Store posted roughly $35.9 billion, $20.5 billion and $12.5 billion respectively, IMF estimated.
Founded in 2010, loanDepot grew into one of the largest US nonbank mortgage lenders, licensed in all 50 states and offering agency, jumbo, FHA, VA and home equity products alongside in-house servicing and real estate-related services.
The company generated about $974 million in revenue in 2023 and reported a narrowed net loss of $236 million as it cut expenses under its Vision 2025 program, according to its financial filings.
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