loanDepot, imortgage to Unite

""loanDepot.com, LLC"":http://www.loandepot.com/ and ""imortgage.com, Inc."":http://imortgage.com/, have entered into a definitive agreement to combine, creating the nation's third-largest private, independent retail mortgage lender, according to a joint release.

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The partnership will result in a diversified origination platform with strength in both purchase-focused, branch-based retail operations and centralized, consumer direct lending. Together, the companies represent more than $15 billion in annualized origination volume as well as a fast growing servicing business.

""Continued growth of independent mortgage lenders is vital to the recovery of the housing market, ""said loanDepot founder and CEO Anthony Hsieh. ""The combination of loanDepot and imortgage marries the complementary capabilities of both organizations to form what is arguably one of the best positioned lenders of the post-crisis mortgage industry.""

The combined entity will have a 50-state license footprint, 60 branches, a base of more than 2,200 employees (including 700 licensed loan consultants), and direct agency approvals with Fannie Mae, Freddie Mac, and Ginnie Mae. Hsieh will retain his role as chairman and CEO, with imortgage keeping its brand name and continuing under the leadership of president Dean Bloxom and COO Jay Johnson.

""The combined company offers a strong consumer direct mortgage business via loanDepot, coupled with imortgage's 14-year heritage of successful retail and builder business--creating an overall platform that is poised to deliver incredible value to current and future homeowners,"" Bloxom said.

The deal is expected to close in Q4 2013, subject to regulatory approval.