Anthony Hsieh, loanDepot Chairman and CEO says we are not a traditional depository so we're not borrowing money from the government. We are borrowing money from the private sector and our platform facilitates the borrower and matches it up with the liquidity that's available in the market place.

You do home equity correct like if I got it in my home I can refinance and do a cash-out but you were also doing these personal loans that you referred to what is that, how would I get one? Anthony says well because we're coming out of a tough cycle for as home equity some consumers have great credit but lack the necessary Equity to pull out a home equity loan or the will or their affraid or don't have a week to fill out 700 documents that makes a big difference you get a personal loan through LoanDepot 3 to 4 days so the type of experience is completely digital. For the mortgage industry is still sort of operating the same manner that has for 20 years.

If your getting a lot of mailers Prosper, LendingTree they're asking if we want to borrow money or if I'd like to give money into the borrowing pool do you compete directly with them?  We do, the difference with our platform is we are not a monoline lender-naturally you may wonder who makes up the other half, and the answer is monoline lenders. A monoline lender is a company that focuses on solely mortgages. They do not offer other products such as bank accounts, or RRSP's, nor do they have expensive branch networks to maintain and staff-we are for home purchases, refinance, cash out, home equity and personal loans so it gives a consumer a lot more variety and pick the exact right type of loan for them.

Now Prosper and LendingTree would fund your loan theoretically, right? Some guy in America's funding some other guy is it pier to pier with you as well? No, we are institutional so that would be a LendingClub and LendingTree most of the liquidity is coming through the so-called P&P platform. The majority of the money is still not coming from private investors the majority is still coming from institutional.

Why is it so hard to get an equity line these days? Because we're in the world of post-crisis we have thought quite a bit of regulation going on and licensing requirements just a lot easier if lending is done outside mortgage lending however you're going to see that starts of switchback in mortgage lending is down to one and a half trillion a year before the crisis, it was down 3 trillion 10 years ago. 

The mortgage crisis has been cut in half because we don't want to go back to the levels of 2006, right? Because cats were taking out mortgages for million dollar condominiums in Miami were they not? We don't want to go back to that but keep in mind that 90% of the home loan market this year is still supported by Freddie, Fannie and Ginnie mae. So private capital has to come back in to ensure a healthy not only credit but a housing market.