The National Consumer Law Center predicted that implementing the mortgage-focused order will “re-ignite the market conditions” that led to the financial crisis of 2008.

“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,” said Anthony Hsieh, CEO of loanDepot.

Seneca owned mortgage servicing rights with an unpaid principal balance of $42.31 billion as of the end of December, according to estimates by Inside Mortgage Finance.