loanDepot Inc. (NYSE: LDI) announced a partnership with Betenbough Companies to launch Olive Branch Home Loans, a mortgage company that will serve homebuyers across West Texas, according to a company statement.

The new venture will be led by Paul Boecker and represents the first partnership under loanDepot's expanded partnership channel. This channel allows home builders and affiliates to develop mortgage operations while using loanDepot's wholesale capabilities and customer service infrastructure.

Betenbough Companies operates through its subsidiary Betenbough Homes, which builds more than 2,100 homes annually in Amarillo, Lubbock, Midland, and Odessa. The company ranks among the top 50 U.S. home builders and has operated since 1992.

"By combining Betenbough Companies' deep understanding of local home buyers with loanDepot's operational and customer service expertise, this collaboration puts the customer first," said Dan Peña, loanDepot's President of Partnership Lending.

Brad Nelson of Betenbough Companies stated the partnership will "deliver more predictable, faster closings so that our buyers experience a smoother path to move-in day."

loanDepot, founded in 2010, provides mortgage and real estate services and holds licenses in all 50 states. The company went public and trades on the New York Stock Exchange.