loanDepot Announces Third Quarter 2024 Financial Results
loanDepot (NYSE: LDI) reported a return to profitability in Q3 2024 with net income of $3 million, compared to a net loss of $34.3 million in Q3 2023. Revenue increased 18% year-over-year to $315 million, driven by higher volumes and margin growth. The company achieved a pull-through weighted gain on sale margin of 329 basis points, the highest since market downturn began. Loan origination volume reached $6.7 billion, up 9% from Q3 2023. The company maintains strong liquidity with $483 million in cash. loanDepot completed its Vision 2025 strategic program and launched Project North Star, focusing on durable revenue growth and operational efficiency.
loanDepot (NYSE: LDI) ha riportato un ritorno alla redditività nel terzo trimestre del 2024 con un reddito netto di 3 milioni di dollari, rispetto a una perdita netta di 34,3 milioni di dollari nel terzo trimestre del 2023. I ricavi sono aumentati del 18% rispetto all'anno precedente, raggiungendo 315 milioni di dollari, grazie a volumi più elevati e alla crescita dei margini. L'azienda ha ottenuto un margine di guadagno sul prezzo di vendita, pesato per il pull-through, di 329 punti base, il più alto da quando è iniziato il calo del mercato. Il volume delle origini di prestito ha raggiunto 6,7 miliardi di dollari, con un incremento del 9% rispetto al terzo trimestre del 2023. L'azienda mantiene una forte liquidità con 483 milioni di dollari in contante. loanDepot ha completato il suo programma strategico Vision 2025 e ha lanciato il Progetto North Star, concentrandosi sulla crescita dei ricavi duraturi e sull'efficienza operativa.
loanDepot (NYSE: LDI) informó sobre un regreso a la rentabilidad en el tercer trimestre de 2024 con un ingreso neto de 3 millones de dólares, en comparación con una pérdida neta de 34.3 millones de dólares en el tercer trimestre de 2023. Los ingresos aumentaron un 18% interanual, alcanzando 315 millones de dólares, impulsados por volúmenes más altos y crecimiento de márgenes. La compañía logró un margen de ganancia por venta ponderado por pull-through de 329 puntos básicos, el más alto desde el inicio de la caída del mercado. El volumen de originación de préstamos alcanzó 6.7 mil millones de dólares, un aumento del 9% en comparación con el tercer trimestre de 2023. La empresa mantiene una sólida liquidez con 483 millones de dólares en efectivo. loanDepot completó su programa estratégico Vision 2025 y lanzó el Proyecto North Star, enfocado en el crecimiento sostenible de ingresos y la eficiencia operativa.
loanDepot (NYSE: LDI)는 2024년 3분기에 300만 달러의 순이익을 기록하며 수익성 회복을 보고했습니다. 이는 2023년 3분기의 3430만 달러 순손실에 비해 개선된 수치입니다. 매출은 지난해 대비 18% 증가하여 3억 1500만 달러에 달했으며, 이는 더 높은 거래량과 마진 성장에 의해 주도되었습니다. 회사는 329베이시스 포인트의 판매 마진을 기록했으며, 이는 시장 하락이 시작된 이후 가장 높은 수치입니다. 대출 기원량은 67억 달러에 달하며, 2023년 3분기 대비 9% 증가했습니다. 회사는 4억 8300만 달러의 현금을 보유하고 있어 강력한 유동성을 유지하고 있습니다. loanDepot은 비전 2025 전략 프로그램을 완료하고 지속 가능한 수익 성장 및 운영 효율성에 중점을 둔 북극성 프로젝트를 시작했습니다.
loanDepot (NYSE: LDI) a annoncé un retour à la rentabilité au troisième trimestre 2024 avec un revenu net de 3 millions de dollars, contre une perte nette de 34,3 millions de dollars au troisième trimestre 2023. Les revenus ont augmenté de 18 % d'une année sur l'autre pour atteindre 315 millions de dollars, grâce à des volumes plus élevés et à la croissance des marges. L'entreprise a réalisé un gain de marge sur les ventes pondéré par le pull-through de 329 points de base, le plus élevé depuis le début de la baisse du marché. Le volume d'origination de prêts a atteint 6,7 milliards de dollars, en hausse de 9 % par rapport au troisième trimestre 2023. L'entreprise maintient une solide liquidité avec 483 millions de dollars en espèces. loanDepot a complété son programme stratégique Vision 2025 et lancé le projet North Star, axé sur la croissance durable des revenus et l'efficacité opérationnelle.
loanDepot (NYSE: LDI) meldete im dritten Quartal 2024 einen Rückkehr zur Rentabilität mit einem Nettogewinn von 3 Millionen Dollar, verglichen mit einem Nettoverlust von 34,3 Millionen Dollar im dritten Quartal 2023. Die Einnahmen stiegen im Jahresvergleich um 18 % auf 315 Millionen Dollar, was auf höhere Volumina und Margenwachstum zurückzuführen ist. Das Unternehmen erzielte einen gewichteten Gewinnmargen-Spread von 329 Basispunkten, dem höchsten seit Beginn des Marktrückgangs. Das Volumen der Kreditvergabe erreichte 6,7 Milliarden Dollar, ein Anstieg von 9 % im Vergleich zum dritten Quartal 2023. Das Unternehmen verfügt über eine stabile Liquidität mit 483 Millionen Dollar in bar. loanDepot hat sein strategisches Programm Vision 2025 abgeschlossen und das Projekt North Star gestartet, das sich auf nachhaltiges Umsatzwachstum und betriebliche Effizienz konzentriert.
- Return to profitability with $3M net income vs $34.3M loss year-over-year
- Revenue increased 18% to $315M year-over-year
- Record gain on sale margin of 329 basis points since market downturn
- Loan origination volume up 9% to $6.7B year-over-year
- Strong liquidity position with $483M cash balance
- 60+ days delinquency rate increased to 1.4% from 0.9% year-over-year
- Total equity declined 23% to $592M year-over-year
- Servicing portfolio decreased 20.2% year-over-year
Insights
LoanDepot's Q3 2024 results mark a significant turnaround, achieving profitability for the first time since Q1 2022. Key highlights include
The improved performance stems from higher loan volumes, increased margins and successful cost management initiatives. Total loan origination volume grew to
The successful completion of Vision 2025 strategic program and launch of Project North Star positions the company for sustainable growth, though management expects continued market challenges in 2025.
Company achieves profitability on higher volumes, margin growth and productivity
Completes Vision 2025 and launches new strategic plan - Project North Star
Highlights:
-
Revenue of
$315 million 18% compared to the prior year. Adjusted revenue of$329 million 26% compared to the prior year. - Company announces Ridgeland Mortgage joint venture with Smith Douglas Homes, expanding loanDepot’s network of partnerships with top homebuilders.
- Pull-through weighted gain on sale margin of 329 basis points, the highest margin since the beginning of the market downturn.
-
Net income of
$3 million $7 million $34 million $29 million -
Adjusted EBITDA of
$64 million $15 million -
Strong liquidity profile with cash balance of
$483 million
“Through the successful implementation of our Vision 2025 strategic program, loanDepot returned to profitability in the third quarter on modest improvements in market volumes, which resulted in higher revenue,” said President and Chief Executive Officer Frank Martell. “We are also realizing the benefits of our ongoing cost management and productivity programs, which helped to fund strategic investments in our platforms, solutions and people. These investments should help position the company for success in 2025 and beyond.
“Vision 2025, launched in July of 2022, was a critical factor in our successful navigation of unprecedented and challenging market conditions over the past three years. The launch of Project North Star builds on the strategic pillars of Vision 2025, including our focus on durable revenue growth, positive operating leverage, productivity and investments in platforms and solutions that support our customer’s homeownership journey,” added
“We are pleased that the successful completion of the strategic objectives of Vision 2025 has delivered the company’s first profitable quarter since the beginning of the market downturn in the first quarter of 2022,” said David Hayes, Chief Financial Officer. “The third quarter served as validation of our strategy as we saw a modest improvement in the mortgage market, coupled with the company’s positive operating leverage fueled our return to profitability. As we look toward 2025, we anticipate continued market challenges, but we believe that the implementation of Project North Star will allow us to capture the benefit of higher market volumes while we continue to capitalize on our ongoing investments in operational efficiency to achieve sustainable profitability in a wide variety of operating environments.”
Third Quarter Highlights: |
|||||||||||||||||||
Financial Summary |
|||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
($ in thousands except per share data) (Unaudited) |
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
||||||||||
Rate lock volume |
$ |
9,792,423 |
|
|
$ |
8,298,270 |
|
|
$ |
8,295,935 |
|
|
$ |
24,893,023 |
|
|
$ |
25,738,036 |
|
Pull-through weighted lock volume(1) |
|
6,748,057 |
|
|
|
5,782,309 |
|
|
|
5,685,209 |
|
|
|
17,262,202 |
|
|
|
17,067,876 |
|
Loan origination volume |
|
6,659,329 |
|
|
|
6,090,634 |
|
|
|
6,083,143 |
|
|
|
17,308,314 |
|
|
|
17,301,023 |
|
Gain on sale margin(2) |
|
3.33 |
% |
|
|
3.06 |
% |
|
|
2.74 |
% |
|
|
3.11 |
% |
|
|
2.66 |
% |
Pull-through weighted gain on sale margin(3) |
|
3.29 |
% |
|
|
3.22 |
% |
|
|
2.93 |
% |
|
|
3.12 |
% |
|
|
2.69 |
% |
Financial Results |
|
|
|
|
|
|
|
|
|
||||||||||
Total revenue |
$ |
314,598 |
|
|
$ |
265,390 |
|
|
$ |
265,661 |
|
|
$ |
802,772 |
|
|
$ |
745,395 |
|
Total expense |
|
311,003 |
|
|
|
342,547 |
|
|
|
305,128 |
|
|
|
961,497 |
|
|
|
949,760 |
|
Net income (loss) |
|
2,672 |
|
|
|
(65,853 |
) |
|
|
(34,262 |
) |
|
|
(134,685 |
) |
|
|
(175,743 |
) |
Diluted earnings (loss) per share |
$ |
0.01 |
|
|
$ |
(0.18 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.48 |
) |
Non-GAAP Financial Measures(4) |
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted total revenue |
$ |
329,499 |
|
|
$ |
278,007 |
|
|
$ |
261,116 |
|
|
$ |
838,318 |
|
|
$ |
755,852 |
|
Adjusted net income (loss) |
|
7,077 |
|
|
|
(15,890 |
) |
|
|
(29,211 |
) |
|
|
(48,309 |
) |
|
|
(124,417 |
) |
Adjusted EBITDA |
|
63,742 |
|
|
|
34,575 |
|
|
|
15,253 |
|
|
|
98,820 |
|
|
|
(8,399 |
) |
(1) |
Pull-through weighted rate lock volume is the principal balance of loans subject to interest rate lock commitments, net of a pull-through factor for the loan funding probability. |
|
(2) |
Gain on sale margin represents the total of (i) gain on origination and sale of loans, net, and (ii) origination income, net, divided by loan origination volume during period. |
|
(3) |
Pull-through weighted gain on sale margin represents the total of (i) gain on origination and sale of loans, net, and (ii) origination income, net, divided by the pull-through weighted rate lock volume. |
|
(4) |
See “Non-GAAP Financial Measures” for a discussion of Non-GAAP Financial Measures and a reconciliation of these metrics to their closest GAAP measure. |
Year-over-Year Operational Highlights
-
Non-volume related expenses decreased
$11.4 million -
Accrued a net benefit of
$18.9 million -
Incurred restructuring and impairment charges totaling
$1.9 million $0.4 million -
Pull-through weighted lock volume of
$6.7 billion $1.1 billion 19% from the third quarter of 2023. -
Loan origination volume for the third quarter of 2024 was
$6.7 billion $0.6 billion 9% from the third quarter of 2023. -
Purchase volume totaled
66% of total loans originated during the third quarter, down slightly from71% during the third quarter of 2023. -
Our preliminary organic refinance consumer direct recapture rate1 increased to
71% from the third quarter 2023’s recapture rate of69% . -
Net income for the third quarter of 2024 of
$2.7 million $34.3 million -
Adjusted net income for the third quarter of 2024 was
$7.1 million $29.2 million
Outlook for the fourth quarter of 2024
-
Origination volume of between
$6 billion $8 billion -
Pull-through weighted rate lock volume of between
$5.5 billion $7.5 billion - Pull-through weighted gain on sale margin of between 285 basis points and 305 basis points.
Servicing |
||||||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
Servicing Revenue Data: ($ in thousands) (Unaudited) |
|
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
||||||||||
Due to collection/realization of cash flows |
|
$ |
(41,498 |
) |
|
$ |
(42,285 |
) |
|
$ |
(38,502 |
) |
|
$ |
(119,783 |
) |
|
$ |
(114,777 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Due to changes in valuation inputs or assumptions |
|
|
(52,557 |
) |
|
|
15,623 |
|
|
|
68,651 |
|
|
|
(8,690 |
) |
|
|
73,422 |
|
Realized gain (loss) on sale of servicing rights |
|
|
32 |
|
|
|
(3,057 |
) |
|
|
5,247 |
|
|
|
(2,980 |
) |
|
|
12,411 |
|
Net gain (loss) from derivatives hedging servicing rights |
|
|
37,624 |
|
|
|
(25,183 |
) |
|
|
(69,353 |
) |
|
|
(23,876 |
) |
|
|
(96,290 |
) |
Change in fair value of servicing rights, net of hedging gains and losses |
|
|
(14,901 |
) |
|
|
(12,617 |
) |
|
|
4,545 |
|
|
|
(35,546 |
) |
|
|
(10,457 |
) |
Other realized losses on sales of servicing rights (1) |
|
|
(164 |
) |
|
|
(5,885 |
) |
|
|
(1,731 |
) |
|
|
(7,290 |
) |
|
|
(1,734 |
) |
Changes in fair value of servicing rights, net |
|
$ |
(56,563 |
) |
|
$ |
(60,787 |
) |
|
$ |
(35,688 |
) |
|
$ |
(162,619 |
) |
|
$ |
(126,968 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Servicing fee income (2) |
|
$ |
124,133 |
|
|
$ |
125,082 |
|
|
$ |
120,911 |
|
|
$ |
373,273 |
|
|
$ |
360,329 |
|
(1) |
Includes the (provision) recovery for sold MSRs and broker fees. |
|
(2) |
Servicing fee income for the three and nine months ended September 30, 2023, has been adjusted to incorporate earnings credits, which were previously classified as part of net interest income. |
_________________________________
| 1 We define organic refinance consumer direct recapture rate as the total unpaid principal balance (“UPB”) of loans in our servicing portfolio that are paid in full for purposes of refinancing the loan on the same property, with the Company acting as lender on both the existing and new loan, divided by the UPB of all loans in our servicing portfolio that paid in full for the purpose of refinancing the loan on the same property. The recapture rate is finalized following the publication date of this release when external data becomes available. |
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||||||
Servicing Rights, at Fair Value: ($ in thousands) (Unaudited) |
|
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
||||||||||
Balance at beginning of period |
|
$ |
1,566,463 |
|
|
$ |
1,970,164 |
|
|
$ |
1,998,762 |
|
|
$ |
1,985,718 |
|
|
$ |
2,025,136 |
|
Additions |
|
|
62,039 |
|
|
|
66,115 |
|
|
|
80,068 |
|
|
|
176,529 |
|
|
|
215,229 |
|
Sales proceeds |
|
|
(8,466 |
) |
|
|
(439,199 |
) |
|
|
(73,972 |
) |
|
|
(503,777 |
) |
|
|
(171,167 |
) |
Changes in fair value: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Due to changes in valuation inputs or assumptions |
|
|
(52,557 |
) |
|
|
15,623 |
|
|
|
68,651 |
|
|
|
(8,690 |
) |
|
|
73,422 |
|
Due to collection/realization of cash flows |
|
|
(41,498 |
) |
|
|
(42,285 |
) |
|
|
(38,502 |
) |
|
|
(119,783 |
) |
|
|
(114,777 |
) |
Realized gains (losses) on sales of servicing rights |
|
|
32 |
|
|
|
(3,955 |
) |
|
|
3,647 |
|
|
|
(3,984 |
) |
|
|
10,811 |
|
Total changes in fair value |
|
|
(94,023 |
) |
|
|
(30,617 |
) |
|
|
33,796 |
|
|
|
(132,457 |
) |
|
|
(30,544 |
) |
Balance at end of period (1) |
|
$ |
1,526,013 |
|
|
$ |
1,566,463 |
|
|
$ |
2,038,654 |
|
|
$ |
1,526,013 |
|
|
$ |
2,038,654 |
|
(1) |
Balances are net of |
|
|
|
% Change |
||||||||||||||
Servicing Portfolio Data: ($ in thousands) (Unaudited) |
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep-24 vs Jun-24 |
|
Sep-24
|
||||||||
Servicing portfolio (unpaid principal balance) |
$ |
114,915,206 |
|
|
$ |
114,278,549 |
|
|
$ |
143,959,705 |
|
|
0.6 |
% |
|
(20.2 |
)% |
|
|
|
|
|
|
|
|
|
|
||||||||
Total servicing portfolio (units) |
|
409,344 |
|
|
|
403,302 |
|
|
|
490,191 |
|
|
1.5 |
|
|
(16.5 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||
60+ days delinquent ($) |
$ |
1,654,955 |
|
|
$ |
1,457,098 |
|
|
$ |
1,235,443 |
|
|
13.6 |
|
|
34.0 |
|
60+ days delinquent (%) |
|
1.4 |
% |
|
|
1.3 |
% |
|
|
0.9 |
% |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||||
Servicing rights, net to UPB |
|
1.3 |
% |
|
|
1.4 |
% |
|
|
1.4 |
% |
|
|
|
|
||
Balance Sheet Highlights |
||||||||||||||
|
|
|
|
|
|
|
% Change |
|||||||
($ in thousands) (Unaudited) |
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep-24
|
|
Sep-24
|
|||||
Cash and cash equivalents |
$ |
483,048 |
|
$ |
533,153 |
|
$ |
717,196 |
|
(9.4 |
)% |
|
(32.6 |
)% |
Loans held for sale, at fair value |
|
2,790,284 |
|
|
2,377,987 |
|
|
2,070,748 |
|
17.3 |
|
|
34.7 |
|
Loans held for investment, at fair value |
|
122,066 |
|
|
120,287 |
|
|
— |
|
1.5 |
|
|
NM |
|
Servicing rights, at fair value |
|
1,542,720 |
|
|
1,583,128 |
|
|
2,053,359 |
|
(2.6 |
) |
|
(24.9 |
) |
Total assets |
|
6,417,627 |
|
|
5,942,777 |
|
|
6,078,529 |
|
8.0 |
|
|
5.6 |
|
Warehouse and other lines of credit |
|
2,565,713 |
|
|
2,213,128 |
|
|
1,897,859 |
|
15.9 |
|
|
35.2 |
|
Total liabilities |
|
5,825,578 |
|
|
5,363,839 |
|
|
5,309,594 |
|
8.6 |
|
|
9.7 |
|
Total equity |
|
592,049 |
|
|
578,938 |
|
|
768,935 |
|
2.3 |
|
|
(23.0 |
) |
An increase in loans held for sale at September 30, 2024, resulted in a corresponding increase in the balance on our warehouse lines of credit. Total funding capacity with our lending partners was
Consolidated Statements of Operations |
|||||||||||||||||||
($ in thousands except per share data) |
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
||||||||||
|
(Unaudited) |
|
(Unaudited) |
|
|
||||||||||||||
REVENUES: |
|
|
|
|
|
|
|
|
|
||||||||||
Interest income |
$ |
38,673 |
|
|
$ |
35,052 |
|
|
$ |
37,253 |
|
|
$ |
104,650 |
|
|
$ |
98,271 |
|
Interest expense |
|
(39,488 |
) |
|
|
(35,683 |
) |
|
|
(36,770 |
) |
|
|
(106,837 |
) |
|
|
(96,459 |
) |
Net interest (expense) income |
|
(815 |
) |
|
|
(631 |
) |
|
|
483 |
|
|
|
(2,187 |
) |
|
|
1,812 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gain on origination and sale of loans, net |
|
198,027 |
|
|
|
166,920 |
|
|
|
148,849 |
|
|
|
481,007 |
|
|
|
411,336 |
|
Origination income, net |
|
23,675 |
|
|
|
19,494 |
|
|
|
17,740 |
|
|
|
56,775 |
|
|
|
48,088 |
|
Servicing fee income |
|
124,133 |
|
|
|
125,082 |
|
|
|
120,911 |
|
|
|
373,273 |
|
|
|
360,329 |
|
Change in fair value of servicing rights, net |
|
(56,563 |
) |
|
|
(60,787 |
) |
|
|
(35,688 |
) |
|
|
(162,619 |
) |
|
|
(126,968 |
) |
Other income |
|
26,141 |
|
|
|
15,312 |
|
|
|
13,366 |
|
|
|
56,523 |
|
|
|
50,798 |
|
Total net revenues |
|
314,598 |
|
|
|
265,390 |
|
|
|
265,661 |
|
|
|
802,772 |
|
|
|
745,395 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
EXPENSES: |
|
|
|
|
|
|
|
|
|
||||||||||
Personnel expense |
|
161,330 |
|
|
|
141,036 |
|
|
|
141,432 |
|
|
|
436,683 |
|
|
|
440,258 |
|
Marketing and advertising expense |
|
36,282 |
|
|
|
31,175 |
|
|
|
33,894 |
|
|
|
95,811 |
|
|
|
104,520 |
|
Direct origination expense |
|
23,120 |
|
|
|
21,550 |
|
|
|
15,749 |
|
|
|
62,841 |
|
|
|
50,352 |
|
General and administrative expense |
|
22,984 |
|
|
|
73,160 |
|
|
|
46,522 |
|
|
|
153,889 |
|
|
|
157,473 |
|
Occupancy expense |
|
4,800 |
|
|
|
5,204 |
|
|
|
5,903 |
|
|
|
15,113 |
|
|
|
18,083 |
|
Depreciation and amortization |
|
8,931 |
|
|
|
8,955 |
|
|
|
10,592 |
|
|
|
27,329 |
|
|
|
31,339 |
|
Servicing expense |
|
8,427 |
|
|
|
8,467 |
|
|
|
8,532 |
|
|
|
25,155 |
|
|
|
19,116 |
|
Other interest expense |
|
45,129 |
|
|
|
53,000 |
|
|
|
42,504 |
|
|
|
144,676 |
|
|
|
128,619 |
|
Total expenses |
|
311,003 |
|
|
|
342,547 |
|
|
|
305,128 |
|
|
|
961,497 |
|
|
|
949,760 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income taxes |
|
3,595 |
|
|
|
(77,157 |
) |
|
|
(39,467 |
) |
|
|
(158,725 |
) |
|
|
(204,365 |
) |
Income tax expense (benefit) |
|
923 |
|
|
|
(11,304 |
) |
|
|
(5,205 |
) |
|
|
(24,040 |
) |
|
|
(28,622 |
) |
Net income (loss) |
|
2,672 |
|
|
|
(65,853 |
) |
|
|
(34,262 |
) |
|
|
(134,685 |
) |
|
|
(175,743 |
) |
Net income (loss) attributable to noncontrolling interests |
|
1,303 |
|
|
|
(33,642 |
) |
|
|
(17,663 |
) |
|
|
(69,588 |
) |
|
|
(92,793 |
) |
Net income (loss) attributable to loanDepot, Inc. |
$ |
1,369 |
|
|
$ |
(32,211 |
) |
|
$ |
(16,599 |
) |
|
$ |
(65,097 |
) |
|
$ |
(82,950 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic income (loss) per share |
$ |
0.01 |
|
|
$ |
(0.18 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.48 |
) |
Diluted income (loss) per share |
$ |
0.01 |
|
|
$ |
(0.18 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.48 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
185,385,271 |
|
|
|
182,324,046 |
|
|
|
175,962,804 |
|
|
|
183,041,489.00 |
|
|
|
173,568,986.00 |
|
Diluted |
|
332,532,984 |
|
|
|
182,324,046 |
|
|
|
175,962,804 |
|
|
|
183,041,489.00 |
|
|
|
173,568,986.00 |
|
Consolidated Balance Sheets |
||||||||
($ in thousands) |
Sep 30,
|
|
Jun 30,
|
|
Dec 31,
|
|||
|
(Unaudited) |
|
|
|||||
ASSETS |
|
|
|
|
|
|||
Cash and cash equivalents |
$ |
483,048 |
|
$ |
533,153 |
|
$ |
660,707 |
Restricted cash |
|
95,593 |
|
|
98,057 |
|
|
85,149 |
Loans held for sale, at fair value |
|
2,790,284 |
|
|
2,377,987 |
|
|
2,132,880 |
Loans held for investment, at fair value |
|
122,066 |
|
|
120,287 |
|
|
— |
Derivative assets, at fair value |
|
68,647 |
|
|
59,779 |
|
|
93,574 |
Servicing rights, at fair value |
|
1,542,720 |
|
|
1,583,128 |
|
|
1,999,763 |
Trading securities, at fair value |
|
92,324 |
|
|
89,477 |
|
|
92,901 |
Property and equipment, net |
|
62,974 |
|
|
64,631 |
|
|
70,809 |
Operating lease right-of-use asset |
|
23,020 |
|
|
24,549 |
|
|
29,433 |
Loans eligible for repurchase |
|
860,300 |
|
|
740,238 |
|
|
711,371 |
Investments in joint ventures |
|
17,899 |
|
|
17,905 |
|
|
20,363 |
Other assets |
|
258,752 |
|
|
233,586 |
|
|
254,098 |
Total assets |
$ |
6,417,627 |
|
$ |
5,942,777 |
|
$ |
6,151,048 |
|
|
|
|
|
|
|||
LIABILITIES AND EQUITY |
|
|
|
|
|
|||
LIABILITIES: |
|
|
|
|
|
|||
Warehouse and other lines of credit |
$ |
2,565,713 |
|
$ |
2,213,128 |
|
$ |
1,947,057 |
Accounts payable and accrued expenses |
|
381,543 |
|
|
375,319 |
|
|
379,971 |
Derivative liabilities, at fair value |
|
22,143 |
|
|
17,856 |
|
|
84,962 |
Liability for loans eligible for repurchase |
|
860,300 |
|
|
740,238 |
|
|
711,371 |
Operating lease liability |
|
38,538 |
|
|
41,896 |
|
|
49,192 |
Debt obligations, net |
|
1,957,341 |
|
|
1,975,402 |
|
|
2,274,011 |
Total liabilities |
|
5,825,578 |
|
|
5,363,839 |
|
|
5,446,564 |
EQUITY: |
|
|
|
|
|
|||
Total equity |
|
592,049 |
|
|
578,938 |
|
|
704,484 |
Total liabilities and equity |
$ |
6,417,627 |
|
$ |
5,942,777 |
|
$ |
6,151,048 |
Loan Origination and Sales Data |
|||||||||||||||
($ in thousands) (Unaudited) |
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||
|
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
||||||
Loan origination volume by type: |
|
|
|
|
|
|
|
|
|
|
|||||
Conventional conforming |
|
$ |
3,254,702 |
|
$ |
3,232,905 |
|
$ |
3,158,107 |
|
$ |
8,991,282 |
|
$ |
9,375,605 |
FHA/VA/USDA |
|
|
2,564,827 |
|
|
2,271,104 |
|
|
2,354,630 |
|
|
6,489,956 |
|
|
6,371,168 |
Jumbo |
|
|
300,086 |
|
|
229,379 |
|
|
126,408 |
|
|
646,787 |
|
|
405,551 |
Other |
|
|
539,714 |
|
|
357,246 |
|
|
443,998 |
|
|
1,180,289 |
|
|
1,148,699 |
Total |
|
$ |
6,659,329 |
|
$ |
6,090,634 |
|
$ |
6,083,143 |
|
$ |
17,308,314 |
|
$ |
17,301,023 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Loan origination volume by purpose: |
|
|
|
|
|
|
|
|
|
|
|||||
Purchase |
|
$ |
4,378,575 |
|
$ |
4,383,145 |
|
$ |
4,337,476 |
|
$ |
12,057,993 |
|
$ |
12,403,166 |
Refinance - cash out |
|
|
1,954,071 |
|
|
1,562,827 |
|
|
1,660,578 |
|
|
4,660,580 |
|
|
4,599,564 |
Refinance - rate/term |
|
|
326,683 |
|
|
144,662 |
|
|
85,089 |
|
|
589,741 |
|
|
298,293 |
Total |
|
$ |
6,659,329 |
|
$ |
6,090,634 |
|
$ |
6,083,143 |
|
$ |
17,308,314 |
|
$ |
17,301,023 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans sold: |
|
|
|
|
|
|
|
|
|
|
|||||
Servicing retained |
|
$ |
3,818,375 |
|
$ |
4,011,399 |
|
$ |
4,175,126 |
|
$ |
10,816,315 |
|
$ |
11,396,678 |
Servicing released |
|
|
2,487,589 |
|
|
1,893,515 |
|
|
2,092,762 |
|
|
5,833,916 |
|
|
6,345,660 |
Total |
|
$ |
6,305,964 |
|
$ |
5,904,914 |
|
$ |
6,267,888 |
|
$ |
16,650,231 |
|
$ |
17,742,338 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Third Quarter Earnings Call
Management will host a conference call and live webcast today at 5:00 p.m. ET on loanDepot’s Investor Relations website, investors.loandepot.com, to discuss the Company’s earnings results.
The conference call can also be accessed by dialing (800) 715-9871, Conference ID: 9881136. Please call five minutes in advance to ensure that you are connected prior to the call. A webcast can also be accessed at https://events.q4inc.com/attendee/479196723.
A replay of the webcast will be made available on the Investor Relations website following the conclusion of the event.
For more information about loanDepot, please visit the company’s Investor Relations website: investors.loandepot.com.
Non-GAAP Financial Measures
To provide investors with information in addition to our results as determined by GAAP, we disclose certain non-GAAP measures to assist investors in evaluating our financial results. We believe these non-GAAP measures provide useful information to investors regarding our results of operations because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. They facilitate company-to-company operating performance comparisons by backing out potential differences caused by variations in hedging strategies, changes in valuations, capital structures (affecting interest expense on non-funding debt), taxation, the age and book depreciation of facilities (affecting relative depreciation expense), and other cost or benefit items which may vary for different companies for reasons unrelated to operating performance. These non-GAAP measures include our Adjusted Total Revenue, Adjusted Net Income (Loss), Adjusted Diluted Earnings (Loss) Per Share (if dilutive), and Adjusted EBITDA (LBITDA). We exclude from these non-GAAP financial measures the change in fair value of MSRs, gains (losses) from the sale of MSRs and related hedging gains and losses that represent realized and unrealized adjustments resulting from changes in valuation, mostly due to changes in market interest rates, and are not indicative of the Company’s operating performance or results of operation. Beginning in the second quarter of 2024, we began to include the gains (losses) from the sale of MSRs in valuation changes in servicing rights, net of hedging gains and losses to appropriately capture all valuation changes in MSRs up to and including the sales date. Prior periods have been revised to conform with this new presentation. We also exclude stock-based compensation expense, which is a non-cash expense, expenses directly related to the Cybersecurity Incident, net of expected insurance recoveries, including costs to investigate and remediate the Cybersecurity Incident, the costs of customer notifications and identity protection, professional fees, including legal expenses, litigation settlement costs, and commission guarantees, gains or losses on extinguishment of debt and disposal of fixed assets, non-cash goodwill impairment, and other impairment charges to intangible assets and operating lease right-of-use assets, as well as certain costs associated with our restructuring efforts, as management does not consider these costs to be indicative of our performance or results of operations. Adjusted EBITDA (LBITDA) includes interest expense on funding facilities, which are recorded as a component of “net interest income (expense),” as these expenses are a direct operating expense driven by loan origination volume. By contrast, interest expense on our non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA (LBITDA). Adjustments for income taxes are made to reflect historical results of operations on the basis that it was taxed as a corporation under the Internal Revenue Code, and therefore subject to
- they do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments;
- Adjusted EBITDA (LBITDA) does not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt;
- although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and Adjusted Total Revenue, Adjusted Net Income (Loss), and Adjusted EBITDA (LBITDA) do not reflect any cash requirement for such replacements or improvements; and
- they are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows.
Because of these limitations, Adjusted Total Revenue, Adjusted Net Income (Loss), Adjusted Diluted Earnings (Loss) Per Share, and Adjusted EBITDA (LBITDA) are not intended as alternatives to total revenue, net income (loss), net income (loss) attributable to the Company, or Diluted Earnings (Loss) Per Share or as an indicator of our operating performance and should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. We compensate for these limitations by using Adjusted Total Revenue, Adjusted Net Income (Loss), Adjusted Diluted Earnings (Loss) Per Share, and Adjusted EBITDA (LBITDA) along with other comparative tools, together with
Reconciliation of Total Revenue to Adjusted Total Revenue ($ in thousands) (Unaudited) |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
|||||||
Total net revenue |
|
$ |
314,598 |
|
$ |
265,390 |
|
$ |
265,661 |
|
|
$ |
802,772 |
|
$ |
745,395 |
Valuation changes in servicing rights, net of hedging gains and losses(1) |
|
|
14,901 |
|
|
12,617 |
|
|
(4,545 |
) |
|
|
35,546 |
|
|
10,457 |
Adjusted total revenue |
|
$ |
329,499 |
|
$ |
278,007 |
|
$ |
261,116 |
|
|
$ |
838,318 |
|
$ |
755,852 |
(1) |
Represents the change in the fair value of servicing rights due to changes in valuation inputs or assumptions, net of gains or losses from derivatives hedging servicing rights. Beginning in the second quarter of 2024, we began to include the gains (losses) from the sale of MSRs in valuation changes in servicing rights, net of hedging gains and losses to appropriately capture all valuation changes in MSRs up to and including the sales date. Prior periods have been revised to conform with this new presentation. |
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) ($ in thousands) (Unaudited) |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
|||||||||||
Net income (loss) attributable to loanDepot, Inc. |
|
$ |
1,369 |
|
|
$ |
(32,211 |
) |
|
$ |
(16,599 |
) |
|
$ |
(65,097 |
) |
|
$ |
(82,950 |
) |
Net income (loss) from the pro forma conversion of Class C common shares to Class A common stock (1) |
|
|
1,303 |
|
|
|
(33,642 |
) |
|
|
(17,663 |
) |
|
|
(69,588 |
) |
|
|
(92,793 |
) |
Net income (loss) |
|
|
2,672 |
|
|
|
(65,853 |
) |
|
|
(34,262 |
) |
|
|
(134,685 |
) |
|
|
(175,743 |
) |
Adjustments to the (provision) benefit for income taxes(2) |
|
|
(326 |
) |
|
|
8,838 |
|
|
|
4,845 |
|
|
|
17,982 |
|
|
|
25,054 |
|
Tax-effected net income (loss) |
|
|
2,346 |
|
|
|
(57,015 |
) |
|
|
(29,417 |
) |
|
|
(116,703 |
) |
|
|
(150,689 |
) |
Valuation changes in servicing rights, net of hedging gains and losses(3) |
|
|
14,901 |
|
|
|
12,617 |
|
|
|
(4,545 |
) |
|
|
35,546 |
|
|
|
10,457 |
|
Stock-based compensation expense |
|
|
8,200 |
|
|
|
5,898 |
|
|
|
3,940 |
|
|
|
18,952 |
|
|
|
15,619 |
|
Restructuring charges(4) |
|
|
1,853 |
|
|
|
3,127 |
|
|
|
2,007 |
|
|
|
7,105 |
|
|
|
8,357 |
|
Cybersecurity incident(5) |
|
|
(18,880 |
) |
|
|
26,942 |
|
|
|
— |
|
|
|
22,760 |
|
|
|
— |
|
Loss (gain) on extinguishment of debt |
|
|
— |
|
|
|
5,680 |
|
|
|
(1,651 |
) |
|
|
5,680 |
|
|
|
(1,690 |
) |
Loss (gain) on disposal of fixed assets |
|
|
3 |
|
|
|
— |
|
|
|
93 |
|
|
|
(25 |
) |
|
|
1,105 |
|
Other impairment(6) |
|
|
10 |
|
|
|
1,193 |
|
|
|
129 |
|
|
|
1,202 |
|
|
|
470 |
|
Tax effect of adjustments(7) |
|
|
(1,356 |
) |
|
|
(14,332 |
) |
|
|
233 |
|
|
|
(22,826 |
) |
|
|
(8,046 |
) |
Adjusted net income (loss) |
|
$ |
7,077 |
|
|
$ |
(15,890 |
) |
|
$ |
(29,211 |
) |
|
$ |
(48,309 |
) |
|
$ |
(124,417 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) |
Reflects net income (loss) to Class A common stock and Class D common stock from the pro forma exchange of Class C common stock. |
|
(2) |
loanDepot, Inc. is subject to federal, state and local income taxes. Adjustments to the (provision) benefit for income taxes reflect the income tax rates below, and the pro forma assumption that loanDepot, Inc. owns |
|
Three Months Ended |
|
Nine Months Ended |
|||||||
|
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Statutory |
|
21.00 % |
|
21.00 % |
|
21.00 % |
|
21.00 % |
|
21.00 % |
State and local income taxes (net of federal benefit) |
|
4.01 % |
|
5.27 % |
|
6.43 % |
|
4.84 % |
|
6.00 % |
Effective income tax rate |
|
25.01 % |
|
26.27 % |
|
27.43 % |
|
25.84 % |
|
27.00 % |
(3) |
Represents the change in the fair value of servicing rights due to changes in valuation inputs or assumptions, net of gains or losses from derivatives hedging servicing rights, and gains (losses) from the sale of MSRs. Beginning in the second quarter of 2024, we began to include the gains (losses) from the sale of MSRs in valuation changes in servicing rights, net of hedging gains and losses to appropriately capture all valuation changes in MSRs up to and including the sales date. Prior periods have been revised to conform with this new presentation. |
|
(4) |
Reflects employee severance expense and professional services associated with restructuring efforts subsequent to the announcement of Vision 2025 in July 2022. |
|
(5) |
Represents expenses directly related to the Cybersecurity Incident, net of expected insurance recoveries, including costs to investigate and remediate the Cybersecurity Incident, the costs of customer notifications and identity protection, professional fees including legal expenses, litigation settlement costs, and commission guarantees. During the three months ended September 30, 2024, the Company recorded a |
|
(6) |
Represents lease impairment on corporate and retail locations. |
|
(7) |
Amounts represent the income tax effect using the aforementioned effective income tax rates, excluding certain discrete tax items. |
| Reconciliation of Adjusted Diluted Weighted Average Shares Outstanding to Diluted Weighted Average Shares Outstanding
($ in thousands except per share data) (Unaudited) |
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||||
|
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
||||||||||
Net income (loss) attributable to loanDepot, Inc. |
|
$ |
1,369 |
|
$ |
(32,211 |
) |
|
$ |
(16,599 |
) |
|
$ |
(65,097 |
) |
|
$ |
(82,950 |
) |
Adjusted net income (loss) |
|
|
7,077 |
|
|
(15,890 |
) |
|
|
(29,211 |
) |
|
|
(48,309 |
) |
|
|
(124,417 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Share Data: |
|
|
|
|
|
|
|
|
|
|
|||||||||
Diluted weighted average shares of Class A and Class D common stock outstanding |
|
|
332,532,984 |
|
|
182,324,046 |
|
|
|
175,962,804 |
|
|
|
183,041,489 |
|
|
|
173,568,986 |
|
Assumed pro forma conversion of weighted average Class C shares to Class A common stock (1) |
|
|
— |
|
|
142,907,533 |
|
|
|
147,171,089 |
|
|
|
142,333,213 |
|
|
|
148,741,661 |
|
Adjusted diluted weighted average shares outstanding |
|
|
332,532,984 |
|
|
325,231,579 |
|
|
|
323,133,893 |
|
|
|
325,374,702 |
|
|
|
322,310,647 |
|
(1) |
Reflects the assumed pro forma exchange and conversion of anti-dilutive Class C common shares. |
Reconciliation of Net Income (Loss) to Adjusted EBITDA (LBITDA) ($ in thousands) (Unaudited) |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
Sep 30,
|
|
Jun 30,
|
|
Sep 30,
|
|
Sep 30,
|
|
Sep 30,
|
|||||||||||
Net income (loss) |
|
$ |
2,672 |
|
|
$ |
(65,853 |
) |
|
$ |
(34,262 |
) |
|
$ |
(134,685 |
) |
|
$ |
(175,743 |
) |
Interest expense - non-funding debt (1) |
|
|
45,129 |
|
|
|
53,000 |
|
|
|
42,504 |
|
|
|
144,676 |
|
|
|
128,619 |
|
Income tax expense (benefit) |
|
|
923 |
|
|
|
(11,304 |
) |
|
|
(5,205 |
) |
|
|
(24,040 |
) |
|
|
(28,622 |
) |
Depreciation and amortization |
|
|
8,931 |
|
|
|
8,955 |
|
|
|
10,592 |
|
|
|
27,329 |
|
|
|
31,339 |
|
Valuation changes in servicing rights, net of hedging gains and losses(2) |
|
|
14,901 |
|
|
|
12,617 |
|
|
|
(4,545 |
) |
|
|
35,546 |
|
|
|
10,457 |
|
Stock-based compensation expense |
|
|
8,200 |
|
|
|
5,898 |
|
|
|
3,940 |
|
|
|
18,952 |
|
|
|
15,619 |
|
Restructuring charges(3) |
|
|
1,853 |
|
|
|
3,127 |
|
|
|
2,007 |
|
|
|
7,105 |
|
|
|
8,357 |
|
Cybersecurity incident(4) |
|
|
(18,880 |
) |
|
|
26,942 |
|
|
|
— |
|
|
|
22,760 |
|
|
|
— |
|
Loss (gain) on disposal of fixed assets |
|
|
3 |
|
|
|
— |
|
|
|
93 |
|
|
|
(25 |
) |
|
|
1,105 |
|
Other impairment(5) |
|
|
10 |
|
|
|
1,193 |
|
|
|
129 |
|
|
|
1,202 |
|
|
|
470 |
|
Adjusted EBITDA (LBITDA) |
|
$ |
63,742 |
|
|
$ |
34,575 |
|
|
$ |
15,253 |
|
|
$ |
98,820 |
|
|
$ |
(8,399 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) |
Represents other interest expense, which includes gain or loss on extinguishment of debt and amortization of debt issuance costs and debt discount, in the Company’s consolidated statements of operations. |
|
(2) |
Represents the change in the fair value of servicing rights due to changes in valuation inputs or assumptions, net of gains or losses from derivatives hedging servicing rights, and gains (losses) from the sale of MSRs. Beginning in the second quarter of 2024, we began to include the gains (losses) from the sale of MSRs in valuation changes in servicing rights, net of hedging gains and losses to appropriately capture all valuation changes in MSRs up to and including the sales date. Prior periods have been revised to conform with this new presentation. |
|
(3) |
Reflects employee severance expense and professional services associated with restructuring efforts subsequent to the announcement of Vision 2025 in July 2022. |
|
(4) |
Represents expenses, directly related to the Cybersecurity Incident, net of expected insurance recoveries, that occurred in the first quarter of 2024, including costs to investigate and remediate the Cybersecurity Incident, the costs of customer notifications and identity protection, professional fees including legal expenses, litigation settlement costs, and commission guarantees. During the three months ended September 30, 2024, the Company recorded a |
|
(5) |
Represents lease impairment on corporate and retail locations. |
Forward-Looking Statements
This press release may contain "forward-looking statements," which reflect loanDepot's current views with respect to, among other things, our business strategies, including Project North Star, our progress toward run-rate profitability, ongoing cost management and productivity programs, our HELOC product, financial condition and liquidity, competitive position, industry and regulatory environment, potential growth opportunities, the effects of competition, the impact of the Cybersecurity Incident, operations and financial performance. These forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and may contain the words “outlook,” “potential,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “predict,” “estimate,” “project,” “will be,” “will continue,” “will likely result,” or other similar words and phrases or future or conditional verbs such as “will,” “may,” “might,” “should,” “would,” or “could” and the negatives of those terms. These forward-looking statements are based on current available operating, financial, economic and other information, and are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict, including but not limited to, the following: our ability to achieve the expected benefits of Project North Star and the success of other business initiatives; our ability to achieve run-rate profitability; our loan production volume; our ability to maintain an operating platform and management system sufficient to conduct our business; our ability to maintain warehouse lines of credit and other sources of capital and liquidity; impacts of cybersecurity incidents, cyberattacks, information or security breaches and technology disruptions or failures, of ours or of our third party vendors; the outcome of legal proceedings to which we are a party; our ability to reach a definitive settlement agreement related to the Cybersecurity Incident; adverse changes in macroeconomic and
About loanDepot
loanDepot (NYSE: LDI) is a leading provider of lending solutions that make the American dream of homeownership more accessible and achievable for all, especially the increasingly diverse communities of first-time homebuyers, through a broad suite of lending and real estate services that simplify one of life's most complex transactions. Since its launch in 2010, the company has been recognized as an innovator, using its industry-leading technology to deliver a superior customer experience. Our digital-first approach makes it easier, faster and less stressful to purchase or refinance a home. Today, as one of the largest non-bank lenders in the country, loanDepot and its mellohome operating unit offer an integrated platform of lending, loan servicing, real estate and home services that support customers along their entire homeownership journey. Headquartered in
LDI-IR
View source version on businesswire.com: https://www.businesswire.com/news/home/20241105434727/en/
Investor Relations Contact:
Gerhard Erdelji
Senior Vice President, Investor Relations
(949) 822-4074
gerdelji@loandepot.com
Media Contact:
Rebecca Anderson
Senior Vice President, Communications & Public Relations
(949) 822-4024
rebeccaanderson@loandepot.com
Source: loanDepot, Inc.
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