loanDepot, Inc. - LDI STOCK NEWS

loanDepot's Zeenat Sidi has been honored with the 2022 "Outstanding 50 Asian Americans in Business" award by the Asian American Business Development Center on September 13, 2022. This distinction recognizes her leadership in the real estate lending and fintech sectors. Sidi, who joined loanDepot in March 2022, aims to enhance financial inclusion through technology. She will receive the award at a gala on September 22, showcasing her impact in the industry and the company's commitment to diverse representation.

loanDepot (NYSE: LDI) announced the appointment of Joseph Grassi as chief risk officer, effective immediately. Reporting to CEO Frank Martell, Grassi aims to enhance the company's risk management program and operational risk governance. With over 35 years of experience in real estate finance and compliance, including leadership roles at Fannie Mae and the US Department of Housing and Urban Development, he is well-positioned to advance loanDepot’s objectives. Grassi's expertise will support the company's Vision 2025 plan, focusing on quality and compliance as key growth factors.

loanDepot reported second-quarter revenue of $308.6 million with a diluted loss per share of $0.66, influenced mainly by lower origination volumes and profit margins, despite a 39% revenue decline from Q1. Expenses decreased by $45.6 million (8%), supporting the target of $375 million to $400 million in annualized savings. The company faces challenges including $46.7 million in goodwill impairment charges and a significant 26% drop in loan origination volume. However, cash reserves improved to $954.9 million as of June 30, 2022.

loanDepot (NYSE: LDI) will release its second quarter 2022 financial results on August 9, 2022, after market close. The management will host a conference call at 5:00 p.m. ET to review the results and answer questions. Investors can access the call by dialing 888-440-6385 with conference ID 2021948. A replay and transcript will be available afterward on the investor relations website. As a leading non-bank retail mortgage lender, loanDepot aims to simplify the homeownership journey with its digital-first approach.

loanDepot (NYSE: LDI) unveiled its Vision 2025 plan to adapt to changing mortgage market conditions. The company aims to reduce costs by $375-$400 million by the end of 2022 while shifting focus to purchase transactions and underserved communities. CEO Frank Martell emphasized the need to pivot for improved profitability and sustainability. The plan includes centralizing management to enhance efficiency, launching a digital HELOC product, and reducing staffing from 11,300 to approximately 6,500. A non-cash impairment charge of $42 million was recorded during Q2 2022.

loanDepot has been recognized by the National Association of Hispanic Real Estate Professionals (NAHREP) as one of the top lenders, with 47 loan originators appearing on the latest "Top 250 Latino Mortgage Originators" report. This marks the second consecutive year the company has achieved this distinction, showcasing its commitment to diversity and inclusion in homeownership. The recognized originators represent 10 states and have completed a total of 6,677 transactions. loanDepot continues to support diverse communities through effective recruitment and dedicated service.

loanDepot (NYSE: LDI) reported a Q1 2022 total revenue of $503.3 million, down 29% year-over-year, with a diluted loss per share of $0.25. The decrease was attributed to a sharp decline in rate lock volume and profit margins due to rising interest rates. Total expenses were reduced by 13% to $606.3 million. The company announced a leadership change, appointing Frank Martell as CEO, focusing on long-term growth and expense management. However, market share fell to 3.1%. The quarterly dividend has been suspended amid ongoing market challenges.

loanDepot, Inc. (NYSE: LDI) announced the launch of its digital lending product, mello HELOC, aimed at providing consumers with quick access to home equity. Set to debut in Q3 2022, this innovative home equity line of credit promises application approval in minutes and funding within seven days. With homeowners benefiting from over $26 trillion in home equity, the mello HELOC offers a simplified digital application process and aligns with rising interest rates and inflation trends, enabling homeowners to manage financial needs efficiently.

loanDepot (NYSE: LDI) has announced it will release its Q1 2022 financial results on May 10, 2022, before the market opens. Management will host a conference call at 11:00 a.m. ET the same day, where they will review the results and conduct a Q&A session. Investors can access the call via loanDepot's investor relations website. The company is recognized as the second largest retail mortgage lender in the U.S., leveraging its mello® technology to enhance the mortgage process.