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Share Name | Share Symbol | Market | Type |
---|---|---|---|
loanDepot Inc | NYSE:LDI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.02 | 0.96% | 2.10 | 2.125 | 1.98 | 2.07 | 654,128 | 01:00:00 |
Vision 2025 productivity improvements more than offset market-driven revenue decline, resulting in 61% reduction in annual net loss. Company exits 2023 with strong liquidity position.
Full-year 2023 highlights:
Fourth quarter 2023 highlights:
loanDepot, Inc. (NYSE: LDI), (together with its subsidiaries, “loanDepot” or the “Company”), a leading provider of lending solutions that make the American dream of homeownership more accessible and achievable for all, today announced results for the fourth quarter and year-ended December 31, 2023.
“loanDepot made substantial progress in 2023, significantly resetting its cost structure and making critical investments in our technology platforms and business processes, which we believe position us to capture the benefits of the eventual rebound in mortgage volumes,” said President and Chief Executive Officer Frank Martell.
“We are entering 2024 with a more durable revenue model built around a strong multi-channel origination business and a low cost, high-quality servicing platform that underpins our strategy of becoming a trusted partner for individuals and families on their homeownership journey. We will continue to aggressively pursue automation and productivity programs to support expanded operating leverage and continue to fund reinvestment in solutions that support the increasingly diverse communities that represent a growing number of homebuyers,” Martell added.
“During the course of 2023, we reduced our cost structure by $693 million,” said Chief Financial Officer David Hayes. “We expect significant additional benefits from our previously announced $120 million annualized cost reduction program during 2024. Our cost reset has allowed us to maintain a strong liquidity position and at the same time support reinvestment in critical platforms and programs. As the housing and mortgage markets begin to recover, we believe we enter 2024 positioned for success through a relentless focus on delivering against the pillars of Vision 2025.”
Fourth Quarter Highlights:
Financial Summary
Three Months Ended
Year Ended
($ in thousands except per share data)
(Unaudited)
Dec 31, 2023
Sep 30, 2023
Dec 31, 2022
Dec 31, 2023
Dec 31, 2022
Rate lock volume
$
6,417,419
$
8,295,935
$
6,933,099
$
32,155,455
$
68,553,340
Pull through weighted lock volume(1)
4,407,386
5,685,209
4,196,894
21,475,262
45,164,915
Loan origination volume
5,370,708
6,083,143
6,382,743
22,671,731
53,778,456
Gain on sale margin(2)
2.43
%
2.74
%
1.45
%
2.60
%
1.63
%
Pull through weighted gain on sale margin(3)
2.96
%
2.93
%
2.21
%
2.75
%
1.94
%
Financial Results
Total revenue
$
228,626
$
265,661
$
169,655
$
974,022
$
1,255,796
Total expense
302,571
305,128
343,735
1,252,330
1,945,773
Net loss
(59,771
)
(34,262
)
(157,762
)
(235,512
)
(610,385
)
Diluted loss per share
$
(0.16
)
$
(0.09
)
$
(0.46
)
$
(0.63
)
$
(1.75
)
Non-GAAP Financial Measures(4)
Adjusted total revenue
$
251,450
$
266,363
$
188,501
$
1,019,714
$
1,216,041
Adjusted net loss
(26,660
)
(25,405
)
(107,156
)
(142,443
)
(457,601
)
Adjusted EBITDA (LBITDA)
14,957
20,497
(86,836
)
18,907
(446,938
)
(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.
Operational Highlights
Outlook for the first quarter of 2024
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.
Servicing
Three Months Ended
Year Ended
Servicing Revenue Data:
($ in thousands)
(Unaudited)
Dec 31, 2023
Sep 30, 2023
Dec 31, 2022
Dec 31, 2023
Dec 31, 2022
Due to changes in valuation inputs or assumptions
$
(71,195
)
$
68,651
$
(10,094
)
$
2,227
$
363,064
Due to collection/realization of cash flows
(34,433
)
(38,502
)
(37,427
)
(149,211
)
(230,449
)
Realized (losses) gains on sales of servicing rights, net (1)
(192
)
3,516
2,285
10,486
(3,663
)
Net gain (loss) from derivatives hedging servicing rights
48,371
(69,353
)
(8,752
)
(47,919
)
(323,309
)
Changes in fair value of servicing rights, net
$
(57,449
)
$
(35,688
)
$
(53,988
)
$
(184,417
)
$
(194,357
)
Servicing fee income
$
132,482
$
120,911
$
107,221
$
492,811
$
449,150
(1)
Includes the provision for sold MSRs.
Three Months Ended
Year Ended
Servicing Rights, at Fair Value:
($ in thousands)
(Unaudited)
Dec 31, 2023
Sep 30, 2023
Dec 31, 2022
Dec 31, 2023
Dec 31, 2022
Balance at beginning of period
$
2,038,654
$
1,998,762
$
2,013,269
$
2,025,136
$
1,999,402
Additions
62,158
80,068
73,256
277,387
647,716
Sales proceeds
(9,521
)
(73,972
)
(13,874
)
(180,687
)
(765,151
)
Changes in fair value:
Due to changes in valuation inputs or assumptions
(71,195
)
68,651
(10,094
)
2,227
363,064
Due to collection/realization of cash flows
(34,433
)
(38,502
)
(37,427
)
(149,211
)
(230,449
)
Realized gains on sales of servicing rights
55
3,647
6
10,866
10,554
Balance at end of period (1)
$
1,985,718
$
2,038,654
$
2,025,136
$
1,985,718
$
2,025,136
(1)Balances are net of $14.0 million, $14.7 million, and $12.3 million of servicing rights liability as of December 31, 2023, September 30, 2023, and December 31, 2022, respectively.
% Change
Servicing Portfolio Data:
($ in thousands)
(Unaudited)
Dec 31, 2023
Sep 30, 2023
Dec 31, 2022
Dec-23
vs
Sep-23
Dec-23 vs Dec-22
Servicing portfolio (unpaid principal balance)
$
145,090,199
$
143,959,705
$
141,170,931
0.8
%
2.8
%
Total servicing portfolio (units)
496,894
490,191
471,022
1.4
5.5
60+ days delinquent ($)
$
1,392,606
$
1,235,443
$
1,421,722
12.7
(2.0
)
60+ days delinquent (%)
1.0
%
0.9
%
1.0
%
Servicing rights, net to UPB
1.37
%
1.42
%
1.43
%
Balance Sheet Highlights
% Change
($ in thousands)
(Unaudited)
Dec 31, 2023
Sep 30, 2023
Dec 31, 2022
Dec-23 vs Sep-23
Dec-23 vs Dec-22
Cash and cash equivalents
$
660,707
$
717,196
$
863,956
(7.9
) %
(23.5
) %
Loans held for sale, at fair value
2,132,880
2,070,748
2,373,427
3.0
(10.1
)
Servicing rights, at fair value
1,999,763
2,053,359
2,037,447
(2.6
)
(1.8
)
Total assets
6,151,048
6,078,529
6,609,934
1.2
(6.9
)
Warehouse and other lines of credit
1,947,057
1,897,859
2,146,602
2.6
(9.3
)
Total liabilities
5,446,564
5,309,594
5,688,461
2.6
(4.3
)
Total equity
704,484
768,935
921,473
(8.4
)
(23.5
)
An increase in loans held for sale at December 31, 2023, resulted in a corresponding increase in the balance on our warehouse lines of credit. Total funding capacity with our lending partners was $3.1 billion at December 31, 2023, and $3.9 billion at September 30, 2023. Available borrowing capacity was $1.2 billion at December 31, 2023.
Consolidated Statements of Operations
($ in thousands except per share data)
Three Months Ended
Year Ended
Dec 31, 2023
Sep 30, 2023
Dec 31, 2022
Dec 31, 2023
Dec 31, 2022
(Unaudited)
(Unaudited)
REVENUES:
Interest income
$
34,992
$
37,253
$
33,316
$
133,263
$
200,204
Interest expense
(33,686
)
(36,770
)
(29,676
)
(130,145
)
(150,897
)
Net interest income
1,306
483
3,640
3,118
49,307
Gain on origination and sale of loans, net
113,185
148,849
82,547
524,521
748,540
Origination income, net
17,120
17,740
10,287
65,209
129,736
Servicing fee income
132,482
120,911
107,221
492,811
449,150
Change in fair value of servicing rights, net
(57,449
)
(35,688
)
(53,988
)
(184,417
)
(194,357
)
Other income
21,982
13,366
19,948
72,780
73,420
Total net revenues
228,626
265,661
169,655
974,022
1,255,796
EXPENSES:
Personnel expense
132,752
141,432
165,626
573,010
1,027,008
Marketing and advertising expense
28,360
33,894
31,539
132,880
236,828
Direct origination expense
16,790
15,749
14,239
67,141
120,854
General and administrative expense
55,258
46,522
68,590
212,732
265,680
Occupancy expense
5,433
5,903
6,633
23,516
35,306
Depreciation and amortization
9,922
10,592
10,085
41,261
42,195
Servicing expense
8,572
8,532
6,633
27,687
53,106
Other interest expense
45,484
42,504
40,390
174,103
124,060
Goodwill impairment
—
—
—
—
40,736
Total expenses
302,571
305,128
343,735
1,252,330
1,945,773
Loss before income taxes
(73,945
)
(39,467
)
(174,080
)
(278,308
)
(689,977
)
Income tax benefit
(14,174
)
(5,205
)
(16,318
)
(42,796
)
(79,592
)
Net loss
(59,771
)
(34,262
)
(157,762
)
(235,512
)
(610,385
)
Net loss attributable to noncontrolling interests
(32,578
)
(17,663
)
(80,492
)
(125,370
)
(337,365
)
Net loss attributable to loanDepot, Inc.
$
(27,193
)
$
(16,599
)
$
(77,270
)
$
(110,142
)
$
(273,020
)
Basic loss per share
$
(0.15
)
$
(0.09
)
$
(0.46
)
$
(0.63
)
$
(1.75
)
Diluted loss per share
$
(0.16
)
$
(0.09
)
$
(0.46
)
$
(0.63
)
$
(1.75
)
Weighted average shares outstanding
Basic
178,888,225
175,962,804
168,617,732
174,906,063
156,030,350
Diluted
326,288,272
175,962,804
168,617,732
174,906,063
156,030,350
Consolidated Balance Sheets
($ in thousands)
Dec 31, 2023
Sep 30, 2023
Dec 31, 2022
(Unaudited)
ASSETS
Cash and cash equivalents
$
660,707
$
717,196
$
863,956
Restricted cash
85,149
114,765
116,545
Loans held for sale, at fair value
2,132,880
2,070,748
2,373,427
Derivative assets, at fair value
93,574
86,622
39,411
Servicing rights, at fair value
1,999,763
2,053,359
2,037,447
Trading securities, at fair value
92,901
89,334
94,243
Property and equipment, net
70,809
76,762
92,889
Operating lease right-of-use asset
29,433
32,558
35,668
Loans eligible for repurchase
711,371
639,806
634,677
Investments in joint ventures
20,363
18,778
20,410
Other assets
254,098
178,601
301,261
Total assets
$
6,151,048
$
6,078,529
$
6,609,934
LIABILITIES AND EQUITY
LIABILITIES:
Warehouse and other lines of credit
$
1,947,057
$
1,897,859
$
2,146,602
Accounts payable and accrued expenses
379,971
462,521
488,696
Derivative liabilities, at fair value
84,962
49,742
67,492
Liability for loans eligible for repurchase
711,371
639,806
634,677
Operating lease liability
49,192
53,579
61,675
Debt obligations, net
2,274,011
2,206,087
2,289,319
Total liabilities
5,446,564
5,309,594
5,688,461
EQUITY:
Total equity
704,484
768,935
921,473
Total liabilities and equity
$
6,151,048
$
6,078,529
$
6,609,934
Loan Origination and Sales Data
($ in thousands)
(Unaudited)
Three Months Ended
Year Ended
Dec 31, 2023
Sep 30, 2023
Dec 31, 2022
Dec 31, 2023
Dec 31, 2022
Loan origination volume by type:
Conventional conforming
$
2,830,776
$
3,158,107
$
3,823,857
$
12,206,382
$
35,931,625
FHA/VA/USDA
2,062,928
2,354,630
2,104,409
8,434,095
12,769,696
Jumbo
81,591
126,408
242,785
487,142
4,197,841
Other
395,413
443,998
211,692
1,544,112
879,294
Total
$
5,370,708
$
6,083,143
$
6,382,743
$
22,671,731
$
53,778,456
Loan origination volume by purpose:
Purchase
$
4,071,761
$
4,337,476
$
4,864,187
$
16,474,927
$
29,333,525
Refinance - cash out
1,221,538
1,660,578
1,432,195
5,821,102
19,613,365
Refinance - rate/term
77,409
85,089
86,361
375,702
4,831,566
Total
$
5,370,708
$
6,083,143
$
6,382,743
$
22,671,731
$
53,778,456
Loans sold:
Servicing retained
$
3,825,478
$
4,175,126
$
4,165,552
$
15,222,156
$
38,461,896
Servicing released
1,572,369
2,092,762
2,634,855
7,918,029
20,855,416
Total
$
5,397,847
$
6,267,888
$
6,800,407
$
23,140,185
$
59,317,312
Fourth 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 its 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/248239049
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 and related hedging gains and losses as they represent non-cash, unrealized adjustments resulting from changes in valuation assumptions, mostly due to changes in market interest rates, and are not indicative of the Company’s operating performance or results of operation. We also exclude stock-based compensation expense, which is a non-cash expense, 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 U.S. federal, state and local income taxes. Adjustments to Diluted Weighted Average Shares Outstanding assumes the pro forma conversion of weighted average Class C shares to Class A common stock. These non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for revenue, net income, or any other operating performance measure calculated in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Some of these limitations are:
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 U.S. GAAP measurements, to assist in the evaluation of operating performance. See below for a reconciliation of these non-GAAP measures to their most comparable U.S. GAAP measures.
Reconciliation of Total Revenue to Adjusted Total Revenue
($ in thousands)
(Unaudited)
Three Months Ended
Year Ended
Dec 31, 2023
Sep 30, 2023
Dec 31, 2022
Dec 31, 2023
Dec 31, 2022
Total net revenue
$
228,626
$
265,661
$
169,655
$
974,022
$
1,255,796
Change in fair value of servicing rights, net of hedging gains and losses(1)
22,824
702
18,846
45,692
(39,755
)
Adjusted total revenue
$
251,450
$
266,363
$
188,501
$
1,019,714
$
1,216,041
(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.
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss)
($ in thousands)
(Unaudited)
Three Months Ended
Year Ended
Dec 31, 2023
Sep 30, 2023
Dec 31, 2022
Dec 31, 2023
Dec 31, 2022
Net loss attributable to loanDepot, Inc.
$
(27,193
)
$
(16,599
)
$
(77,270
)
$
(110,142
)
$
(273,020
)
Net loss from the pro forma conversion of Class C common shares to Class A common stock (1)
(32,578
)
(17,663
)
(80,492
)
(125,370
)
(337,365
)
Net loss
(59,771
)
(34,262
)
(157,762
)
(235,512
)
(610,385
)
Adjustments to the benefit for income taxes(2)
7,776
4,845
25,339
32,872
92,337
Tax-effected net loss from the pro forma conversion of Class C common shares to Class A common stock
(51,995
)
(29,417
)
(132,423
)
(202,640
)
(518,048
)
Change in fair value of servicing rights, net of hedging gains and losses(3)
22,824
702
18,846
45,692
(39,755
)
Stock-based compensation expense
6,375
3,940
8,789
21,993
20,583
Restructuring charges(4)
3,517
2,004
5,178
11,811
25,126
Gain on extinguishment of debt
—
(1,651
)
—
(1,690
)
(10,528
)
Loss on disposal of fixed assets
325
93
1,568
1,430
12,594
Goodwill impairment
—
—
—
—
40,736
Other impairment
455
129
2,388
925
17,500
Tax effect of adjustments(5)
(8,161
)
(1,205
)
(11,502
)
(19,964
)
(5,809
)
Adjusted net loss
$
(26,660
)
$
(25,405
)
$
(107,156
)
$
(142,443
)
$
(457,601
)
(1)
Reflects net 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 income tax benefit reflect the effective income tax rates below, and the pro forma assumption that loanDepot, Inc. owns 100% of LD Holdings.
Three Months Ended
Year Ended
Dec 31, 2023
Sep 30, 2023
Dec 31, 2022
Dec 31, 2023
Dec 31, 2022
Statutory U.S. federal income tax rate
21.00
%
21.00
%
21.00
%
21.00
%
21.00
%
State and local income taxes (net of federal benefit)
2.87
%
6.43
%
10.48
%
5.22
%
6.37
%
Effective income tax rate
23.87
%
27.43
%
31.48
%
26.22
%
27.37
%
(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.
(4)Reflects employee severance expense and professional services associated with restructuring efforts subsequent to the announcement of Vision 2025 in July 2022.
(5)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
Year Ended
Dec 31, 2023
Sep 30, 2023
Dec 31, 2022
Dec 31, 2023
Dec 31, 2022
Net loss attributable to loanDepot, Inc.
$
(27,193
)
$
(16,599
)
$
(77,270
)
$
(110,142
)
$
(273,020
)
Adjusted net loss
(26,660
)
(25,405
)
(107,156
)
(142,443
)
(457,601
)
Share Data:
Diluted weighted average shares of Class A and Class D common stock outstanding
326,288,272
175,962,804
168,617,732
174,906,063
156,030,350
Assumed pro forma conversion of weighted average Class C shares to Class A common stock (1)
—
147,171,089
150,278,656
147,789,060
163,541,101
Adjusted diluted weighted average shares outstanding
326,288,272
323,133,893
318,896,388
322,695,123
319,571,451
(1)
Reflects the assumed pro forma exchange and conversion of anti-dilutive Class C common shares. For the three months ended December 31, 2023, Class C common shares were dilutive and included in diluted weighted average shares of Class A common stock outstanding in the table above.
Reconciliation of Net Income (Loss) to Adjusted EBITDA (LBITDA)
($ in thousands)
(Unaudited)
Three Months Ended
Year Ended
Dec 31, 2023
Sep 30, 2023
Dec 31, 2022
Dec 31, 2023
Dec 31, 2022
Net loss
$
(59,771
)
$
(34,262
)
$
(157,762
)
$
(235,512
)
$
(610,385
)
Interest expense - non-funding debt (1)
45,484
42,504
40,390
174,103
124,060
Income tax benefit
(14,174
)
(5,205
)
(16,318
)
(42,796
)
(79,592
)
Depreciation and amortization
9,922
10,592
10,085
41,261
42,195
Change in fair value of servicing rights, net of
hedging gains and losses(2)
22,824
702
18,846
45,692
(39,755
)
Stock-based compensation expense
6,375
3,940
8,789
21,993
20,583
Restructuring charges
3,517
2,004
5,178
11,811
25,126
Loss on disposal of fixed assets
325
93
1,568
1,430
12,594
Goodwill impairment
—
—
—
—
40,736
Other impairment (recovery)
455
129
2,388
925
17,500
Adjusted EBITDA (LBITDA)
$
14,957
$
20,497
$
(86,836
)
$
18,907
$
(446,938
)
(1)
Represents other interest expense, which includes gain on extinguishment of debt and amortization of debt issuance costs, 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.
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 the Vision 2025 plan, including our expanded productivity program, our progress toward run-rate profitability, our HELOC product, financial condition and liquidity, competitive position, industry and regulatory environment, potential growth opportunities, the effects of competition, operations and financial performance. You can identify these statements by the use of words such as "outlook," "potential," "continue," "may," "seek," "approximately," "predict," "believe," "expect," "plan," "intend," "estimate," “project,” or "anticipate" and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as "will," "should," "would" and "could." 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, including but not limited to, the following: our ability to achieve the expected benefits of our Vision 2025 plan and the success of our cost-reduction initiatives, such as the expanded productivity program; 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 incident, 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; adverse changes in macroeconomic and U.S residential real estate and mortgage market conditions, including increases in interest rate levels; changing federal, state and local laws, as well as changing regulatory enforcement policies and priorities; and other risks detailed in the "Risk Factors" section of loanDepot, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2022 and Quarterly Reports on Form 10-Q as well as any subsequent filings with the Securities and Exchange Commission, which are difficult to predict. Therefore, current plans, anticipated actions, financial results, as well as the anticipated development of the industry, may differ materially from what is expressed or forecasted in any forward-looking statement. loanDepot does not undertake any obligation to publicly update or revise any forward-looking statement to reflect future events or circumstances, except as required by applicable law.
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 Southern California and with hundreds of local market offices nationwide, loanDepot’s passionate team is dedicated to making a positive difference in the lives of their customers every day.
LDI-IR
View source version on businesswire.com: https://www.businesswire.com/news/home/20240312180152/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
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