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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 | |
---|---|---|---|---|---|---|---|---|
-0.08 | -3.86% | 1.99 | 2.13 | 1.94 | 2.09 | 349,191 | 01:00:00 |
Continues focused execution of Vision 2025
Narrows net loss for third consecutive quarter and maintains strong liquidity position
Expands productivity program, expected to yield additional $120 million in run-rate benefits
loanDepot, Inc. (NYSE: LDI) (together with its subsidiaries, “loanDepot” or the “Company”), a leading provider of home lending solutions that enable customers to achieve the dream of home ownership, today announced results for the third quarter ended September 30, 2023.
“loanDepot continues to make significant progress against the strategic imperatives laid out in our Vision 2025 plan,” said President and Chief Executive Officer Frank Martell. “We delivered our third successive quarter of significantly lower operating losses driven by margin expansion and the continued benefits of cost reduction, productivity, and operating leverage. Importantly, we also benefited from contributions from our servicing platform, builder partnerships, and home equity lending.
“We continue to aggressively reset our cost structure to address the impact of generationally low unit volumes as we maintain our focused execution of Vision 2025, including capturing opportunities to expand purpose-driven lending in support of the increasingly diverse communities of first-time homebuyers. We believe our proven diversified channel strategy, highly talented team, operating scale, and ongoing cost productivity program will position us well to capitalize on the eventual recovery of the housing market,” Martell added.
“Our focus on cost reduction, margin expansion and effective capital management have been the key drivers underpinning our ability to maintain a strong liquidity position in the face of the ongoing market contraction. Importantly, we ended the third quarter with cash balances essentially unchanged from the prior quarter end,” said Chief Financial Officer David Hayes. “We remain laser focused on maintaining significant levels of liquidity as we work toward run-rate profitability.”
Third Quarter Highlights:
Financial Summary
Three Months Ended
Nine Months Ended
($ in thousands except per share data)
(Unaudited)
Sep 30,
2023
Jun 30,
2023
Sep 30,
2022
Sep 30,
2023
Sep 30,
2022
Rate lock volume
$
8,295,935
$
8,973,666
$
12,032,026
$
25,738,036
$
61,620,241
Pull through weighted lock volume(1)
5,685,209
6,057,179
8,755,082
17,067,876
40,968,021
Loan origination volume
6,083,143
6,273,543
9,849,927
17,301,023
47,395,713
Gain on sale margin(2)
2.74
%
2.75
%
1.80
%
2.66
%
1.66
%
Pull through weighted gain on sale margin(3)
2.93
%
2.85
%
2.03
%
2.69
%
1.92
%
Financial Results
Total revenue
$
265,661
$
271,833
$
274,192
$
745,395
$
1,086,141
Total expense
305,128
330,148
435,125
949,760
1,602,038
Net loss
(34,262
)
(49,759
)
(137,482
)
(175,743
)
(452,623
)
Diluted loss per share
$
(0.09
)
$
(0.13
)
$
(0.37
)
$
(0.48
)
$
(1.29
)
Non-GAAP Financial Measures(4)
Adjusted total revenue
$
266,363
$
275,709
$
249,663
$
768,263
$
1,027,540
Adjusted net loss
(26,859
)
(34,329
)
(116,846
)
(121,457
)
(367,101
)
Adjusted EBITDA (LBITDA)
18,493
6,499
(114,133
)
(4,345
)
(380,049
)
(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
_______________
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.
Outlook for the fourth quarter of 2023
Servicing
Three Months Ended
Nine Months Ended
Servicing Revenue Data:
($ in thousands)
(Unaudited)
Sep 30,
2023
Jun 30,
2023
Sep 30,
2022
Sep 30,
2023
Sep 30,
2022
Due to changes in valuation inputs or assumptions
$
68,651
$
26,138
$
75,366
$
73,422
$
373,158
Due to collection/realization of cash flows
(38,502
)
(41,619
)
(49,519
)
(114,777
)
(193,022
)
Realized gains (losses) on sales of servicing rights, net (1)
3,516
7,021
(13,489
)
10,677
(5,949
)
Net loss from derivatives hedging servicing rights
(69,353
)
(30,014
)
(50,837
)
(96,290
)
(314,557
)
Changes in fair value of servicing rights, net
$
(35,688
)
$
(38,474
)
$
(38,479
)
$
(126,968
)
$
(140,370
)
Servicing fee income
$
118,783
$
117,737
$
113,544
$
355,482
$
341,929
(1)
Includes the provision for sold MSRs.
Three Months Ended
Nine Months Ended
Servicing Rights, at Fair Value:
($ in thousands)
(Unaudited)
Sep 30,
2023
Jun 30,
2023
Sep 30,
2022
Sep 30,
2023
Sep 30,
2022
Balance at beginning of period
$
1,998,762
$
2,016,568
$
2,204,593
$
2,025,136
$
1,999,402
Additions
80,068
75,866
124,244
215,229
574,459
Sales proceeds
(73,972
)
(85,164
)
(331,922
)
(171,167
)
(751,276
)
Changes in fair value:
Due to changes in valuation inputs or assumptions
68,651
26,138
75,366
73,422
373,158
Due to collection/realization of cash flows
(38,502
)
(41,619
)
(49,519
)
(114,777
)
(193,022
)
Realized gains (losses) on sales of servicing rights
3,647
6,973
(9,493
)
10,811
10,548
Balance at end of period (1)
$
2,038,654
$
1,998,762
$
2,013,269
$
2,038,654
$
2,013,269
(1)
Balances are net of $14.7 million, $13.3 million, and $16.8 million of servicing rights liability as of September 30, 2023, June 30, 2023, and September 30, 2022, respectively.
% Change
Servicing Portfolio Data:
($ in thousands)
(Unaudited)
Sep 30,
2023
Jun 30,
2023
Sep 30,
2022
Sep-23
vs
Jun-23
Sep-23
vs
Sep-22
Servicing portfolio (unpaid principal balance)
$
143,959,705
$
142,479,870
$
139,709,633
1.0
%
3.0
%
Total servicing portfolio (units)
490,191
482,266
463,471
1.6
5.8
60+ days delinquent ($)
$
1,235,443
$
1,192,377
$
1,365,774
3.6
(9.5
)
60+ days delinquent (%)
0.9
%
0.8
%
1.0
%
Servicing rights, net to UPB
1.42
%
1.40
%
1.44
%
Balance Sheet Highlights
% Change
($ in thousands)
(Unaudited)
Sep 30,
2023
Jun 30,
2023
Sep 30,
2022
Sep-23
vs
Jun-23
Sep-23
vs
Sep-22
Cash and cash equivalents
$
717,196
$
719,073
$
1,143,948
(0.3
)%
(37.3
)%
Loans held for sale, at fair value
2,070,748
2,256,551
2,692,820
(8.2
)
(23.1
)
Servicing rights, at fair value
2,053,359
2,012,049
2,030,026
2.1
1.1
Total assets
6,078,529
6,203,505
7,378,536
(2.0
)
(17.6
)
Warehouse and other lines of credit
1,897,859
2,046,208
2,529,436
(7.2
)
(25.0
)
Total liabilities
5,309,594
5,406,160
6,300,039
(1.8
)
(15.7
)
Total equity
768,935
797,344
1,078,497
(3.6
)
(28.7
)
A decrease in loans held for sale at September 30, 2023, resulted in a corresponding decrease in the balance on our warehouse lines of credit. Total funding capacity with our lending partners was $3.9 billion at September 30, 2023 and $3.9 billion at June 30, 2023. Available borrowing capacity was $1.8 billion at September 30, 2023.
Consolidated Statements of Operations
($ in thousands except per share data)
(Unaudited)
Three Months Ended
Nine Months Ended
Sep 30,
2023
Jun 30,
2023
Sep 30,
2022
Sep 30,
2023
Sep 30,
2022
REVENUES:
Interest income
$
37,253
$
33,060
$
51,202
$
98,271
$
166,888
Interest expense
(34,642
)
(30,209
)
(41,408
)
(91,612
)
(121,220
)
Net interest income
2,611
2,851
9,794
6,659
45,668
Gain on origination and sale of loans, net
148,849
154,335
156,300
411,336
665,993
Origination income, net
17,740
18,332
21,268
48,088
119,449
Servicing fee income
118,783
117,737
113,544
355,482
341,929
Change in fair value of servicing rights, net
(35,688
)
(38,474
)
(38,479
)
(126,968
)
(140,370
)
Other income
13,366
17,052
11,765
50,798
53,472
Total net revenues
265,661
271,833
274,192
745,395
1,086,141
EXPENSES:
Personnel expense
141,432
157,799
218,819
440,258
861,382
Marketing and advertising expense
33,894
34,712
42,940
104,520
205,289
Direct origination expense
15,749
17,224
19,463
50,352
106,616
General and administrative expense
46,522
54,817
83,412
157,473
197,089
Occupancy expense
5,903
6,099
9,889
18,083
28,673
Depreciation and amortization
10,592
10,721
10,243
31,339
32,110
Servicing expense
8,532
5,750
14,221
19,116
46,472
Other interest expense
42,504
43,026
36,138
128,619
83,671
Goodwill impairment
—
—
—
—
40,736
Total expenses
305,128
330,148
435,125
949,760
1,602,038
Loss before income taxes
(39,467
)
(58,315
)
(160,933
)
(204,365
)
(515,897
)
Income tax benefit
(5,205
)
(8,556
)
(23,451
)
(28,622
)
(63,274
)
Net loss
(34,262
)
(49,759
)
(137,482
)
(175,743
)
(452,623
)
Net loss attributable to noncontrolling interests
(17,663
)
(26,316
)
(77,401
)
(92,793
)
(256,873
)
Net loss attributable to loanDepot, Inc.
$
(16,599
)
$
(23,443
)
$
(60,081
)
$
(82,950
)
$
(195,750
)
Basic loss per share
$
(0.09
)
$
(0.13
)
$
(0.37
)
$
(0.48
)
$
(1.29
)
Diluted loss per share
$
(0.09
)
$
(0.13
)
$
(0.37
)
$
(0.48
)
$
(1.29
)
Consolidated Balance Sheets
($ in thousands)
Sep 30,
2023
Jun 30,
2023
Dec 31,
2022
(Unaudited)
ASSETS
Cash and cash equivalents
$
717,196
$
719,073
$
863,956
Restricted cash
114,765
61,295
116,545
Accounts receivable, net
53,845
68,581
145,279
Loans held for sale, at fair value
2,070,748
2,256,551
2,373,427
Derivative assets, at fair value
86,622
80,382
39,411
Servicing rights, at fair value
2,053,359
2,012,049
2,037,447
Trading securities, at fair value
89,334
93,442
94,243
Property and equipment, net
76,762
82,677
92,889
Operating lease right-of-use asset
32,558
34,040
35,668
Prepaid expenses and other assets
124,756
129,675
155,982
Loans eligible for repurchase
639,806
647,418
634,677
Investments in joint ventures
18,778
18,322
20,410
Total assets
$
6,078,529
$
6,203,505
$
6,609,934
LIABILITIES AND EQUITY
LIABILITIES:
Warehouse and other lines of credit
$
1,897,859
$
2,046,208
$
2,146,602
Accounts payable and accrued expenses
462,521
407,356
488,696
Derivative liabilities, at fair value
49,742
8,790
67,492
Liability for loans eligible for repurchase
639,806
647,418
634,677
Operating lease liability
53,579
56,552
61,675
Debt obligations, net
2,206,087
2,239,836
2,289,319
Total liabilities
5,309,594
5,406,160
5,688,461
EQUITY:
Total equity
768,935
797,344
921,473
Total liabilities and equity
$
6,078,529
$
6,203,504
$
6,609,934
Loan Origination and Sales Data
($ in thousands)
(Unaudited)
Three Months Ended
Nine Months Ended
Sep 30,
2023
Jun 30,
2023
Sep 30,
2022
Sep 30,
2023
Sep 30,
2022
Loan origination volume by type:
Conventional conforming
$
3,158,107
$
3,323,678
$
6,002,765
$
9,375,605
$
32,107,768
FHA/VA/USDA
2,354,630
2,337,946
3,038,467
6,371,168
10,665,287
Jumbo
126,408
148,077
571,509
405,551
3,955,056
Other
443,998
463,842
237,186
1,148,699
667,602
Total
$
6,083,143
$
6,273,543
$
9,849,927
$
17,301,023
$
47,395,713
Loan origination volume by purpose:
Purchase
$
4,337,476
$
4,552,919
$
6,938,408
$
12,403,166
$
24,469,338
Refinance - cash out
1,660,578
1,614,747
2,682,330
4,599,564
18,181,170
Refinance - rate/term
85,089
105,877
229,189
298,293
4,745,205
Total
$
6,083,143
$
6,273,543
$
9,849,927
$
17,301,023
$
47,395,713
Loans sold:
Servicing retained
$
4,175,126
$
3,943,845
$
6,604,979
$
11,396,678
$
34,296,344
Servicing released
2,092,762
2,134,024
5,132,350
6,345,660
18,220,561
Total
$
6,267,888
$
6,077,869
$
11,737,329
$
17,742,338
$
52,516,905
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 its earnings results.
The conference call can also be accessed by dialing (888) 440-6385. 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/845777270.
A replay of the webcast and transcript will also be made available on the Investor Relations website following the conclusion of the event, or can be accessed by dialing (800) 770-2030, conference ID: 2021948, following the conclusion of the event through December 7, 2023.
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 add volatility 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 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
Nine Months Ended
Sep 30,
2023
Jun 30,
2023
Sep 30,
2022
Sep 30,
2023
Sep 30,
2022
Total net revenue
$
265,661
$
271,833
$
274,192
$
745,395
$
1,086,141
Change in fair value of servicing rights, net of hedging gains and losses(1)
702
3,876
(24,529
)
22,868
(58,601
)
Adjusted total revenue
$
266,363
$
275,709
$
249,663
$
768,263
$
1,027,540
(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
Nine Months Ended
Sep 30,
2023
Jun 30,
2023
Sep 30,
2022
Sep 30,
2023
Sep 30,
2022
Net loss attributable to loanDepot, Inc.
$
(16,599
)
$
(23,443
)
$
(60,081
)
$
(82,950
)
$
(195,750
)
Net loss from the pro forma conversion of Class C common shares to Class A common shares (1)
(17,663
)
(26,316
)
(77,401
)
(92,793
)
(256,873
)
Net loss
(34,262
)
(49,759
)
(137,482
)
(175,743
)
(452,623
)
Adjustments to the benefit for income taxes(2)
4,845
6,916
20,124
25,054
66,787
Tax-effected net loss
(29,417
)
(42,843
)
(117,358
)
(150,689
)
(385,836
)
Change in fair value of servicing rights, net of hedging gains and losses(3)
702
3,876
(24,529
)
22,868
(58,601
)
Stock-based compensation expense
3,940
5,754
4,773
15,619
11,794
Gain on extinguishment of debt
(1,651
)
(39
)
—
(1,690
)
(10,528
)
Loss on disposal of fixed assets
93
751
11,026
1,105
11,026
Goodwill impairment
—
—
—
—
40,736
Other impairment
129
686
9,149
470
15,112
Tax effect of adjustments(4)
(655
)
(2,514
)
93
(9,140
)
9,196
Adjusted net loss
$
(26,859
)
$
(34,329
)
$
(116,846
)
$
(121,457
)
$
(367,101
)
(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
Nine Months Ended
Sep 30,
2023
Jun 30,
2023
Sep 30,
2022
Sep 30,
2023
Sep 30,
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)
6.43
%
5.28
%
5.00
%
6.00
%
5.00
%
Effective income tax rate
27.43
%
26.28
%
26.00
%
27.00
%
26.00
%
(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.
(4)
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,
2023
Jun 30,
2023
Sep 30,
2022
Sep 30,
2023
Sep 30,
2022
Net loss attributable to loanDepot, Inc.
$
(16,599
)
$
(23,443
)
$
(60,081
)
$
(82,950
)
$
(195,750
)
Adjusted net loss
(26,859
)
(34,329
)
(116,846
)
(121,457
)
(367,101
)
Share Data:
Diluted weighted average shares of Class A and Class D common stock outstanding
175,962,804
173,908,030
162,464,369
173,568,986
151,803,928
Assumed pro forma conversion of weighted average Class C shares to Class A common stock
147,171,089
148,597,745
156,677,534
148,741,661
167,796,888
Adjusted diluted weighted average shares outstanding
323,133,893
322,505,775
319,141,903
322,310,647
319,600,816
Reconciliation of Net Income (Loss) to Adjusted EBITDA (LBITDA)
($ in thousands)
(Unaudited)
Three Months Ended
Nine Months Ended
Sep 30,
2023
Jun 30,
2023
Sep 30,
2022
Sep 30,
2023
Sep 30,
2022
Net loss
$
(34,262
)
$
(49,759
)
$
(137,482
)
$
(175,743
)
$
(452,623
)
Interest expense - non-funding debt (1)
42,504
43,026
36,138
128,619
83,671
Income tax benefit
(5,205
)
(8,556
)
(23,451
)
(28,622
)
(63,274
)
Depreciation and amortization
10,592
10,721
10,243
31,339
32,110
Change in fair value of servicing rights, net of hedging gains and losses(2)
702
3,876
(24,529
)
22,868
(58,601
)
Stock-based compensation expense
3,940
5,754
4,773
15,619
11,794
Loss on disposal of fixed assets
93
751
11,026
1,105
11,026
Goodwill impairment
—
—
—
—
40,736
Other impairment (recovery)
129
686
9,149
470
15,112
Adjusted EBITDA (LBITDA)
$
18,493
$
6,499
$
(114,133
)
$
(4,345
)
$
(380,049
)
(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; 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 digital commerce company committed to serving its customers throughout the home ownership journey. Since its launch in 2010, loanDepot the pioneering leader of the mortgage industry with a digital-first approach that makes it easier, faster and less stressful to purchase or refinance a home. Today, as one of the nation's largest non-bank mortgage lenders, loanDepot enables customers to achieve the American dream of homeownership through a broad suite of lending and real estate services that simplify one of life's most complex transactions. With headquarters in Southern California and offices nationwide, loanDepot is committed to serving the communities in which its team lives and works through a variety of local, regional and national philanthropic efforts.
LDI-IR
View source version on businesswire.com: https://www.businesswire.com/news/home/20231107281166/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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