Since returning in July as CEO of the company he founded, Anthony Hsieh has cleaned house, hiring or promoting 10 executives who can help take loanDepot 'back to our roots'
While mortgage originations were up 34% from a year ago, to $7.2B, shares dip below 12-month low after company executives said they don't expect Q1 2025 lending to surpass $5.5B
Pending $25M settlement of January cyberattack adds to $66M Q2 net loss, but executives say they're in a better position to grow after selling $29B in mortgage servicing rights
In addition to $15M in direct costs, loanDepot says it lost an additional $22M in revenue while systems were down and clients couldn't lock, contributing to $72M Q1 net loss
After months of beta testing, loanDepot's melloNow underwriting engine can analyze credit reports, detect fraud, and validate income and employment data without human assistance
With headwinds in sight for 2024, loanDepot plans to slash $120M in annual expenses following 3 consecutive quarters of cuts, CEO Frank Martell said during a Q3 earnings call Tuesday afternoon
At $4.55B, loanDepot's Q2 purchase loan originations were up 30% from Q1, thanks in part to the seasonal boost provided by spring homebuyers, but down 52% from a year ago
CEO Frank Martell recruits former CoreLogic colleague David Hayes and streamlines management ranks as losses pile up and mortgage originations hit another new low