Positive revenue and cost momentum partially
offset by the impact of January cyber incident.
Year-over year highlights:
- Revenue increased $15 million or 7% to $223 million primarily
driven by higher servicing income and pull through weighted gain on
sale margin, partially offset by revenue loss due to the cyber
incident.
- Expenses decreased $7 million or 2% to $308 million primarily
from lower personnel and marketing costs. Company incurred $15
million of net charges directly related to cyber incident during
the quarter.
- Net loss decreased 22% to $72 million.
- Adjusted net loss decreased 35% to $38 million.
- Maintained strong liquidity profile with cash balance of $604
million.
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 first quarter ended March 31, 2024.
“We exited 2023 with positive top-line momentum and continued to
make progress toward our Vision 2025 goals, including
forward-looking investments in our people, products and technology
platforms,” said President and Chief Executive Officer Frank
Martell. “During the quarter, the company was significantly
impacted by a cyber incident. The company was able to restore
operations relatively quickly, however lost revenue and additional
expenses related to the incident impacted our first quarter
financial results. We do not expect further disruptions in our
operations stemming from this incident.
“Looking forward to the remainder of 2024, we plan to continue
investing in revenue generating opportunities, which we believe
will positively impact this year as well as drive towards our goal
of first quartile operating efficiencies. Although it is likely
that market conditions will remain challenging, we believe that
maximizing profitable revenue growth opportunities and operating
leverage benefits will support our march towards our objective of
achieving profitability.”
“During the quarter, we continued to focus on profitable growth
and reducing costs, including achieving 93% of our $120 million
supplemental productivity program through April, while maintaining
strong levels of liquidity,” said Chief Financial Officer David
Hayes. “During the first quarter we incurred $15 million of charges
directly related to the cyber incident. Additionally, we estimate
our revenue was also adversely impacted by approximately $22
million from the time our systems were offline and were unable to
take customer locks. Despite recent increases in interest rates
that have reduced industry forecasts for 2024 market volumes, we
continue to aggressively focus on our plan to return to
profitability.”
First Quarter Highlights:
Financial Summary
Three Months Ended
($ in thousands except per share data)
(Unaudited)
Mar 31, 2024
Dec 31, 2023
Mar 31, 2023
Rate lock volume
$
6,802,330
$
6,417,419
$
8,468,435
Pull through weighted lock volume(1)
4,731,836
4,407,386
5,325,488
Loan origination volume
4,558,351
5,370,708
4,944,337
Gain on sale margin(2)
2.84
%
2.43
%
2.43
%
Pull through weighted gain on sale
margin(3)
2.74
%
2.96
%
2.26
%
Financial Results
Total revenue
$
222,785
$
228,626
$
207,901
Total expense
307,950
302,571
314,484
Net loss
(71,505
)
(59,771
)
(91,721
)
Diluted loss per share
$
(0.19
)
$
(0.16
)
$
(0.25
)
Non-GAAP Financial Measures(4)
Adjusted total revenue
$
230,860
$
251,450
$
226,190
Adjusted net loss
(38,111
)
(26,660
)
(58,977
)
Adjusted EBITDA (LBITDA)
2,384
14,957
(27,590
)
(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 $8.4 million from the
first quarter of 2023, primarily due to lower headcount related
salary expenses and marketing costs, offset somewhat by the costs
related to the cyber incident.
- Incurred restructuring and impairment charges totaling $3.9
million, an increase of $2.3 million from the first quarter of
2023.
- Accrued $1.1 million of legal expenses related to the expected
settlement of outstanding litigation compared to none accrued
during the first quarter of 2023.
- Pull through weighted lock volume of $4.7 billion for the first
quarter of 2024, a decrease of $0.6 billion or 11% from the first
quarter of 2023, and reflected the impact of the cyber incident.
Rate lock volume contributed to quarterly total revenue of $222.8
million, an increase of $14.9 million, or 7%, over the same period,
which increase was primarily due to higher servicing fee income and
pull-through weighted gain on sale margin.
- Loan origination volume for the first quarter of 2024 was $4.6
billion, a decrease of $0.4 billion or 8% from the first quarter of
2023.
- Purchase volume increased to 72% of total loans originated
during the first quarter, up from 71% of total loans originated
during the first quarter of 2023.
- For the three months ending March 31, 2024, our preliminary
organic refinance consumer direct recapture rate1 decreased to 59%
from the first quarter 2023’s refinance rate of 67%.
- Net loss for the first quarter of 2024 of $71.5 million as
compared to net loss of $91.7 million in the first quarter of 2023.
Net loss decreased primarily due to higher revenues and lower
expenses.
- Adjusted net loss for the first quarter of 2024 was $38.1
million as compared to adjusted net loss of $59.0 million for the
first quarter of 2023.
Outlook for the second quarter of 2024
- Origination volume of between $5 billion and $7 billion.
- Pull-through weighted rate lock volume of between $4.5 billion
and $6.5 billion.
- Pull-through weighted gain on sale margin of between 260 basis
points and 290 basis points.
Servicing
Three Months Ended
Servicing Revenue Data:
($ in thousands)
(Unaudited)
Mar 31, 2024
Dec 31, 2023
Mar 31, 2023
Due to changes in valuation inputs or
assumptions
$
28,244
$
(71,195
)
$
(21,368
)
Due to collection/realization of cash
flows
(35,999
)
(34,433
)
(34,657
)
Realized (losses) gains on sales of
servicing rights, net (1)
(1,196
)
(192
)
140
Net (losses) gains from derivatives
hedging servicing rights
(36,319
)
48,371
3,079
Changes in fair value of servicing rights,
net
$
(45,270
)
$
(57,449
)
$
(52,806
)
Servicing fee income (2)
$
124,059
$
132,482
$
119,889
(1)
Includes the provision for sold MSRs.
(2)
Servicing fee income for the three months
ended March 31, 2023, has been adjusted to incorporate earnings
credits, which were previously classified as part of net interest
income.
Three Months Ended
Servicing Rights, at Fair
Value:
($ in thousands)
(Unaudited)
Mar 31, 2024
Dec 31, 2023
Mar 31, 2023
Balance at beginning of period
$
1,985,718
$
2,038,654
$
2,025,136
Additions
48,375
62,158
59,295
Sales proceeds
(56,113
)
(9,521
)
(12,029
)
Changes in fair value:
Due to changes in valuation inputs or
assumptions
28,244
(71,195
)
(21,368
)
Due to collection/realization of cash
flows
(35,999
)
(34,433
)
(34,657
)
Realized (losses) gains on sales of
servicing rights
(61
)
55
191
Balance at end of period (1)
$
1,970,164
$
1,985,718
$
2,016,568
(1)
Balances are net of $15.8 million, $14.0
million, and $12.2 million of servicing rights liability as of
March 31, 2024, December 31, 2023, and March 31, 2023,
respectively.
____________________________________ 1 We define organic
refinance consumer direct recapture rate as the total unpaid
principal balance (“UPB”) of loans in our servicing portfolio that
are paid in full for purposes of refinancing the loan on the same
property, with the Company acting as lender on both the existing
and new loan, divided by the UPB of all loans in our servicing
portfolio that paid in full for the purpose of refinancing the loan
on the same property. The recapture rate is finalized following the
publication date of this release when external data becomes
available.
% Change
Servicing Portfolio Data:
($ in thousands)
(Unaudited)
Mar 31, 2024
Dec 31, 2023
Mar 31, 2023
Mar-24
vs
Dec-23
Mar-24 vs
Mar-23
Servicing portfolio (unpaid principal
balance)
$
142,337,251
$
145,090,199
$
141,673,464
(1.9
)%
0.5
%
Total servicing portfolio (units)
491,871
496,894
475,765
(1.0
)
3.4
60+ days delinquent ($)
$
1,445,489
$
1,392,606
$
1,282,432
3.8
12.7
60+ days delinquent (%)
1.0
%
1.0
%
0.9
%
Servicing rights, net to UPB
1.38
%
1.37
%
1.42
%
Balance Sheet Highlights
% Change
($ in thousands)
(Unaudited)
Mar 31, 2024
Dec 31, 2023
Mar 31, 2023
Mar-24 vs
Dec-23
Mar-24 vs
Mar-23
Cash and cash equivalents
$
603,663
$
660,707
$
798,119
(8.6
)%
(24.4
)%
Loans held for sale, at fair value
2,300,058
2,132,880
2,039,367
7.8
12.8
Servicing rights, at fair value
1,985,948
1,999,763
2,028,788
(0.7
)
(2.1
)
Total assets
6,193,270
6,151,048
6,190,791
0.7
—
Warehouse and other lines of credit
2,069,619
1,947,057
1,830,320
6.3
13.1
Total liabilities
5,555,928
5,446,564
5,349,629
2.0
3.9
Total equity
637,342
704,484
841,162
(9.5
)
(24.2
)
An increase in loans held for sale at March 31, 2024, 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 March 31, 2024, and $3.1 billion at December 31,
2023. Available borrowing capacity was $1.1 billion at March 31,
2024.
Consolidated Statements of
Operations
($ in thousands except per share data)
Three Months Ended
Mar 31, 2024
Dec 31, 2023
Mar 31, 2023
(Unaudited)
REVENUES:
Interest income
$
30,925
$
34,992
$
27,958
Interest expense
(31,666
)
(33,686
)
(27,688
)
Net interest (expense) income
(741
)
1,306
270
Gain on origination and sale of loans,
net
116,060
113,185
108,152
Origination income, net
13,606
17,120
12,016
Servicing fee income
124,059
132,482
119,889
Change in fair value of servicing rights,
net
(45,270
)
(57,449
)
(52,806
)
Other income
15,071
21,982
20,380
Total net revenues
222,785
228,626
207,901
EXPENSES:
Personnel expense
134,318
132,752
141,027
Marketing and advertising expense
28,354
28,360
35,914
Direct origination expense
18,171
16,790
17,378
General and administrative expense
57,746
55,258
56,134
Occupancy expense
5,110
5,433
6,081
Depreciation and amortization
9,443
9,922
10,026
Servicing expense
8,261
8,572
4,834
Other interest expense
46,547
45,484
43,090
Total expenses
307,950
302,571
314,484
Loss before income taxes
(85,165
)
(73,945
)
(106,583
)
Income tax benefit
(13,660
)
(14,174
)
(14,862
)
Net loss
(71,505
)
(59,771
)
(91,721
)
Net loss attributable to noncontrolling
interests
(37,250
)
(32,578
)
(48,814
)
Net loss attributable to loanDepot,
Inc.
$
(34,255
)
$
(27,193
)
$
(42,907
)
Basic loss per share
$
(0.19
)
$
(0.15
)
$
(0.25
)
Diluted loss per share
$
(0.19
)
$
(0.16
)
$
(0.25
)
Weighted average shares outstanding
Basic
181,407,353
178,888,225
170,809,818
Diluted
324,679,090
326,288,272
170,809,818
Consolidated Balance
Sheets
($ in thousands)
Mar 31, 2024
Dec 31, 2023
(Unaudited)
ASSETS
Cash and cash equivalents
$
603,663
$
660,707
Restricted cash
74,346
85,149
Loans held for sale, at fair value
2,300,058
2,132,880
Derivative assets, at fair value
64,055
93,574
Servicing rights, at fair value
1,985,948
1,999,763
Trading securities, at fair value
91,545
92,901
Property and equipment, net
66,160
70,809
Operating lease right-of-use asset
27,409
29,433
Loans eligible for repurchase
748,476
711,371
Investments in joint ventures
17,849
20,363
Other assets
213,761
254,098
Total assets
$
6,193,270
$
6,151,048
LIABILITIES AND EQUITY
LIABILITIES:
Warehouse and other lines of credit
$
2,069,619
$
1,947,057
Accounts payable and accrued expenses
367,457
379,971
Derivative liabilities, at fair value
11,233
84,962
Liability for loans eligible for
repurchase
748,476
711,371
Operating lease liability
45,324
49,192
Debt obligations, net
2,313,819
2,274,011
Total liabilities
5,555,928
5,446,564
EQUITY:
Total equity
637,342
704,484
Total liabilities and equity
$
6,193,270
$
6,151,048
Loan Origination and Sales
Data
($ in thousands)
(Unaudited)
Three Months Ended
Mar 31, 2024
Dec 31, 2023
Mar 31, 2023
Loan origination volume by
type:
Conventional conforming
$
2,545,203
$
2,830,776
$
2,893,821
FHA/VA/USDA
1,654,025
2,062,928
1,678,591
Jumbo
75,794
81,591
131,066
Other
283,329
395,413
240,859
Total
$
4,558,351
$
5,370,708
$
4,944,337
Loan origination volume by
purpose:
Purchase
$
3,296,273
$
4,071,761
$
3,512,771
Refinance - cash out
1,143,682
1,221,538
1,324,239
Refinance - rate/term
118,396
77,409
107,327
Total
$
4,558,351
$
5,370,708
$
4,944,337
Loans sold:
Servicing retained
$
2,986,541
$
3,825,478
$
3,277,707
Servicing released
1,452,812
1,572,369
2,118,874
Total
$
4,439,353
$
5,397,847
$
5,396,581
First 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/481232474.
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, 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 and commission guarantees (but does
not include ongoing costs such as associated litigation expenses),
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:
- 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 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
Mar 31, 2024
Dec 31, 2023
Mar 31, 2023
Total net revenue
$
222,785
$
228,626
$
207,901
Change in fair value of servicing rights,
net of hedging gains and losses(1)
8,075
22,824
18,289
Adjusted total revenue
$
230,860
$
251,450
$
226,190
(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
Mar 31, 2024
Dec 31, 2023
Mar 31, 2023
Net loss attributable to loanDepot,
Inc.
$
(34,255
)
$
(27,193
)
$
(42,907
)
Net loss from the pro forma conversion of
Class C common shares to Class A common stock (1)
(37,250
)
(32,578
)
(48,814
)
Net loss
(71,505
)
(59,771
)
(91,721
)
Adjustments to the benefit for income
taxes(2)
9,774
7,776
13,316
Tax-effected net loss from the pro forma
conversion of Class C common shares to Class A common stock
(61,731
)
(51,995
)
(78,405
)
Change in fair value of servicing rights,
net of hedging gains and losses(3)
8,075
22,824
18,289
Stock-based compensation expense
4,855
6,375
5,926
Restructuring charges(4)
3,961
3,517
1,746
Cybersecurity incident(5)
14,698
—
—
(Gain) loss on disposal of fixed
assets
(29
)
325
261
Other (recovery) impairment
(1
)
455
(345
)
Tax effect of adjustments(6)
(7,939
)
(8,161
)
(6,449
)
Adjusted net loss
$
(38,111
)
$
(26,660
)
$
(58,977
)
(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
Mar 31, 2024
Dec 31, 2023
Mar 31, 2023
Statutory U.S. federal income tax rate
21.00
%
21.00
%
21.00
%
State and local income taxes (net of
federal benefit)
5.24
%
2.87
%
6.28
%
Effective income tax rate
26.24
%
23.87
%
27.28
%
(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)
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 and commission guarantees (but does
not include ongoing costs such as associated litigation
expenses).
(6)
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
Mar 31, 2024
Dec 31, 2023
Mar 31, 2023
Net loss attributable to loanDepot,
Inc.
$
(34,255
)
$
(27,193
)
$
(42,907
)
Adjusted net loss
(38,111
)
(26,660
)
(58,977
)
Share Data:
Diluted weighted average shares of Class A
and Class D common stock outstanding
324,679,090
326,288,272
170,809,818
Assumed pro forma conversion of weighted
average Class C shares to Class A common stock (1)
—
—
149,210,417
Adjusted diluted weighted average shares
outstanding
324,679,090
326,288,272
320,020,235
(1)
Reflects the assumed pro forma exchange
and conversion of anti-dilutive Class C common shares. For the
three months ended March 31, 2024 and 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
Mar 31, 2024
Dec 31, 2023
Mar 31, 2023
Net loss
$
(71,505
)
$
(59,771
)
$
(91,721
)
Interest expense - non-funding debt
(1)
46,547
45,484
43,090
Income tax benefit
(13,660
)
(14,174
)
(14,862
)
Depreciation and amortization
9,443
9,922
10,026
Change in fair value of servicing rights,
net of
hedging gains and losses(2)
8,075
22,824
18,289
Stock-based compensation expense
4,855
6,375
5,926
Restructuring charges
3,961
3,517
1,746
Cybersecurity incident(3)
14,698
—
—
(Gain) loss on disposal of fixed
assets
(29
)
325
261
Other (recovery) impairment
(1
)
455
(345
)
Adjusted EBITDA (LBITDA)
$
2,384
$
14,957
$
(27,590
)
(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.
(3)
Represents expenses, directly related to
the cyber 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, as well as related
professional fees and commission guarantees (but does not include
ongoing costs such as associated litigation expenses).
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, the impact of the cybersecurity incident that
occurred in the first quarter of 2024, 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 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; 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, 2023 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/20240507790470/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
loanDepot (NYSE:LDI)
過去 株価チャート
から 5 2024 まで 6 2024
loanDepot (NYSE:LDI)
過去 株価チャート
から 6 2023 まで 6 2024