loanDepot’s CEO, Hsieh, expressed excitement about leading the company back to its roots and driving profitable growth through technology innovations. He emphasized the company’s assets and unique position in the market to disrupt and redefine the industry.
During an earnings call, Hsieh welcomed back two key executives, Marchetti and DeJulia, who played vital roles in developing loanDepot’s mello technology platform. He praised their leadership and expertise, expecting them to accelerate the company’s progress.
Origination volume
In the second quarter, loanDepot exceeded expectations with an origination volume of $6.7 billion, a 30% increase from the previous quarter. The pull-through weighted lock volume also rose to $6.3 billion, reflecting growth in the company’s performance.
Despite a net loss of $25 million, loanDepot reported improved financial results, with adjusted net loss narrowing to $16 million and adjusted EBITDA increasing to $26 million. The company attributed this progress to higher revenue and cost reduction efforts.
Third-quarter expectations
Looking ahead, loanDepot anticipates an origination volume between $5.0 billion and $7.0 billion for the third quarter. The company remains focused on profitability, managing expenses, and maintaining a strong balance sheet to support its growth and innovation initiatives.