In
Q4
2024,
loanDepot’s
gross
revenue
increased
13%
to
$257
million
and
its
adjusted
revenue
increased
6%
to
$267
million
compared
to
the
same
period
in
2023.
But
the
company
also
reported
a
net
loss
of
$67.5
million
during
the
fourth
quarter,
up
from
a
loss
of
$60
million
in
the
final
quarter
of
2023.

Its
loan
origination
volume
totaled
$7.2
billion
in
Q4
2024,
an
increase
of
$1.8
billion
or
34%
from
Q4
2023.
Purchase
volume
accounted
for
58%
of
loans
originated
during
Q4
2024,
down
from
76%
in
Q4
2023.
loanDepot
said
this
is
a
reflection
of
the
increased
demand
for

refinances
during
a
period
of
lower
interest
rates
seen
in
Q3
2024
—
deals
that
were
still
being
closed
during
the
fourth
quarter.

“2024
was
a
successful
year
for
loanDepot
from
a
financial
point
of
view,”
said
David
Hayes,
the
company’s
chief
financial
officer.
“We
grew
revenue,
expanded
margins,
reduced
our
corporate
debt
and
made
important
investments
in
productivity
initiatives
that
benefited
the
year.

“Importantly,
during
the
third
quarter,
we
demonstrated
our
significant
operational
progress
by
achieving
profitability
during
a
period
of
modest
market
improvement.
Our

investments
in
products
and
operating
leverage
will
provide
the
foundation
for
additional
momentum
in
2025
and
beyond.”

loanDepot
also
saw
an
adjusted
net
loss
of
$47
million
in
Q4
2024,
up
from
the
loss
of
$27
million
in
Q4
2023.

For
all
of
2024,
loanDepot
cut
its
losses
to
$202
million,
including
$25
million
of
losses
related
to
a

cybersecurity
incident.
This
was
an
improvement
from
a
net
loss
of
$236
million
in
2023.
The
company’s
adjusted
net
loss
was
$95
million,
an
improvement
compared
with
the
$152
million
loss
in
2023.

The
lender
is
also
undergoing
a
leadership
shakeup.
Just
last
week,
loanDepot
founder
and
controlling
shareholder

Anthony
Hsieh
returned
as
executive
chairman
of
mortgage
operations,
while
CEO

Frank
Martell
announced
his
pending
departure.

Martell
will
step
down
as
of
June
4
and
transition
to
a
board
advisory
role.

Hsieh
will
serve
as
interim
CEO
if
a
successor
isn’t
appointed
by
then.
The
board
is
working
with
an
executive
search
firm
to
find
a
new
CEO.

In
the
earnings
release,
Martell
touted
the
company’s
“significant
progress”
made
throughout
2024,
citing
the
completion
of
its

Vision
2025
program.

“The
strategic
imperatives
of
Vision
2025
served
as
our
road
map
for
successfully
navigating
the
historical
downturn
in
the
housing
and
mortgage
markets
over
the
past
three
years,”
Martell
said.

“As
the
company
enters
2025,
I
believe
team
loanDepot
is
positioned
to
accelerate
revenue
growth
and
continue
our
progress
toward
sustainable
profitability
under
the
auspices
of

Project
North
Star
that
we
announced
in
November
2024,
and
under
Anthony
Hsieh’s
new
leadership
that
was
announced
last
week.”

Financial
highlights
of
Q4
2024
included
loanDepot’s
expanded
network
of
joint
venture

partnerships,
namely
with


Smith
Douglas
Homes
and

Onx
Homes.
The
company
also
touted
a
strong
liquidity
profile
with
a
cash
balance
of
$422
million.

For
the
full
year
of
2024,
loanDepot’s
revenue
increased
9%
to
$1.06
billion
and
its
adjusted
revenue
increased
10%
to
$1.10
billion.
Moving
into
Q1
2025,
loanDepot
anticipates
an
origination
volume
of
$4.5
billion
to
$5.5
billion.