loanDepot, Inc. reported a net loss of $202.2 million for the fiscal year ending December 31, 2024, a decrease from a net loss of $235.5 million in 2023. The improvement in financial performance was primarily driven by an increase in total net revenues, which rose by $86.2 million to $1.06 billion, largely due to a 42 basis point increase in pull-through weighted gain on sale margin and a 6.4% increase in pull-through weighted lock volume. Total loan originations for the year were $24.5 billion, reflecting an 8% increase from $22.7 billion in 2023. However, the company continues to face challenges in a high-interest-rate environment, which has negatively impacted mortgage loan origination volumes and overall profitability.
In terms of operational metrics, loanDepot's servicing portfolio decreased to $116.0 billion in unpaid principal balance (UPB) as of December 31, 2024, down from $145.1 billion the previous year. The company serviced 417,875 customers, with 1.57% of loans 60 days or more delinquent, an increase from 0.96% in 2023. The company has also transitioned to an in-house servicing platform, which it believes will enhance its operational efficiency and customer experience. As of the end of 2024, loanDepot had approximately 4,900 employees, an increase from 4,250 in 2023, reflecting its efforts to scale operations amid challenging market conditions.
Strategically, loanDepot completed its Vision 2025 plan and launched Project North Star in late 2024, aimed at enhancing its market position and operational efficiency. This new initiative focuses on becoming a lifetime lending partner for homeowners, expanding geographic reach, and investing in technology to streamline mortgage processing. The company aims to leverage artificial intelligence to improve customer engagement and optimize the homeownership experience. Despite these strategic developments, the company acknowledges ongoing uncertainties in the mortgage market, particularly related to interest rates and economic conditions.
The company's liquidity position remains strong, with $421.6 million in cash and cash equivalents and $3.7 billion in available warehouse and credit facilities as of December 31, 2024. However, loanDepot's total liabilities increased to $5.84 billion, primarily due to a rise in warehouse and other lines of credit. The company is subject to various financial covenants and was in compliance with all requirements as of year-end. Looking ahead, loanDepot anticipates continued challenges in the mortgage market but believes that its strategic initiatives will position it for sustainable growth and profitability in the future.
About loanDepot, Inc.
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