California-based mortgage lender loanDepot managed to decrease its financial loss in the second quarter of 2024 despite ongoing challenges following a cyberattack earlier in the year. The company saw improvements in both volumes and margins during this three-month period, attributed to strategic initiatives such as an efficiency program and the sale of mortgage servicing rights (MSRs).
Key elements of loanDepot’s financial performance in Q2 2024 include:
– Reduced financial loss despite continued impact from a cyberattack in January
– Increased volumes and margins in the mortgage lending business
– Implementation of an efficiency program to drive operational improvements
– Sale of mortgage servicing rights (MSRs) as part of strategic initiatives to boost profitability and mitigate losses from the cyberattack.
Overall, loanDepot’s resilience and proactive measures in overcoming challenges have led to a more positive financial outlook in the second quarter of 2024.
You can read this full article at: https://www.housingwire.com/articles/loandepot-sells-msrs-improves-margins-in-q2/(subscription required)
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