The California-based lender loanDepot posted another loss in the first quarter of 2023. Despite the downturn in overall performance, the period did see some moderate improvements.
Margins were up over the same period the previous year, due in part to reductions in overhead and personnel costs. Non-interest income also saw a marked increase over the same period as profits from loan origination and servicing fees surged.
The most significant development was the company’s offering of a new type of loan product, an unsecured term loan, designed to cater to the increased demand in the market. LoanDepot also saw an increase in overall loan acquisition volume and a decline in delinquency rates.
Overall, the period brought some positive developments for LoanDepot. Margins improved and non-interest income rose due to larger loan origination and servicing fees. The company also introduced a new type of loan product and saw an increase in loan acquisition volume. Delinquency rates also showed a decline.
You can read this full article at: https://www.housingwire.com/articles/loandepot-delivers-another-loss-in-q1-but-shows-signs-of-improvement/(subscription required)
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