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loanDepot Inc. Class A (LDI+8.04%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net income of $2.7 million for the quarter, compared to a net loss of $34.3 million in the same period the previous year. The improvement in net income is attributed to increased revenues and reduced general and administrative expenses.
Total net revenues for the quarter increased to $314.6 million from $265.7 million in the prior year. This increase was driven by a rise in gain on origination and sale of loans, net, which grew by 33% to $198 million.
Personnel expenses rose to $161.3 million from $141.4 million, reflecting higher headcount and increased commission expenses due to higher origination volumes.
The company reported a servicing fee income of $124.1 million, up from $120.9 million in the previous year, due to higher ancillary income and increased late fees.
Total expenses for the quarter were $311 million, up from $305.1 million in the previous year. This increase was primarily due to higher personnel and direct origination expenses.
loanDepot's balance sheet shows total assets of $6.4 billion as of September 30, 2024, an increase from $6.2 billion at the end of 2023. The increase in assets was mainly due to higher loans held for sale.
Warehouse and other lines of credit increased to $2.6 billion from $1.9 billion at the end of 2023, reflecting higher loan origination volumes.
The company reported a decrease in servicing rights, at fair value, to $1.5 billion from $2 billion at the end of 2023, due to sales of servicing rights and principal amortization.
loanDepot continues to focus on its strategic initiatives, including Project North Star, which aims to enhance operational efficiency and achieve sustainable profitability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the loanDepot Inc. Class A quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.