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loanDepot Inc. Class A (LDI+12.80%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details loanDepot's financial performance, highlighting a net loss of $202.2 million for 2024, compared to a net loss of $235.5 million in 2023. This decrease in net loss is primarily attributed to an increase in total net revenues by $86.2 million.
Total loan originations for the year were $24.5 billion, an increase of 8% from the previous year, driven by a 42 basis point increase in pull-through weighted gain on sale margin.
The company reported servicing fee income of $481.7 million, a slight decrease from $492.8 million in the prior year, due to a decrease in the average UPB of the servicing portfolio.
Personnel expenses increased by $27.5 million, reflecting higher commissions due to increased loan origination volume.
Marketing and advertising expenses remained stable at $132.7 million, reflecting the company's strategic focus on purchase and cash-out refinance volume.
The filing notes a cybersecurity incident in January 2024, resulting in $24.6 million in expenses, net of insurance recoveries.
As of December 31, 2024, loanDepot had $421.6 million in cash and cash equivalents, with $1.2 billion in available capacity under its warehouse and other lines of credit.
The company continues to focus on its Vision 2025 and Project North Star strategic plans, aiming for durable revenue growth and operational efficiency.
loanDepot's servicing rights portfolio had a fair value of $1.6 billion at year-end, with a total servicing portfolio UPB of $116.0 billion.
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 annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.