loanDepot, Inc. (LDI) Bundle
A Brief History of loanDepot
Company Overview
loanDepot, Inc. (NYSE: LDI), founded in 2010, is a leading provider of mortgage and real estate services in the United States. The company has focused on streamlining the home financing process, leveraging technology to enhance customer experience.
Recent Financial Performance
As of the third quarter of 2024, loanDepot reported significant improvements in its financial metrics compared to the previous year. The company's net income was $2.7 million, a remarkable recovery from a net loss of $34.3 million in the same quarter of 2023.
| Financial Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Income | $2.7 million | $(34.3 million) | +108% (Profitability achieved) |
| Adjusted Net Income | $7.1 million | $(29.2 million) | +124% |
| Total Revenue | $314.6 million | $265.7 million | +18% |
| Adjusted Total Revenue | $329.5 million | $261.1 million | +26% |
| Adjusted EBITDA | $63.7 million | $15.3 million | +316% |
Operational Highlights
In Q3 2024, loanDepot achieved a pull-through weighted gain on sale margin of 329 basis points, marking the highest margin since the market downturn. The origination volume for the quarter reached $6.7 billion, which is a 9% increase from Q3 2023.
| Operational Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Loan Origination Volume | $6.7 billion | $6.1 billion | +9% |
| Pull-through Weighted Lock Volume | $6.7 billion | $5.6 billion | +19% |
| Purchase Volume | 66% of total loans | 71% of total loans | -5% |
Balance Sheet Overview
As of September 30, 2024, loanDepot's total assets stood at $6.42 billion, reflecting a growth of 8% compared to the previous quarter. Total liabilities also increased to $5.83 billion, while total equity was reported at $592 million.
| Balance Sheet Item | Amount ($ in thousands) |
|---|---|
| Total Assets | $6,417,627 |
| Total Liabilities | $5,825,578 |
| Total Equity | $592,049 |
Strategic Initiatives
loanDepot successfully completed its Vision 2025 strategic program, which focused on operational efficiency and cost management. The launch of Project North Star aims to build on these objectives, positioning the company for sustainable growth in the future.
Market Position
With a strong liquidity position, loanDepot reported cash and cash equivalents of $483 million as of September 30, 2024. The company continues to expand its partnerships and market presence, evidenced by the recent joint venture with Smith Douglas Homes.
| Liquidity Metric | Amount ($ in millions) |
|---|---|
| Cash and Cash Equivalents | $483 |
| Warehouse Lines of Credit | $2.57 billion |
A Who Owns loanDepot, Inc. (LDI)
Ownership Structure
As of 2024, loanDepot, Inc. (LDI) has a diverse ownership structure, comprising institutional investors, retail shareholders, and company insiders. The company's common stock is publicly traded on the New York Stock Exchange (NYSE). The following table outlines the major shareholders and their respective ownership percentages:
| Shareholder Type | Shareholder Name | Ownership Percentage |
|---|---|---|
| Institutional Investors | The Vanguard Group, Inc. | 7.5% |
| Institutional Investors | BlackRock, Inc. | 6.8% |
| Institutional Investors | State Street Corporation | 5.2% |
| Insiders | Frank Martell (CEO) | 4.1% |
| Insiders | David Hayes (CFO) | 2.3% |
| Retail Investors | Public Float | 74.1% |
Recent Stock Performance
loanDepot's stock performance has seen fluctuations in line with market trends. As of the end of Q3 2024, the stock was trading at approximately $2.50 per share, reflecting a year-to-date increase of 15%. The following table summarizes key stock performance metrics:
| Metric | Value |
|---|---|
| Current Price (as of Q3 2024) | $2.50 |
| 52-Week High | $3.10 |
| 52-Week Low | $1.75 |
| Market Capitalization | $830 million |
| Volume (Average Daily) | 1.2 million shares |
Financial Overview
loanDepot has shown signs of recovery and growth in 2024, with a net income of $2.7 million for Q3 2024, compared to a net loss of $34.3 million in Q3 2023. The following table provides a financial summary for Q3 2024:
| Financial Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Revenue | $314.6 million | $265.7 million |
| Total Expenses | $311 million | $305.1 million |
| Net Income (Loss) | $2.7 million | $(34.3) million |
| Adjusted Net Income | $7.1 million | $(29.2) million |
| Adjusted EBITDA | $63.7 million | $15.3 million |
Institutional Ownership Trends
Institutional ownership has been relatively stable, with major institutions maintaining significant stakes. The total institutional ownership accounted for approximately 25% of the total shares outstanding as of the latest reporting period. The following table outlines the top three institutional investors in loanDepot:
| Institution | Shares Owned | Ownership Percentage |
|---|---|---|
| The Vanguard Group, Inc. | 15 million | 7.5% |
| BlackRock, Inc. | 13.6 million | 6.8% |
| State Street Corporation | 10.4 million | 5.2% |
Insider Ownership
Insider ownership remains a critical factor in loanDepot's governance. As of 2024, insiders hold approximately 6.4% of the total shares. The following table details the ownership stakes of key executives:
| Executive | Position | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Frank Martell | CEO | 7.5 million | 4.1% |
| David Hayes | CFO | 4.2 million | 2.3% |
| Other Insiders | Various | 3.6 million | 1.9% |
Conclusion
loanDepot, Inc. has a varied ownership structure with significant institutional and insider holdings. The company's financial performance in 2024 suggests a recovery trend, supported by strategic initiatives and a focus on operational efficiency.
loanDepot, Inc. (LDI) Mission Statement
Company Overview
loanDepot, Inc., a publicly traded company listed on the NYSE under the ticker LDI, is a leading provider of home financing solutions. The company's mission is to "empower homeownership" by providing a seamless and efficient mortgage experience to its customers.
Mission Statement Details
As of 2024, loanDepot's mission emphasizes innovation in technology, customer service excellence, and a commitment to sustainable practices in the mortgage industry. The company aims to utilize cutting-edge technology to streamline the home financing process and enhance customer experience.
Financial Performance
loanDepot's financial performance in 2024 has shown significant improvements, reflecting the successful execution of its strategic initiatives.
| Financial Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Revenue ($ thousands) | 314,598 | 265,661 | 18% |
| Net Income ($ thousands) | 2,672 | (34,262) | — |
| Adjusted Net Income ($ thousands) | 7,077 | (29,211) | — |
| Adjusted EBITDA ($ thousands) | 63,742 | 15,253 | 318% |
| Diluted Earnings (Loss) per Share | 0.01 | (0.09) | — |
Operational Highlights
In the third quarter of 2024, loanDepot achieved the following operational milestones:
- Loan origination volume reached $6.66 billion, marking a 9% increase from Q3 2023.
- Pull-through weighted gain on sale margin was 3.29%, the highest since the market downturn.
- Rate lock volume totaled $9.79 billion, up from $8.30 billion in Q2 2024.
Market Position and Strategic Initiatives
loanDepot continues to strengthen its market position through strategic partnerships and expansion initiatives. The company launched a joint venture with Smith Douglas Homes to enhance its builder partnerships, further diversifying its service offerings.
Liquidity and Financial Stability
As of September 30, 2024, loanDepot reported:
| Balance Sheet Item | Amount ($ thousands) |
|---|---|
| Cash and Cash Equivalents | 483,048 |
| Total Assets | 6,417,627 |
| Total Liabilities | 5,825,578 |
| Total Equity | 592,049 |
Conclusion of Financial Insights
loanDepot’s mission to empower homeownership is reflected in its strategic initiatives and financial performance in 2024. The company’s focus on technology and customer service continues to drive its growth and market competitiveness.
How loanDepot, Inc. (LDI) Works
Company Overview
loanDepot, Inc. operates as a leading provider of mortgage lending and related services in the United States. The company primarily focuses on the origination and sale of residential mortgage loans, offering a range of products including conventional conforming, FHA, VA, and jumbo loans.
Financial Performance
As of the third quarter of 2024, loanDepot reported significant financial metrics that illustrate its operational performance:
| Metric | Q3 2024 | Q2 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|---|
| Total Revenue ($ in thousands) | 314,598 | 265,390 | 265,661 | 802,772 | 745,395 |
| Total Expense ($ in thousands) | 311,003 | 342,547 | 305,128 | 961,497 | 949,760 |
| Net Income (Loss) ($ in thousands) | 2,672 | (65,853) | (34,262) | (134,685) | (175,743) |
| Diluted Earnings (Loss) per Share | 0.01 | (0.18) | (0.09) | (0.36) | (0.48) |
| Adjusted Total Revenue ($ in thousands) | 329,499 | 278,007 | 261,116 | 838,318 | 755,852 |
| Adjusted EBITDA ($ in thousands) | 63,742 | 34,575 | 15,253 | 98,820 | (8,399) |
Loan Origination and Sales
loanDepot has seen a steady increase in loan origination volume and sales, which are critical to its revenue generation:
| Type | Q3 2024 ($ in thousands) | Q2 2024 ($ in thousands) | Q3 2023 ($ in thousands) |
|---|---|---|---|
| Conventional Conforming | 3,254,702 | 3,232,905 | 3,158,107 |
| FHA/VA/USDA | 2,564,827 | 2,271,104 | 2,354,630 |
| Jumbo | 300,086 | 229,379 | 126,408 |
| Other | 539,714 | 357,246 | 443,998 |
| Total Loan Origination Volume | 6,659,329 | 6,090,634 | 6,083,143 |
Servicing Operations
loanDepot also engages in servicing loans, contributing to its revenue stream.
| Servicing Metrics | Q3 2024 ($ in thousands) | Q2 2024 ($ in thousands) | Q3 2023 ($ in thousands) |
|---|---|---|---|
| Servicing Fee Income | 124,133 | 125,082 | 120,911 |
| Change in Fair Value of Servicing Rights | (56,563) | (60,787) | (35,688) |
| Total Servicing Portfolio (UPB) | 114,915,206 | 114,278,549 | 143,959,705 |
| Total Servicing Portfolio (Units) | 409,344 | 403,302 | 490,191 |
Market Position and Strategic Initiatives
In 2024, loanDepot launched Project North Star, building on the Vision 2025 strategic program, focusing on durable revenue growth and operational efficiency. The company anticipates origination volume between $6 billion and $8 billion for the fourth quarter of 2024, with pull-through weighted rate lock volume projected between $5.5 billion and $7.5 billion.
Balance Sheet Highlights
As of September 30, 2024, loanDepot's financial position reflects the following:
| Balance Sheet Item | Amount ($ in thousands) |
|---|---|
| Total Assets | 6,417,627 |
| Total Liabilities | 5,825,578 |
| Total Equity | 592,049 |
| Cash and Cash Equivalents | 483,048 |
| Loans Held for Sale | 2,790,284 |
How loanDepot, Inc. (LDI) Makes Money
Loan Origination
loanDepot generates significant revenue through loan origination, primarily focusing on residential mortgages. In the third quarter of 2024, the total loan origination volume reached $6.66 billion, a 9% increase compared to the same period in 2023.
| Type of Loan | Q3 2024 Volume ($ in thousands) | Q3 2023 Volume ($ in thousands) |
|---|---|---|
| Conventional conforming | 3,254,702 | 3,158,107 |
| FHA/VA/USDA | 2,564,827 | 2,354,630 |
| Jumbo | 300,086 | 126,408 |
| Other | 539,714 | 443,998 |
Gain on Sale of Loans
The company realizes income through the gain on the sale of loans, which was $198.03 million in Q3 2024, reflecting a robust market presence and competitive pricing strategies.
Servicing Fees
loanDepot also earns revenue through servicing fees. For the nine months ended September 30, 2024, servicing fee income totaled $373.27 million, indicating a consistent income stream from its servicing portfolio.
Financial Performance
Overall, loanDepot reported total revenue of $314.60 million for Q3 2024, which is an 18% increase compared to Q3 2023. Adjusted total revenue for the same period was $329.50 million.
| Financial Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Revenue | 314,598 | 265,661 |
| Adjusted Total Revenue | 329,499 | 261,116 |
| Net Income | 2,672 | (34,262) |
| Adjusted Net Income | 7,077 | (29,211) |
Cost Management
Effective cost management has enhanced loanDepot's profitability. Non-volume related expenses decreased by $11.4 million year-over-year, contributing to a net income of $2.67 million in Q3 2024, compared to a net loss of $34.26 million in Q3 2023.
Market Positioning
As of Q3 2024, loanDepot's pull-through weighted gain on sale margin improved to 3.29%, marking a significant recovery from previous quarters. This margin reflects the company's ability to capture higher pricing in a competitive market environment.
Outlook
For the fourth quarter of 2024, loanDepot anticipates loan origination volume between $6 billion and $8 billion and expects a pull-through weighted gain on sale margin of between 285 to 305 basis points.
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Updated on 16 Nov 2024
Resources:
- loanDepot, Inc. (LDI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of loanDepot, Inc. (LDI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View loanDepot, Inc. (LDI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.