loanDepot Budget Cuts Aren’t Stopping Hemorrhaging Losses As Company Sees 38% Loss In Revenue For 4th Quarter loanDepot budget cuts and significant expense reductions don’t seem to be working. The lender keeps lost money even after exiting the wholesale channel and cutting thousands of jobs. loanDepot reported heavy losses for both the fourth quarter of […]
Shrinking loanDepot Takes A $137.5M Hit In 3rd Quarter Due To Originations Declining To $9.8 Billion In Third Quarter A sever shrinking loanDepot posted it’s third-quarter earnings. The numbers show the company’s struggles are far from over. loanDepot reported its second consecutive quarterly loss in large part to plummeting mortgage production. The company says it expects production […]
LoanDepot Is Closing It’s Wholesale Channel After Losing $232 Million In The Second Quarter California-based LoanDepot is closing its wholesale division amid plummeting origination volumes. The company is also seeing a widening of it’s financial losses in the second quarter. The decision to close the channel also reflects fierce competition in the broker space. It’s a […]
Struggling LoanDepot Will Cut Nearly 5,000 Jobs In 2022 As Part Of A Restructuring Plan Struggling LoanDepot is the latest lender to announce layoffs. The company is preparing to lay off the largest number of employees in the mortgage industry this year. The company is eliminating 4,800 jobs over the course of 2022. LoanDepot is […]
LoanDepot CEO Tony Hsieh Accused Of Trying To Push Garbage Loans To Investors And Running LoanDepot Like A Frat House A bombshell lawsuit alleges LoanDepot CEO Tony Hsieh of trying to dump garbage loans on investors. The suit alleges LoanDepot closed loans without the proper documentation. It also states this was done to increase LoanDepot’s […]
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