General World News

LoanDepot’s profit margins keep dropping

As the refi boom fades, gain-on-sale margins at loanDepot are declining, the company disclosed in a new filing with the Securities and Exchange Commission this week.

The Tuesday filing shows that loanDepot, the nation’s second-largest retail lender, originated $25.1 billion worth of residential loans in January and February, compared to the $37.4 billion the company originated in the fourth quarter of 2020. Those figures are solid, but profit margins are narrowing, the company disclosed.

The gain-on-sale margin for January and February fell to 321 basis points, down from 338 bps in the fourth quarter. Throughout 2020, details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com