California-based mortgage lender loanDepot is shutting down its wholesale division amid plummeting origination volumes and widening financial losses in the second quarter.

The decision to close the channel also reflects fierce competition from its peers in the broker space, primarily from United Wholesale Mortgage (UWM). 

The nonbank lender’s announcement comes on Tuesday was announced after the company reported a $223.8 million loss in the second quarter of 2022, more than double the $91.3 million loss in the first quarter of 2022. A year ago, the company delivered a $26.2 details ⇒

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