General World News

LoanDepot increases market share, but profits sink in Q2

The purchase market reigned supreme in the second quarter of 2021, and multichannel lender loanDepot reported a 31% increase in purchase mortgage transactions from the prior quarter. But the lender’s gain-on-sale margin and net income fell significantly during the second quarter, a trend that is keeping executives and LOs up at night across the industry.

Buoyed by low-interest rates and strong interest from buyers, the Orange County, California-based mortgage shop originated $10.4 billion worth of purchase loans compared to $7.9 billion last quarter, loanDepot noted in its quarterly earnings details ⇒

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