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loanDepot reports a $26M loss in Q3, expects lower volumes ahead

loanDepot, the California-based lender targeting profitability next year, delivered its sixth consecutive quarterly loss in the third quarter of 2023, according to documents filed with the Securities and Exchange Commission (SEC) on Tuesday. 

Total revenue declined as a result of lower origination volume. Still, there were financial improvements. Higher margins aided by an aggressive cost-cutting strategy shrunk expenses, narrowing loanDepot’s losses in the period. And more cost reductions are expected in the coming quarters.

The lender recorded a loss of $26.8 million in non-GAAP adjusted net income from July to September, compared to a $34.3 million loss details ⇒

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