General World News

loanDepot reports loss of $91.3M in Q1

Nonbank heavyweight loanDepot reported an unprofitable quarter largely due to a steep decline in origination volume and expense reductions that did not keep up with the rapidly changing environment. The firm said it doesn’t expect to have a profitable fiscal year, citing pressures on margins and lower market volume. 

The California-based company reported a net loss of $91.3 million in the first quarter, compared to a net income of $14.7 million from the previous quarter. A year ago, loanDepot made $427.9 million in profit.

“The increase in mortgage rates during the quarter happened much more quickly and sharply than anyone anticipated when details ⇒

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