General World News

LoanDepot’s profit in Q4 drops 91% to $14.7M

California-based loanDepot greatly increased loan origination volume in 2021, which guaranteed gains in marketshare compared to its competitors. But the multichannel lender’s gain-on-sale margin and net income fell significantly in the fourth quarter, reflecting changing market conditions.

Overall, net income for the mortgage lender decreased all the way down to $623.1 million in 2021, compared to $2 billion the previous year. LoanDepot also reported a massive quarter-over-quarter decrease in net income: it made $14.7 million in profit in the last three months of the year, down 90.5% from the $154.2 million it made in the third quarter. A year ago, loanDepot details ⇒

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