Q2 2024 Loandepot Inc Earnings Call Transcript
Key Points
- loanDepot Inc (LDI) achieved positive adjusted EBITDA of $35 million in Q2 2024.
- The company reduced its adjusted net loss by 56% year-on-year to $16 million.
- Successful completion of a tender exchange of 2025 unsecured notes, extending maturity to 2027 and reducing outstanding corporate debt by $137 million.
- Servicing fee income increased from $120 million in Q2 2023 to $125 million in Q2 2024.
- Market share improved to 142 basis points in Q2 2024 compared to 136 basis points in Q2 2023.
- Pull-through weighted rate lock volume decreased by 5% year-on-year to $5.8 billion.
- Loan origination volume was down 3% year-on-year to $6.1 billion.
- Total expenses increased by $12 million or 4% from the prior year quarter.
- The company accrued $27 million for class action litigation related to a January 2024 cyber incident.
- Servicing revenue is expected to decrease somewhat going forward due to the monetization of $29 billion of unpaid principal balance of mortgage servicing rights.
Good afternoon, and welcome to loanDepot's second-quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the call over to Gerhard Erdelji, Senior Vice President, Investor Relations. Please go ahead.
Thank you. Good afternoon, everyone and thank you for joining loanDepot's second-quarter 2024 earnings conference call. Before we begin, I would like to remind everyone that this conference call may include forward-looking statements regarding the company's operating and financial performance in future periods. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, guidance to our pull-through weighted rate lock volume, origination volume, pull-through weighted gain on sale margin, the status of litigation, and expense trends. These statements are based on the company's current expectations and available information.
Actual results for future periods may
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