{"id":521952,"date":"2021-08-03T07:05:12","date_gmt":"2021-08-03T11:05:12","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/loandepot-announces-second-quarter-2021-financial-results\/"},"modified":"2021-08-03T07:05:12","modified_gmt":"2021-08-03T11:05:12","slug":"loandepot-announces-second-quarter-2021-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/loandepot-announces-second-quarter-2021-financial-results\/","title":{"rendered":"loanDepot announces second quarter 2021 financial results"},"content":{"rendered":"
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Consumer-centric, digital-first, diversified origination strategy drove increased market share against the backdrop of a changing mortgage market<\/h2>\n

– Continued investments in brand awareness drove increase in loanDepot’s total market share from 2.3% during the second quarter 2020 to 3.3%\u00b9 during the second quarter 2021.<\/h2>\n

– Purchase mortgage transactions increased by 31% from the prior quarter and by 87% year-over-year demonstrating the power of loanDepot’s channel diversity.<\/h2>\n

– Achieved record levels of customer impressions and contacts as a result of powerful data science, proprietary artificial intelligence and machine learning models that dramatically widened the Company’s top-of-funnel marketing reach. Customer leads increased 31% from the prior quarter and 57% year-over-year.<\/h2>\n

– Reports quarterly total revenue of $779.9 million, diluted earnings per share of $0.07 and adjusted diluted earnings per share of $0.18, reflecting lower loan origination volumes and profit margins.<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n FOOTHILL RANCH, Calif.<\/span>, Aug. 3, 2021<\/span> \/PRNewswire\/ —\u00a0loanDepot, Inc. (NYSE: LDI), (together with its subsidiaries, “loanDepot” or the “Company”), the innovative consumer lending and real estate services provider that is using its proprietary mello\u00ae technology to deliver best-in-class experiences to its customers, today announced results for the second quarter ended June\u00a030, 2021. <\/p>\n

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“Eleven years ago we set out to reshape the mortgage industry with a new, digital-first approach that would thrive across all market conditions. This is why, despite the transition in the mortgage market, we continued to grow in the second quarter with meaningful increases in both market share and purchase loan originations,” said loanDepot Founder and CEO Anthony Hsieh<\/span>. <\/p>\n

“We’ve entered a transitional period and expect to see industry consolidation as some lenders may not be in a position to withstand the headwinds, whereas we are confident and excited for the future. While our revenues were lower on decreased gain on sale margins and rate lock volume during this transitional quarter, our investments and commitment to our core business philosophy continue to fuel our momentum, especially as the industry becomes less fragmented and consumers rightfully demand more robust and integrated products and services from their lender. We will meet and exceed these demands with our just announced loanDepot Grand Slam package that will give homeowners access to real estate, mortgage, title and insurance services within one bundle for their home transaction, increasing ease, speed and peace of mind, all while reducing overall cost to the customer.” <\/p>\n

“We can express this confidence,” continued Hsieh, “because our diversified channel strategy, which is the industry’s only at-scale model of this type, and proprietary mello tech stack allow us to continually reduce costs and maximize operational elasticity, so that our loan manufacturing process is true to any given market environment. These unique capabilities, in addition to our world-class, highly-recognized brand and significant top-of-funnel customer acquisition and data matching capabilities ensure that we will continue to grow, responsibly and productively serving our customers, our employees and our shareholders. We are confident we will continue to accelerate our growth, increase our market share and outperform in the long term.”<\/p>\n

\n Current Market Conditions:<\/b>\n <\/p>\n

The second quarter represented a transitional quarter from the record levels of loan origination volume and profit margins in 2020 into an operating environment characterized by: <\/p>\n