Tag: LoanDepot CEO

Shrinking loanDepot Takes A $137.5M Hit In 3rd Quarter

Shrinking loanDepot Takes A $137.5M Hit In 3rd Quarter Due To Originations Declining To $9.8 Billion In Third Quarter A sever shrinking loanDepot posted it’s third-quarter earnings. The numbers show the company’s struggles are far from over.  loanDepot reported its second consecutive quarterly loss in large part to plummeting mortgage production. The company says it expects production…

By Steve
2 min read

loanDepot Brass Get Big Payday While Employees Lose 401(k)

loanDepot Brass Are Getting A Big Pay Raises While Employees Lose 401(k)s. Are Company Executives Cashing Out Before The Company Implodes? It looks like the loanDepot brass are cashing in and sticking it to employees. In an email last week, CEO Frank Martell reminded staffers that in times like these, there are “no easy answers.”…

By Steve
3 min read

Is loanDepot Slowly Imploding?

Industry Insiders Ask, “Is loanDepot Slowly Imploding?” loanDepot Reduces Funding Capacity By $500M For The Second Time In Two Months Is loanDepot slowly  imploding? It certainly looks that way and it appears management is trying to control the coming implosion. For the second time in two months, loanDepot is reducing its funding capacity by $500…

By Steve
2 min read

LoanDepot Is Closing It’s Wholesale Channel After $232M Loss

LoanDepot Is Closing It’s Wholesale Channel After Losing $232 Million In The Second Quarter California-based LoanDepot is closing its wholesale division amid plummeting origination volumes. The company is also seeing a widening of it’s financial losses in the second quarter. The decision to close the channel also reflects fierce competition in the broker space. It’s a…

By Steve
3 min read

Struggling LoanDepot Will Cut Nearly 5,000 Jobs In 2022

Struggling LoanDepot Will Cut Nearly 5,000 Jobs In 2022 As Part Of A Restructuring Plan Struggling LoanDepot is the latest lender to announce layoffs. The company is preparing to lay off the largest number of employees in the mortgage industry this year. The company is eliminating 4,800 jobs over the course of 2022.  LoanDepot is…

By Steve
2 min read