Tag: struggling LoanDepot
loanDepot Is Reporting A 6th Consecutive Quarterly Loss
loanDepot Is Reporting A 6th Consecutive Quarterly Loss. Company Had A $26 Million Loss In Q3. Will loanDepot Survive 2024? SEC filings show loanDepot is reporting its sixth consecutive quarterly loss in the third quarter of 2023. The company said total revenue declined as a result of lower origination volume. However, they have made inroads with…
New LoanDepot Shareholder Lawsuit Filed
LoanDepot Shareholder Lawsuit Alleges Investor Deception and Breach of Fiduciary Duty Plague The Mortgage Firm LoanDepot is facing another shareholder lawsuit. Plaintiffs in the latest LoanDepot shareholder lawsuit filed it in Delaware. Plaintiffs allege that investors were misled before its 2021 initial public offering (IPO). This is the latest in a series of legal complications…
loanDepot Is Suing Movement For Poaching Loan Officers
loanDepot Is Suing Movement Mortgage In Delaware Federal Court For Poaching Loan Officers loanDepot is suing Movement Mortgage In Federal Court. The company is accusing competitor Movement Mortgage of damaging its business by poaching it’s employees. The company alleges Movement Mortgage poached over 25 employees in three months. Thus, loanDepot found itself “effectively crippling” with “now-depleted” branches….
loanDepot Budget Cuts Aren’t Stopping Hemorrhaging Losses
loanDepot Budget Cuts Aren’t Stopping Hemorrhaging Losses As Company Sees 38% Loss In Revenue For 4th Quarter loanDepot budget cuts and significant expense reductions don’t seem to be working. The lender keeps lost money even after exiting the wholesale channel and cutting thousands of jobs. loanDepot reported heavy losses for both the fourth quarter of…
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…
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.”…
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…
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…
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…