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Here are 1-2 analogies to describe loanDepot (LDI):

• Think of it as a competitor to Rocket Mortgage (Quicken Loans) for residential home loans.
• It's like the mortgage lending arm of a major bank such as Wells Fargo or Chase, but as a standalone company.

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• Mortgage Origination: Provides new residential mortgage loans for home purchases and refinancing existing mortgages.
• Mortgage Servicing: Manages the ongoing administrative tasks for mortgage loans, including collecting payments, processing escrow, and handling customer service.

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loanDepot (LDI) primarily sells its products and services to individual consumers rather than other companies. As a mortgage lender and servicer, its major customers are individuals seeking financing for home purchases or looking to refinance existing mortgages.

The company serves the following categories of individual customers:

• First-time Homebuyers: Individuals purchasing their first home, often seeking conventional, FHA, or VA loans and requiring guidance through the mortgage process.
• Existing Homeowners Seeking to Refinance: Customers looking to adjust the terms of their current mortgage, whether to secure a lower interest rate (rate and term refinance) or to access their home equity (cash-out refinance).
• Repeat Homebuyers/Move-up Buyers: Individuals who have previously owned a home and are now looking to purchase a new one, often while selling their existing property.

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• Intercontinental Exchange (ICE)
• Salesforce (CRM)
• Equifax (EFX)
• TransUnion (TRU)
• Experian (EXPN.L)

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Anthony Hsieh, Chief Executive Officer

Anthony Hsieh founded loanDepot in 2010. He was appointed permanent CEO in July 2025, having served as interim CEO since June 2025 following the departure of Frank Martell. Prior to loanDepot, he founded LoansDirect.com, which he sold to E*Trade in 2001. He also founded HomeLoanCenter.com in 2002, an online lender that subsequently merged with LendingTree in 2004.

David Hayes, Chief Financial Officer

David Hayes was appointed Chief Financial Officer of loanDepot effective June 26, 2023. Before joining loanDepot, he served as Executive, Finance and Treasurer at CoreLogic, Inc., where he oversaw financial management, including budgeting, forecasting, M&A, and capital expenditures. He also managed global enterprise liquidity, cash flow forecasting, investments, and debt and capital markets. Earlier in his career, he held senior leadership positions in finance, treasury, and interest rate risk management at Prospect Mortgage LLC and Indymac FSB.

Jeff DerGurahian, Chief Capital Markets Officer and Head Economist

Jeff DerGurahian has served as Chief Capital Markets Officer and Head Economist of loanDepot since 2022. He previously held the position of Executive Vice President, Capital Markets from 2021 to 2022 and other executive officer roles with loanDepot.com since joining in 2012. He is responsible for the company's secondary marketing and capital markets activities, including investor relations, loan trading, hedging, pricing strategies, and product development. Before loanDepot, he was Executive Vice President of Capital Markets for Prospect Mortgage, LLC, and a hedge manager for Tuttle Risk Management Services.

Darren Graeler, Chief Accounting Officer

Darren Graeler has been loanDepot's Chief Accounting Officer since 2023. He previously served as Senior Vice President, Corporate Accounting from 2018 to 2023. In his role, he is responsible for managing the company's financial and accounting operations, SEC financial reporting, and tax. Prior to loanDepot, Mr. Graeler was a founding partner of Financial Services Advisory Partners, LLC from 2007 to 2018. He started his career at KPMG, LLP, specializing in audits of public and nonpublic banks, mortgage lenders, and finance companies.

Dominick Marchetti, Chief Digital Officer

Dominick Marchetti serves as the Chief Digital Officer at loanDepot. He leads the company's overall digital transformation and strategy, focusing on leveraging technology to enhance operational outcomes and competitive advantage. Marchetti returned to loanDepot in August 2025 and previously worked with CEO Anthony Hsieh to develop the company's proprietary mello platform, playing a key role in loanDepot's growth during its initial decade. He previously served as Chief Technology Officer for the company.

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The key risks to loanDepot's (LDI) business are primarily driven by external market forces and intense industry dynamics.

1. Market Conditions, Interest Rate Cycles, and Housing Market Trends: loanDepot's financial performance is intrinsically linked to prevailing market conditions, particularly fluctuations in interest rates and broader housing market trends. The company is "structurally exposed to interest rate cycles and cyclical mortgage origination revenues, which could result in continued earnings volatility and unpredictable net margins." Higher interest rates negatively affect home affordability, reduce demand for refinancing, and consequently lead to a shrinkage in mortgage loan origination volumes.
2. Industry Competition: The mortgage industry is characterized by "intense competition." loanDepot faces significant competition from other large mortgage lenders, banks, credit unions, and smaller regional players. This heightened competition can lead to pressure on profit margins as companies strive to gain market share by offering lower rates and fees. The company has also been observed losing market share over recent years.
3. Regulatory Changes and Scrutiny: The mortgage industry operates under a heavy burden of regulation at both federal and state levels. Changes in these regulations, or increased regulatory scrutiny, can significantly impact loanDepot's operations and financial health. Regulatory uncertainty has been specifically cited as a factor contributing to sharp declines in the company's stock value.

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Increased vertical integration and embedded mortgage services by major real estate technology platforms.

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• Home Purchase Mortgages: The U.S. purchase-mortgage market is currently valued at approximately USD 1,145.4 billion. This market is projected to grow at a compound annual growth rate (CAGR) of 6.3%. Separately, the overall U.S. home loan market was valued at USD 2.29 trillion in 2025 and is forecasted to grow to USD 3.02 trillion by 2030. Purchase financing held a 78.54% share of the U.S. home loan market in 2024.
• Home Refinancing: The mortgage refinancing segment within the U.S. Refinance Market was valued at USD 12 billion in 2024 and is projected to reach USD 22 billion by 2034, growing at a CAGR of 5.5%. The broader U.S. Refinance Market is projected to grow from USD 22.6 billion in 2024 to USD 42.7 billion by 2034.
• Home Equity Loans: Null

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Here are 3-5 expected drivers of future revenue growth for loanDepot (LDI) over the next 2-3 years:

1. Increased Loan Origination Volume: loanDepot anticipates revenue growth through an increase in loan origination volume, especially with expectations of a more favorable interest rate environment in the future. In the third quarter of 2025, the company reported pull-through weighted rate lock volume of $7 billion, a 10% increase from the prior quarter. For the fourth quarter of 2025, loanDepot projects origination volume to be between $6.5 billion and $8.5 billion.
2. Growth in Mortgage Servicing Rights (MSR) Portfolio and Servicing Fee Income: loanDepot views its MSR portfolio as a strategic advantage, aiming to increase its size due to industry-leading retention and recapture rates, which provide recurring revenue streams. Servicing fee income increased to $112 million in the third quarter of 2025, up from $108 million in the second quarter of 2025, driven by an increase in the unpaid principal balance of its servicing portfolio. The unpaid principal balance of the servicing portfolio reached $118.2 billion in Q3 2025, an increase from $115 billion in Q3 2024.
3. Expansion of Multi-Channel Origination Strategy: The company emphasizes its diversified multi-channel origination strategy, which includes consumer direct, in-market retail, and partnerships with homebuilders, as a key differentiator for scaling operations and driving profitable market share growth. loanDepot's "Vision 2025" strategy specifically targets profitable market share growth.
4. Product Innovation and Digital Transformation: loanDepot is focused on continuous development of new mortgage products and services, leveraging its proprietary technology platform, mello®, and a digital-first approach to enhance customer experience and operational efficiency. Recent executive appointments, including a Chief Growth Officer and Chief Digital Officer, underscore the company's commitment to technology as a growth driver and competitive advantage.
5. Improved Gain-on-Sale Margins: Enhancing gain-on-sale margins directly contributes to higher revenue per loan originated. In the third quarter of 2025, loanDepot achieved a pull-through weighted gain on sale margin of 339 basis points. The company's guidance for the fourth quarter of 2025 anticipates these margins to be between 300 and 325 basis points.

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Share Repurchases

No significant share repurchases by loanDepot were identified in the 2020-2025 period. Information on authorized future share repurchases is not publicly available in the provided search results.

Share Issuance

• loanDepot completed its Initial Public Offering (IPO) on February 11, 2021, pricing 3,850,000 shares of Class A common stock at $14.00 per share, raising $53.9 million for the company.
• In September 2025, loanDepot filed a US$24.9 million shelf registration for 5,874,020 shares of Class A Common Stock for an ESOP-related offering.
• The company's 2025 Annual Meeting of Stockholders included a proposal to approve an increase of 15,000,000 Class A Shares authorized for issuance under its 2021 Omnibus Incentive Plan.

Inbound Investments

No large, specific inbound investments from third-parties (e.g., strategic partners or private equity firms) in loanDepot were identified within the 2020-2025 timeframe, beyond its initial public offering in 2021. Historic funding from Parthenon Capital predates this period, with the last round noted in 2016.

Outbound Investments

• loanDepot has acquired two companies: Closing USA and Mortgage Master.
• In August 2022, loanDepot announced a strategic decision to exit its wholesale lending business to focus on direct customer engagement.
• In November 2024, loanDepot announced a new joint venture with Smith Douglas Homes, named Ridgeland Mortgage, to expand its footprint in the Southern states' new-home sales market.

Capital Expenditures

• loanDepot's capital expenditures were $33.9 million in 2020, $54.1 million in 2021, $43.21 million in 2022, and $20.61 million in 2023.
• For the first quarter of 2024, capital expenditures for the purchase of property and equipment were $4.764 million.
• The company continues to invest in its in-house servicing business and innovative digital consumer lending solutions, including the launch of an all-digital home equity line of credit (HELOC) by the fourth quarter of 2022.