loanDepot, Inc. Q1 FY2026 earnings call

Anthony Shea mentioned the company is in the third quarter of rebuilding, focusing on long-term growth initiatives like adding over 100 new loan officers, reimagining and relaunching wholesale business, and completing partnership with Figure. Focused on digital transformation, rebuilding management team. Reducing unit costs through operating leverage and automation, sharpening marketing strategies. Partnership with Figure integrated technology platform, launching 5x5 Home Loan expected to lower costs, improve customer experience. Plan to continue investing in customer acquisition and origination capabilities, leveraging brand and marketing, introducing AI.

Adjusted net loss was $34 million in the first quarter compared to $21 million in the fourth quarter of 2025, primarily due to lower pull through weighted gain on sale margin offset somewhat by lower expenses. Pull-through weighted rate lock volume was $8.3 billion, up 14% from prior quarter's $7.3 billion. Adjusted total revenue was $299 million, down from $316 million in the fourth quarter of 2025. Loan origination volume was $7.7 billion, down 5% from prior quarter's $8 billion. Servicing fee income decreased from $113 million to $109 million. Total expenses decreased by $565,000 from prior quarter.

Second quarter pull-through weighted lock volume expected between $5.75 billion and $7.75 billion, origination volume between $7.25 billion and $9.25 billion. Second quarter pull-through weighted gain on sale margin expected between 330 and 360 basis points. Total expenses expected to increase in second quarter, primarily driven by higher volume-related costs. Ended quarter with $277 million in cash, down $60 million from fourth quarter.

Not explicitly discussed in detail in the transcript

Q: Mihir Bhatia asked about the gain on sale margin guide and factors driving it, volume and pull-through dynamics, and recapture rate and refinance volume intra-quarter.

A: Dave Hayes and Anthony Shea responded about product mix shift, HELOC product impact on volume measurement and pull-through, and no significant intra-quarter differences in recapture rate.

Q: Mikhail Goberman asked about mix between origination income and servicing fee income and thoughts on addressing upcoming debt maturities.

A: Dave Hayes and Anthony Shea responded about opportunity lying on mortgage revenue side and management actively engaged in discussions with bankers to address debt maturities.