In addition to $15 million in direct costs, loanDepot says it lost an additional $22 million in revenue while systems were down, contributing to $72 million net loss.
Category: loanDepot
NAR settlement may disrupt mortgage partner agent programs
If homebuyers are no longer willing to pay full commissions, what happens to lender programs that incentivize consumers to work with partner real estate agents?
LoanDepot trims 2023 net loss by 37%, retains ‘strong liquidity profile’
As mortgage rates soared last year, loanDepot saw 2023 loan origination volume plunge by 58 percent from the year before, to $22.7 billion.
Ransomware group claims it was behind loanDepot cyberattack
The FBI has developed a decryption tool to combat the ALPHV/Blackcat ransomware variant, and authorities are offering $15 million in rewards to stop the group.
Automating verifications lets loanDepot OK loans in minutes
After months of beta testing, the melloNow underwriting engine can analyze credit reports, detect fraud, and validate income and employment data without human assistance.
UWM rolls out ‘one-time-close’ new construction loan in time for spring
Homebuyers can put as little as 5 percent down when taking out a new construction loan, with one closing and an optional float-down to secure a lower interest rate, according to United Wholesale Mortgage.