LDI - loanDepot stock plunges 25% as Q1 rate lock volume loan origination deteriorate
loanDepot (NYSE:LDI) shares dropped as much as 25% in Monday premarket trading after its Q1 earnings highlighted a hefty decline in rate lock volume and loan origination as mortgage rates keep climbing. "Our results reflected the sharp and rapid increase in market interest rates, which led to significantly lower profit margins during the latter half of the quarter," said Founder and Chairman Anthony Hsieh. Q1 adjusted EPS of -$0.26 fell short of the average analyst estimate of $0.02 and collapsed from $0.09 in Q4 2021 and $0.99 in the year-ago quarter. Revenue of $503.31M also missed the consensus of $591.08M and fell from $705.03M in Q4 2021 and $1.32B in Q1 a year ago. Rate lock volume of $30B in Q1 drifted down from $34.8B in the previous quarter and $45.8B in Q1 of last year. Loan origination volume of $21.6B slid from $29B in Q4 2021 and $41.5B in Q1 2021. Expenses
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loanDepot stock plunges 25% as Q1 rate lock volume, loan origination deteriorate