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Dec 31, 2025
Loandepot Q4 2025 Earnings Report
Loandepot Q4 2025 Earnings Report
Key Takeaways
loanDepot delivered its highest quarterly loan origination volume since 2022 and grew market share to 1.4%. While the company reported a net loss of $33 million due to lower pull-through weighted gain on sale margins compared to the third quarter, it achieved significant operational improvements including a 71% recapture rate and a 31% year-over-year reduction in adjusted net loss for the full year.
Loan origination volume reached $8.04 billion in Q4, the highest level since 2022.
Market share increased 19% sequentially to 1.4% according to MBA data.
Organic refinance consumer direct recapture rate improved to 71% from 65% in the previous quarter.
Cash balance decreased to $337 million, primarily due to loan inventory investment and the full repayment of 2025 unsecured notes.
Revenue by Segment
Forward Guidance
The company expects Q1 2026 origination volume to be between $6.75 billion and $7.75 billion with slightly lower margins.
Positive Outlook
- Anticipated pull-through weighted rate lock volume between $7.75 billion and $8.75 billion.
- Ongoing focus on reducing unit costs through automation and operating leverage.
- Increasing investment in marketing to drive top-of-funnel opportunities.
- Strengthened balance sheet following the repayment of 2025 unsecured notes.
- High recapture rates leveraging the in-house servicing platform.
Challenges Ahead
- Expected pull-through weighted gain on sale margin to decrease to 270-300 basis points.
- Projected seasonal decline in origination volume from Q4 levels.
- Higher personnel costs impacted Q4 and may persist into 2026.
- Continued net losses on a GAAP basis.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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