Leading Lenders Reveal Third-Quarter Results – Including Impact of Wholesale Exits

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Commenting on the results, loanDepot President and CEO Frank Martell said: As committed in our Vision 2025 plan, we are on pace to meet our $400 million annual cost savings target in the second half of 2022. ”

Martell added that loanDepot significantly increased its cash balance at the end of the third quarter.

“Looking ahead, we have developed a cost-cutting plan to properly size the company for the mortgage market, which is expected to total about $1.5 trillion in 2023,” he said. . “With $1.14 billion in cash on hand, approximately $400 million in run-rate cost savings confirmed to date, and several new growth vectors at work, we will weather market downturns this year and next. I am confident that we are increasingly positioned to be able to do so.”

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