loanDepot (LDI) Q1 2026 earnings summary

Executive summary

• Market share increased to 1.39% despite a 5% sequential decline in loan origination volume to $7.66 billion, with operational initiatives reducing marketing costs by 12% and improving lead conversion.

• Net loss widened to $55 million from $33 million in the prior quarter; adjusted net loss was $34 million, reflecting margin pressure and volatile rates.

• Strategic partnership with Figure Technology Solutions aims to accelerate digital transformation, cost reduction, and innovative home loan products.

• Liquidity decreased to $277 million, reflecting investment in servicing rights and MSR loan timing.

• Management expanded with mortgage, technology, and marketing expertise, focusing on profitable market share growth and long-term shareholder value.

Financial highlights

• Adjusted net loss was $34 million in Q1 2026, with total revenue at $286 million and adjusted revenue at $299 million on $8.3 billion pull-through weighted lock volume.

• Pull-through weighted gain on sale margin decreased to 2.71% from 3.24% in the prior quarter.

• Adjusted EBITDA was $14 million, down from $29 million sequentially.

• Loan origination volume was $7.7 billion, a 5% decrease from $8 billion in the prior quarter, but at the high end of guidance.

• Total expenses were $342 million, down 0.2% sequentially, with lower commissions and marketing costs.

Outlook and guidance

• Q2 2026 origination volume expected between $7.25 billion and $9.25 billion; pull-through weighted lock volume guidance is $5.75 billion to $7.75 billion.

• Pull-through weighted gain on sale margin expected between 3.30% and 3.60%, reflecting higher HELOC mix and Figure partnership.

• Total expenses projected to rise due to higher volume-related costs.

• Market conditions remain challenging due to limited housing supply and ongoing volatility.