loanDepot (LDI) Q2 2025 earnings summary

Executive summary

• Founder Anthony Hsieh was appointed permanent CEO, focusing on profitability, technology-driven efficiency, and market share growth.

• Net loss for Q2 2025 narrowed to $25 million from $41 million in Q1, with adjusted net loss at $16 million, driven by higher origination volumes and lower expenses.

• Loan origination volume reached $6.7 billion, with a 63% purchase mix, and servicing portfolio UPB increased to $117.5 billion.

• Leadership changes included the retirement of LDI Mortgage President Jeff Walsh and the addition of technology executives to accelerate digital transformation.

• Emphasis on leveraging direct lending, brand strength, and servicing portfolio to drive customer loyalty and recapture rates.

Financial highlights

• Adjusted net loss was $16 million in Q2 2025, an improvement from $25 million in Q1 2025.

• Pull-through weighted lock volume rose 17% sequentially to $6.3 billion, within guidance.

• Adjusted total revenue was $292 million, up from $278 million in Q1 2025.

• Servicing fee income increased to $108 million from $104 million in the prior quarter.

• Adjusted EBITDA improved to $26 million from $18 million in the prior quarter.

Outlook and guidance

• Q3 2025 guidance: origination volume expected between $5.0–$7.0 billion; pull-through weighted lock volume between $5.25–$7.25 billion.

• Expected Q3 gain on sale margin between 325–350 basis points.

• Total expenses anticipated to rise in Q3 due to the absence of Q2 one-time benefits, partially offset by lower volume-related expenses.

• Management anticipates continued market challenges in 2025 but expects ongoing investments in technology and operational efficiencies to support sustainable profitability.

• Liquidity is expected to remain sufficient for the next twelve months, with ongoing review of cost structure in response to mortgage market conditions.