loanDepot (LDI) Q3 2025 earnings summary

Executive summary

• Leadership team reshaped with key promotions and strategic hires to drive operational excellence, profitable market share growth, and innovation across origination, servicing, and technology functions.

• Focus on diversified, multi-channel origination strategy, in-house servicing, and technology innovation, including AI integration and new product launches.

• Enhanced national brand exposure through major sports partnerships and events.

• Strategic initiatives post-Vision 2025 aim to drive operational efficiency, market share growth, and sustainable profitability.

Financial highlights

• Q3 2025 revenue was $323.3 million, up 14% sequentially; adjusted revenue reached $325 million.

• Net loss narrowed to $8.7 million from $25.3 million in Q2 2025; adjusted net loss improved to $2.8 million.

• Adjusted EBITDA rose to $48.8 million from $25.6 million in the prior quarter.

• Loan originations totaled $6.5 billion, with pull-through weighted lock volume at $7 billion, up 10% sequentially.

• Servicing portfolio unpaid principal balance increased to $118.2 billion, with servicing fee income at $111.8 million.

Outlook and guidance

• Q4 2025 origination volume expected between $6.5 billion and $8.5 billion; pull-through weighted lock volume guidance of $6.0–$8.0 billion.

• Gain on sale margin expected between 300 and 325 basis points.

• Total expenses anticipated to rise in Q4 due to higher volume-related costs.

• Management expects ongoing market headwinds from elevated interest rates and limited housing supply but anticipates operational efficiencies and technology investments will support future profitability.