Overview

• U.S. mortgage lender's Q4 adjusted revenue declined 3% and missed analyst expectations

• Adjusted net loss for Q4 widened

• Loan origination volume in Q4 rose 23% to highest since 2022

Outlook

• LoanDepot expects Q1 2026 origination volume between $6.75 bln and $7.75 bln

• Company sees Q1 2026 pull-through weighted rate lock volume of $7.75 bln to $8.75 bln

• LoanDepot projects Q1 2026 pull-through weighted gain on sale margin of 270-300 basis points

Result Drivers

• GAIN ON SALE MARGIN - Revenue decline was attributed to a 15 basis point decrease in pull-through weighted gain on sale margin

• EXPENSES - Total expenses rose 3% from the prior quarter, mainly due to higher personnel costs, partially offset by lower volume-related expenses

Company press release: ID:nBw82JG9Sa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Revenue		$310.26 mln
Q4 Adjusted Revenue	Miss	$316.27 mln	$333.93 mln (3 Analysts)
Q4 EPS		-$0.10
Q4 Adjusted Net Income	Miss	-$21.47 mln	-$11.95 mln (3 Analysts)
Q4 Net Income		-$32.83 mln
Q4 Adjusted EBITDA	Miss	$29.32 mln	$35.40 mln (1 Analyst)

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 3 "hold" and 2 "sell" or "strong sell"

• Wall Street's median 12-month price target for loanDepot Inc is $2.08, about 13.4% above its March 9 closing price of $1.83

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 24 three months ago

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