Reports Q3 revenue $274.19M, consensus $243.04M. "loanDepot made significant progress on our previously announced goals for Vision 2025, including right-sizing the company for current and expected market conditions, launching our digital HELOC solution, and significantly enhancing our liquidity position," said President and CEO Frank Martell. "We aggressively reduced our costs, exited the wholesale channel, and narrowed our losses during the third quarter in line with our previously announced targets. We are firmly on pace to meet our expense reduction goal of an annualized $400M for the second half of 2022, and at the same time, we have substantially increased our cash position. Looking ahead, we have built our expense reduction plan to size the company appropriately for a mortgage market that we believe will total approximately $1.5T in 2023."
Published first on TheFly
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