loanDepot (LDD) Q1 2026 Earnings Report

The call communicated clear operational progress — including ramped hiring, wholesale reopening, a strategic partnership with Figure, the launch of the fast-turn 5x5 HomeLoan, and efficiency gains (marketing -12%, expense control) — that position the company for improved margins and faster funding cycles. However, near-term financials remain under pressure: adjusted net loss widened to $34M, revenue fell ~5.4%, gain-on-sale margins compressed to 271 bps (down 53 bps), origination volume was modestly down, servicing revenue was pressured, and cash decreased by $60M. Management provided constructive Q2 guidance (gain-on-sale margin 330–360 bps and higher origination guidance) and emphasized automation and hedging to manage volatility. Overall, operational momentum is strong but the financial headwinds this quarter balance those positives.

Management provided detailed guidance and Q1 results: Q1 pull‑through weighted rate‑lock volume was $8.3B (up 14% from $7.3B and within prior guidance of $7.75B–$8.75B), pull‑through weighted gain‑on‑sale margin was 271 bps (vs. 324 bps prior quarter), adjusted total revenue was $299M (vs. $316M), adjusted net loss was $34M (vs. $21M), loan origination volume was $7.7B (down 5% from $8.0B), servicing fee income was $109M (vs. $113M), recapture rate improved to 73% (from 71%), total expenses fell by $0.565M, marketing spend was cut 12%, and ending cash was $277M (down $60M); for Q2 they expect pull‑through weighted lock volume of $5.75B–$7.75B, origination volume of $7.25B–$9.25B, pull‑through weighted GOS margin of 330–360 bps, and higher total expenses driven by volume, while noting the ramp of the Figure‑enabled 5x5 HELOC (no rate lock, funds in ~5–7 days) which should boost mix‑weighted margins and lower cost of production (HELOCs carry higher GOS margins but lower average balances and aren’t included in lock denominators).