"In the third quarter, we initiated a business transformation that included naming new leadership across all of our origination channels consumer direct, retail and partnership lending as well as our in-house servicing platform, Hsieh said to investors during Thursday's earnings call. When asked what the minimum level of originations are for loanDepot to return to profitability, Hsieh answered that when margins widen, he expects volumes to return and work to the company's benefit."
"Right now, we are pivoting the use of new and emerging technologies across sales, operations and software engineering, with an expectation that these innovations will improve the customer experience while driving improved productivity and lowering our cost of production, he said. Hsieh also reiterated confidence in the company's ability to profitably regain market share, emphasizing the value of its diversified business model and strong servicing platform."
A business transformation began in the third quarter with new leadership across consumer direct, retail, partnership lending and the in-house servicing platform. Expectations are that wider margins will restore origination volumes and benefit the company. The firm is pivoting to new and emerging technologies across sales, operations and software engineering to improve customer experience, raise productivity and lower production costs. Pull-through weighted lock volume rose 10% from Q2 to $7 billion while origination volume slipped 3% to $6.5 billion. Purchase loans comprised 60% of originations. Expenses increased 6% to $334 million; net loss narrowed to $8.7 million and adjusted net loss fell 82%.
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