loanDepot, Inc.

Adjusted net loss was $34 million in Q1 2026 versus $21 million in Q4 2025. Adjusted total revenue was $299 million versus $316 million in Q4 2025. Pull-through weighted rate lock volume was $8.3 billion, up 14% from $7.3 billion, and loan origination volume was $7.7 billion, down 5% from $8.0 billion. Pull-through weighted gain on sale margin was 271 basis points, down from 324 basis points. Servicing fee income was $109 million versus $113 million. Q2 guidance calls for pull-through weighted lock volume of $5.75 billion to $7.75 billion, origination volume of $7.25 billion to $9.25 billion, and gain-on-sale margin of 330-360 basis points. Management also said total expenses are expected to increase in Q2 with higher volume-related costs.

Anthony Hsieh framed the quarter as part of a three-quarter rebuild and said the company is starting to see early results from hiring more loan officers, relaunching wholesale, and partnering with Figure. He emphasized a shift toward profitable market-share growth through better digital tooling, AI, faster funding, and lower cost to produce. His tone was confident and strategic, repeatedly saying the company is “well on our way” to consistent profitability, with further improvement expected as rates fall.

David Hayes said first-quarter performance was hurt by volatile rates and mix shift, which pushed gain-on-sale margin down to 271 bps and contributed to the $34 million adjusted net loss. He highlighted that marketing expense fell 12% even as rate lock volume increased, and total expenses declined slightly by $565,000 versus the prior quarter due mainly to lower commissions and marketing. Cash ended at $277 million, down $60 million sequentially because of the net loss, servicing-rights investment, and MSR borrowings timing. For Q2, he expects higher expenses from greater volume and said the Figure/5x5 HELOC ramp should lift margin and bottom-line contribution.

Analysts focused on the big step-up in Q2 margin guidance and asked what was driving it; management said the 5x5 HELOC product and a better mix back toward FHA, VA, and home-equity volume were the main reasons. Another question probed why Q2 lock guidance looked lower even as funded volume guidance was higher; management explained that the 5x5 HELOC is not lock-based and funds in 5-7 days, so it shows up in closed volume rather than lock volume. Analysts also asked about recapture and rate volatility, and management said it did not see any meaningful change in recapture behavior during the quarter. On debt maturities, management said it is actively working with bankers on a comprehensive solution and hopes to have a resolution in the coming months.