FALSE000183163100018316312024-05-072024-05-07

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 8-K
_____________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (or date of earliest event reported): May 7, 2024
_____________________
loanDepot, Inc.
(Exact Name of Registrant as Specified in its Charter)
_____________________
Delaware001-4000385-3948939
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification Number)
6561 Irvine Center Drive
Irvine, California 92618
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (888) 337-6888
_____________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Class A Common Stock, $0.001 Par ValueLDINew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o

Item 2.02 Results of Operations and Financial Condition.

On May 7, 2024, loanDepot, Inc. (the "Company") issued a press release announcing its results for the three months ended ended March 31, 2024 (the “Earnings Press Release”). The full press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 7.01 Regulation FD Disclosure.

On May 7, 2024, the Company posted on its website at www.loandepot.com a presentation (the “loanDepot Presentation”) on certain financial and operating initiatives available for viewing during the Company’s conference call and webcast announcing its financial results for the three months ended March 31, 2024 at 5:00 p.m. Eastern time on May 7, 2024.

A copy of the loanDepot Presentation is furnished pursuant to this Item 7.01 as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. The loanDepot Presentation includes references to non-GAAP financial information. Reconciliations between the non-GAAP financial measures and the comparable GAAP financial measures are available in the loanDepot Presentation. The loanDepot Presentation should be read in conjunction with the Earnings Press Release. The Company reserves the right to discontinue availability of the loanDepot Presentation from its website at any time.

The information furnished pursuant to Items 2.02 and 7.01, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, or the Exchange Act, as amended, except as specifically identified therein as being incorporated by reference.

Additionally, the submission of the information set forth in this Item 7.01 is not deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely by Regulation FD.

Item 9.01 Financial Statements and Exhibits.

(d)     Exhibits.
Exhibit NumberDescription
99.1
99.2
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)





























SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
loanDepot, Inc.
By:
/s/ David Hayes
Name: David Hayes
Title: Chief Financial Officer

Date: May 7, 2024


loanDepot announces first quarter 2024 financial results

Positive revenue and cost momentum partially offset by the impact of January cyber incident.
Year-over year highlights:
•Revenue increased $15 million or 7% to $223 million primarily driven by higher servicing income and pull through weighted gain on sale margin, partially offset by revenue loss due to the cyber incident.
•Expenses decreased $7 million or 2% to $308 million primarily from lower personnel and marketing costs. Company incurred $15 million of net charges directly related to cyber incident during the quarter.
•Net loss decreased 22% to $72 million.
•Adjusted net loss decreased 35% to $38 million.
•Maintained strong liquidity profile with cash balance of $604 million.

IRVINE, Calif., May 7, 2024 - loanDepot, Inc. (NYSE: LDI), (together with its subsidiaries, “loanDepot” or the “Company”), a leading provider of lending solutions that make the American dream of homeownership more accessible and achievable for all, today announced results for the first quarter ended March 31, 2024.

“We exited 2023 with positive top-line momentum and continued to make progress toward our Vision 2025 goals, including forward looking investments in our people, products and technology platforms,” said President and Chief Executive Officer Frank Martell. “During the quarter, the company was significantly impacted by a cyber incident. The company was able to restore operations relatively quickly, however lost revenue and additional expenses related to the incident impacted our first quarter financial results. We do not expect further disruptions in our operations stemming from this incident.

“Looking forward to the remainder of 2024, we plan to continue investing in revenue generating opportunities, which we believe will positively impact this year as well as drive towards our goal of first quartile operating efficiencies. Although it is likely that market conditions will remain challenging, we believe that maximizing profitable revenue growth opportunities and operating leverage benefits will support our march towards our objective of achieving profitability.”

“During the quarter, we continued to focus on profitable growth and reducing costs, including achieving 93% of our $120 million supplemental productivity program through April, while maintaining strong levels of liquidity,” said Chief Financial Officer David Hayes. “During the first quarter we incurred $15 million of charges directly related to the cyber incident. Additionally, we estimate our revenue was also adversely impacted by approximately $22 million from the time our systems were offline and were unable to take customer locks. Despite recent increases in interest rates that have reduced industry forecasts for 2024 market volumes, we continue to aggressively focus on our plan to return to profitability.”

1

First Quarter Highlights:

Financial Summary
Three Months Ended
($ in thousands except per share data)
(Unaudited)		Mar 31,
2024		Dec 31,
2023		Mar 31,
2023
Rate lock volume$6,802,330 $6,417,419 $8,468,435 
Pull through weighted lock volume(1)
4,731,836 4,407,386 5,325,488 
Loan origination volume4,558,351 5,370,708 4,944,337 
Gain on sale margin(2)
2.84 %2.43 %2.43 %
Pull through weighted gain on sale margin(3)
2.74 %2.96 %2.26 %
Financial Results
Total revenue$222,785 $228,626 $207,901 
Total expense307,950 302,571 314,484 
Net loss
(71,505)(59,771)(91,721)
Diluted loss per share
$(0.19)$(0.16)$(0.25)
Non-GAAP Financial Measures(4)
Adjusted total revenue$230,860 $251,450 $226,190 
Adjusted net loss
(38,111)(26,660)(58,977)
Adjusted EBITDA (LBITDA)
2,384 14,957 (27,590)
(1)Pull through weighted rate lock volume is the principal balance of loans subject to interest rate lock commitments, net of a pull-through factor for the loan funding probability.
(2)Gain on sale margin represents the total of (i) gain on origination and sale of loans, net, and (ii) origination income, net, divided by loan origination volume during period.
(3)Pull through weighted gain on sale margin represents the total of (i) gain on origination and sale of loans, net, and (ii) origination income, net, divided by the pull through weighted rate lock volume.
(4)See “Non-GAAP Financial Measures” for a discussion of Non-GAAP Financial Measures and a reconciliation of these metrics to their closest GAAP measure.

Year-over-Year Operational Highlights
•Non-volume related expenses decreased $8.4 million from the first quarter of 2023, primarily due to lower headcount related salary expenses and marketing costs, offset somewhat by the costs related to the cyber incident.
•Incurred restructuring and impairment charges totaling $3.9 million, an increase of $2.3 million from the first quarter of 2023.
•Accrued $1.1 million of legal expenses related to the expected settlement of outstanding litigation compared to none accrued during the first quarter of 2023.
•Pull through weighted lock volume of $4.7 billion for the first quarter of 2024, a decrease of $0.6 billion or 11% from the first quarter of 2023, and reflected the impact of the cyber incident. Rate lock volume contributed to quarterly total revenue of $222.8 million, an increase of $14.9 million, or 7%, over the same period, which increase was primarily due to higher servicing fee income and pull-through weighted gain on sale margin.
•Loan origination volume for the first quarter of 2024 was $4.6 billion, a decrease of $0.4 billion or 8% from the first quarter of 2023.
•Purchase volume increased to 72% of total loans originated during the first quarter, up from 71% of total loans originated during the first quarter of 2023.
2

•For the three months ending March 31, 2024, our preliminary organic refinance consumer direct recapture rate1 decreased to 59% from the first quarter 2023’s refinance rate of 67%.
•Net loss for the first quarter of 2024 of $71.5 million as compared to net loss of $91.7 million in the first quarter of 2023. Net loss decreased primarily due to higher revenues and lower expenses.
•Adjusted net loss for the first quarter of 2024 was $38.1 million as compared to adjusted net loss of $59.0 million for the first quarter of 2023.

Outlook for the second quarter of 2024
•Origination volume of between $5 billion and $7 billion.
•Pull-through weighted rate lock volume of between $4.5 billion and $6.5 billion.
•Pull-through weighted gain on sale margin of between 260 basis points and 290 basis points.

Servicing
Three Months Ended
Servicing Revenue Data:
($ in thousands)
(Unaudited)
Mar 31,
2024		Dec 31,
2023		Mar 31,
2023
Due to changes in valuation inputs or assumptions$28,244 $(71,195)$(21,368)
Due to collection/realization of cash flows(35,999)(34,433)(34,657)
Realized (losses) gains on sales of servicing rights, net (1)
(1,196)(192)140 
Net (losses) gains from derivatives hedging servicing rights
(36,319)48,371 3,079 
Changes in fair value of servicing rights, net$(45,270)$(57,449)$(52,806)
Servicing fee income (2)
$124,059 $132,482 $119,889 
(1)Includes the provision for sold MSRs.
(2)Servicing fee income for the three months ended March 31, 2023, has been adjusted to incorporate earnings credits, which were previously classified as part of net interest income.

Three Months Ended
Servicing Rights, at Fair Value:
($ in thousands)
(Unaudited)
Mar 31,
2024		Dec 31,
2023		Mar 31,
2023
Balance at beginning of period$1,985,718 $2,038,654 $2,025,136 
Additions48,375 62,158 59,295 
Sales proceeds(56,113)(9,521)(12,029)
Changes in fair value:
Due to changes in valuation inputs or assumptions28,244 (71,195)(21,368)
Due to collection/realization of cash flows(35,999)(34,433)(34,657)
Realized (losses) gains on sales of servicing rights(61)55 191 
Balance at end of period (1)
$1,970,164 $1,985,718 $2,016,568 
(1)Balances are net of $15.8 million, $14.0 million, and $12.2 million of servicing rights liability as of March 31, 2024, December 31, 2023, and March 31, 2023, respectively.
1 We define organic refinance consumer direct recapture rate as the total unpaid principal balance (“UPB”) of loans in our servicing portfolio that are paid in full for purposes of refinancing the loan on the same property, with the Company acting as lender on both the existing and new loan, divided by the UPB of all loans in our servicing portfolio that paid in full for the purpose of refinancing the loan on the same property. The recapture rate is finalized following the publication date of this release when external data becomes available.
3


% Change
Servicing Portfolio Data:
($ in thousands)
(Unaudited)
Mar 31,
2024		Dec 31,
2023		Mar 31,
2023		Mar-24
vs
Dec-23		Mar-24
vs
Mar-23
Servicing portfolio (unpaid principal balance)$142,337,251 $145,090,199 $141,673,464 (1.9)%0.5 %
Total servicing portfolio (units)491,871 496,894 475,765 (1.0)3.4 
60+ days delinquent ($)$1,445,489 $1,392,606 $1,282,432 3.8 12.7 
60+ days delinquent (%)1.0 %1.0 %0.9 %
Servicing rights, net to UPB1.38 %1.37 %1.42 %



Balance Sheet Highlights
% Change

($ in thousands)
(Unaudited)
Mar 31,
2024		Dec 31,
2023		Mar 31,
2023		Mar-24
vs
Dec-23		Mar-24
vs
Mar-23
Cash and cash equivalents$603,663 $660,707 $798,119 (8.6)%(24.4)%
Loans held for sale, at fair value2,300,058 2,132,880 2,039,367 7.8 12.8 
Servicing rights, at fair value1,985,948 1,999,763 2,028,788 (0.7)(2.1)
Total assets6,193,270 6,151,048 6,190,791 0.7 — 
Warehouse and other lines of credit2,069,619 1,947,057 1,830,320 6.3 13.1 
Total liabilities5,555,928 5,446,564 5,349,629 2.0 3.9 
Total equity637,342 704,484 841,162 (9.5)(24.2)

An increase in loans held for sale at March 31, 2024, resulted in a corresponding increase in the balance on our warehouse lines of credit. Total funding capacity with our lending partners was $3.1 billion at March 31, 2024, and $3.1 billion at December 31, 2023. Available borrowing capacity was $1.1 billion at March 31, 2024.
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Consolidated Statements of Operations
($ in thousands except per share data)Three Months Ended
Mar 31,
2024		Dec 31,
2023		Mar 31,
2023
(Unaudited)
REVENUES:
Interest income$30,925 $34,992 $27,958 
Interest expense(31,666)(33,686)(27,688)
Net interest (expense) income
(741)1,306 270 
Gain on origination and sale of loans, net116,060 113,185 108,152 
Origination income, net13,606 17,120 12,016 
Servicing fee income124,059 132,482 119,889 
Change in fair value of servicing rights, net(45,270)(57,449)(52,806)
Other income15,071 21,982 20,380 
Total net revenues222,785 228,626 207,901 
EXPENSES:
Personnel expense134,318 132,752 141,027 
Marketing and advertising expense28,354 28,360 35,914 
Direct origination expense18,171 16,790 17,378 
General and administrative expense57,746 55,258 56,134 
Occupancy expense5,110 5,433 6,081 
Depreciation and amortization9,443 9,922 10,026 
Servicing expense8,261 8,572 4,834 
Other interest expense46,547 45,484 43,090 
Total expenses307,950 302,571 314,484 
Loss before income taxes
(85,165)(73,945)(106,583)
Income tax benefit
(13,660)(14,174)(14,862)
Net loss
(71,505)(59,771)(91,721)
Net loss attributable to noncontrolling interests
(37,250)(32,578)(48,814)
Net loss attributable to loanDepot, Inc.
$(34,255)$(27,193)$(42,907)
Basic loss per share
$(0.19)$(0.15)$(0.25)
Diluted loss per share
$(0.19)$(0.16)$(0.25)
Weighted average shares outstanding
Basic181,407,353 178,888,225 170,809,818 
Diluted324,679,090 326,288,272 170,809,818 
5






Consolidated Balance Sheets
($ in thousands)Mar 31,
2024		Dec 31,
2023
(Unaudited)
ASSETS
Cash and cash equivalents$603,663 $660,707 
Restricted cash74,346 85,149 
Loans held for sale, at fair value2,300,058 2,132,880 
Derivative assets, at fair value64,055 93,574 
Servicing rights, at fair value1,985,948 1,999,763 
Trading securities, at fair value91,545 92,901 
Property and equipment, net66,160 70,809 
Operating lease right-of-use asset27,409 29,433 
Loans eligible for repurchase748,476 711,371 
Investments in joint ventures17,849 20,363 
Other assets213,761 254,098 
        Total assets$6,193,270 $6,151,048 
LIABILITIES AND EQUITY
LIABILITIES:
Warehouse and other lines of credit$2,069,619 $1,947,057 
Accounts payable and accrued expenses367,457 379,971 
Derivative liabilities, at fair value11,233 84,962 
Liability for loans eligible for repurchase748,476 711,371 
Operating lease liability45,324 49,192 
Debt obligations, net2,313,819 2,274,011 
        Total liabilities5,555,928 5,446,564 
EQUITY:
Total equity637,342 704,484 
Total liabilities and equity$6,193,270 $6,151,048 

6







Loan Origination and Sales Data

($ in thousands)
(Unaudited)		Three Months Ended
Mar 31,
2024		Dec 31,
2023		Mar 31,
2023
Loan origination volume by type:
Conventional conforming$2,545,203$2,830,776$2,893,821
FHA/VA/USDA1,654,0252,062,9281,678,591
Jumbo75,79481,591131,066
Other283,329395,413240,859
Total$4,558,351$5,370,708$4,944,337
Loan origination volume by purpose:
Purchase$3,296,273$4,071,761$3,512,771
Refinance - cash out1,143,6821,221,5381,324,239
Refinance - rate/term118,39677,409107,327
Total$4,558,351$5,370,708$4,944,337
Loans sold:
Servicing retained$2,986,541$3,825,478$3,277,707
Servicing released1,452,8121,572,3692,118,874
Total$4,439,353$5,397,847$5,396,581
    

First Quarter Earnings Call
Management will host a conference call and live webcast today at 5:00 p.m. ET on loanDepot’s Investor Relations website, investors.loandepot.com, to discuss its earnings results.

The conference call can also be accessed by dialing (800) 715-9871, Conference ID: 9881136. Please call five minutes in advance to ensure that you are connected prior to the call. A webcast can also be accessed at https://events.q4inc.com/attendee/481232474.

A replay of the webcast will be made available on the Investor Relations website following the conclusion of the event.

For more information about loanDepot, please visit the company’s Investor Relations website: investors.loandepot.com.
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Non-GAAP Financial Measures
To provide investors with information in addition to our results as determined by GAAP, we disclose certain non-GAAP measures to assist investors in evaluating our financial results. We believe these non-GAAP measures provide useful information to investors regarding our results of operations because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. They facilitate company-to-company operating performance comparisons by backing out potential differences caused by variations in hedging strategies, changes in valuations, capital structures (affecting interest expense on non-funding debt), taxation, the age and book depreciation of facilities (affecting relative depreciation expense), and other cost or benefit items which may vary for different companies for reasons unrelated to operating performance. These non-GAAP measures include our Adjusted Total Revenue, Adjusted Net Income (Loss), Adjusted Diluted Earnings (Loss) Per Share (if dilutive), and Adjusted EBITDA (LBITDA). We exclude from these non-GAAP financial measures the change in fair value of MSRs and related hedging gains and losses as they represent non-cash, unrealized adjustments resulting from changes in valuation assumptions, mostly due to changes in market interest rates, and are not indicative of the Company’s operating performance or results of operation. We also exclude stock-based compensation expense, which is a non-cash expense, expenses directly related to the Cybersecurity Incident, net of expected insurance recoveries, including costs to investigate and remediate the Cybersecurity Incident, the costs of customer notifications and identity protection, professional fees and commission guarantees (but does not include ongoing costs such as associated litigation expenses), gains or losses on extinguishment of debt and disposal of fixed assets, non-cash goodwill impairment, and other impairment charges to intangible assets and operating lease right-of-use assets, as well as certain costs associated with our restructuring efforts, as management does not consider these costs to be indicative of our performance or results of operations. Adjusted EBITDA (LBITDA) includes interest expense on funding facilities, which are recorded as a component of “net interest income (expense),” as these expenses are a direct operating expense driven by loan origination volume. By contrast, interest expense on our non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA (LBITDA). Adjustments for income taxes are made to reflect historical results of operations on the basis that it was taxed as a corporation under the Internal Revenue Code, and therefore subject to U.S. federal, state and local income taxes. Adjustments to Diluted Weighted Average Shares Outstanding assumes the pro forma conversion of weighted average Class C shares to Class A common stock. These non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for revenue, net income, or any other operating performance measure calculated in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Some of these limitations are:

•they do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments;
•Adjusted EBITDA (LBITDA) does not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt;
•although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and Adjusted Total Revenue, Adjusted Net Income (Loss), and Adjusted EBITDA (LBITDA) do not reflect any cash requirement for such replacements or improvements; and
•they are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows.

Because of these limitations, Adjusted Total Revenue, Adjusted Net Income (Loss), Adjusted Diluted Earnings (Loss) Per Share, and Adjusted EBITDA (LBITDA) are not intended as alternatives to total revenue, net income (loss), net income (loss) attributable to the Company, or Diluted Earnings (Loss) Per Share or as an indicator of our operating performance and should not be considered as measures of discretionary cash available to us to invest in
8






the growth of our business or as measures of cash that will be available to us to meet our obligations. We compensate for these limitations by using Adjusted Total Revenue, Adjusted Net Income (Loss), Adjusted Diluted Earnings (Loss) Per Share, and Adjusted EBITDA (LBITDA) along with other comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. See below for a reconciliation of these non-GAAP measures to their most comparable U.S. GAAP measures.

Reconciliation of Total Revenue to Adjusted Total Revenue
($ in thousands)
(Unaudited)
Three Months Ended
Mar 31,
2024		Dec 31,
2023		Mar 31,
2023
Total net revenue$222,785 $228,626 $207,901 
Change in fair value of servicing rights, net of hedging gains and losses(1)
8,075 22,824 18,289 
Adjusted total revenue$230,860 $251,450 $226,190 
(1)Represents the change in the fair value of servicing rights due to changes in valuation inputs or assumptions, net of gains or losses from derivatives hedging servicing rights.

Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss)
($ in thousands)
(Unaudited)
Three Months Ended
Mar 31,
2024		Dec 31,
2023		Mar 31,
2023
Net loss attributable to loanDepot, Inc.
$(34,255)$(27,193)$(42,907)
Net loss from the pro forma conversion of Class C common shares to Class A common stock (1)
(37,250)(32,578)(48,814)
Net loss
(71,505)(59,771)(91,721)
Adjustments to the benefit for income taxes(2)
9,774 7,776 13,316 
Tax-effected net loss from the pro forma conversion of Class C common shares to Class A common stock
(61,731)(51,995)(78,405)
Change in fair value of servicing rights, net of hedging gains and losses(3)
8,075 22,824 18,289 
Stock-based compensation expense4,855 6,375 5,926 
Restructuring charges(4)
3,961 3,517 1,746 
Cybersecurity incident(5)
14,698 — — 
(Gain) loss on disposal of fixed assets(29)325 261 
Other (recovery) impairment(1)455 (345)
Tax effect of adjustments(6)
(7,939)(8,161)(6,449)
Adjusted net loss
$(38,111)$(26,660)$(58,977)

(1)Reflects net loss to Class A common stock and Class D common stock from the pro forma exchange of Class C common stock.
(2)loanDepot, Inc. is subject to federal, state and local income taxes. Adjustments to income tax benefit reflect the effective income tax rates below, and the pro forma assumption that loanDepot, Inc. owns 100% of LD Holdings.
9






Three Months Ended
Mar 31,
2024		Dec 31,
2023		Mar 31,
2023
Statutory U.S. federal income tax rate21.00 %21.00 %21.00 %
State and local income taxes (net of federal benefit)5.24 %2.87 %6.28 %
Effective income tax rate26.24 %23.87 %27.28 %
(3)Represents the change in the fair value of servicing rights due to changes in valuation inputs or assumptions, net of gains or losses from derivatives hedging servicing rights.
(4)Reflects employee severance expense and professional services associated with restructuring efforts subsequent to the announcement of Vision 2025 in July 2022.
(5)Represents expenses directly related to the Cybersecurity Incident, net of expected insurance recoveries, including costs to investigate and remediate the cybersecurity incident, the costs of customer notifications and identity protection, professional fees and commission guarantees (but does not include ongoing costs such as associated litigation expenses).
(6)Amounts represent the income tax effect using the aforementioned effective income tax rates, excluding certain discrete tax items.

Reconciliation of Adjusted Diluted Weighted Average Shares Outstanding to Diluted Weighted Average Shares Outstanding
($ in thousands except per share data)
(Unaudited)
Three Months Ended
Mar 31,
2024		Dec 31,
2023		Mar 31,
2023
Net loss attributable to loanDepot, Inc.
$(34,255)$(27,193)$(42,907)
Adjusted net loss
(38,111)(26,660)(58,977)
Share Data:
Diluted weighted average shares of Class A and Class D common stock outstanding324,679,090 326,288,272 170,809,818 
Assumed pro forma conversion of weighted average Class C shares to Class A common stock (1)
— — 149,210,417 
Adjusted diluted weighted average shares outstanding324,679,090326,288,272320,020,235
(1)Reflects the assumed pro forma exchange and conversion of anti-dilutive Class C common shares. For the three months ended March 31, 2024 and December 31, 2023, Class C common shares were dilutive and included in diluted weighted average shares of Class A common stock outstanding in the table above.
10






Reconciliation of Net Income (Loss) to Adjusted EBITDA (LBITDA)
($ in thousands)
(Unaudited)
Three Months Ended
Mar 31,
2024		Dec 31,
2023		Mar 31,
2023
Net loss
$(71,505)$(59,771)$(91,721)
Interest expense - non-funding debt (1)
46,547 45,484 43,090 
Income tax benefit
(13,660)(14,174)(14,862)
Depreciation and amortization9,443 9,922 10,026 
Change in fair value of servicing rights, net of
hedging gains and losses(2)
8,075 22,824 18,289 
Stock-based compensation expense4,855 6,375 5,926 
Restructuring charges3,961 3,517 1,746 
Cybersecurity incident(3)
14,698 — — 
(Gain) loss on disposal of fixed assets(29)325 261 
Other (recovery) impairment(1)455 (345)
Adjusted EBITDA (LBITDA)
$2,384 $14,957 $(27,590)
(1)Represents other interest expense, which includes gain on extinguishment of debt and amortization of debt issuance costs, in the Company’s consolidated statements of operations.
(2)Represents the change in the fair value of servicing rights due to changes in valuation inputs or assumptions, net of gains or losses from derivatives hedging servicing rights.
(3)Represents expenses, directly related to the cyber incident, net of expected insurance recoveries, that occurred in the first quarter of 2024, including costs to investigate and remediate the cybersecurity incident, the costs of customer notifications and identity protection, as well as related professional fees and commission guarantees (but does not include ongoing costs such as associated litigation expenses).
11







Forward-Looking Statements
This press release may contain "forward-looking statements," which reflect loanDepot's current views with respect to, among other things, our business strategies, including the Vision 2025 plan, including our expanded productivity program, our progress toward run-rate profitability, our HELOC product, financial condition and liquidity, competitive position, industry and regulatory environment, potential growth opportunities, the effects of competition, the impact of the cybersecurity incident that occurred in the first quarter of 2024, operations and financial performance. You can identify these statements by the use of words such as "outlook," "potential," "continue," "may," "seek," "approximately," "predict," "believe," "expect," "plan," "intend," "estimate," “project,” or "anticipate" and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as "will," "should," "would" and "could." These forward-looking statements are based on current available operating, financial, economic and other information, and are not guarantees of future performance and are subject to risks, uncertainties and assumptions, including but not limited to, the following: our ability to achieve the expected benefits of our Vision 2025 plan and the success of our cost-reduction initiatives, such as the expanded productivity program; our ability to achieve run-rate profitability; our loan production volume; our ability to maintain an operating platform and management system sufficient to conduct our business; our ability to maintain warehouse lines of credit and other sources of capital and liquidity; impacts of cybersecurity incidents, cyberattacks, information or security breaches and technology disruptions or failures, of ours or of our third party vendors; the outcome of legal proceedings to which we are a party; adverse changes in macroeconomic and U.S residential real estate and mortgage market conditions, including increases in interest rate levels; changing federal, state and local laws, as well as changing regulatory enforcement policies and priorities; and other risks detailed in the "Risk Factors" section of loanDepot, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Reports on Form 10-Q as well as any subsequent filings with the Securities and Exchange Commission, which are difficult to predict. Therefore, current plans, anticipated actions, financial results, as well as the anticipated development of the industry, may differ materially from what is expressed or forecasted in any forward-looking statement. loanDepot does not undertake any obligation to publicly update or revise any forward-looking statement to reflect future events or circumstances, except as required by applicable law.


About loanDepot
loanDepot (NYSE: LDI) is a leading provider of lending solutions that make the American dream of homeownership more accessible and achievable for all, especially the increasingly diverse communities of first-time homebuyers, through a broad suite of lending and real estate services that simplify one of life's most complex transactions. Since its launch in 2010, the company has been recognized as an innovator, using its industry-leading technology to deliver a superior customer experience. Our digital-first approach makes it easier, faster and less stressful to purchase or refinance a home. Today, as one of the largest non-bank lenders in the country, loanDepot and its mellohome operating unit offer an integrated platform of lending, loan servicing, real estate and home services that support customers along their entire homeownership journey. Headquartered in Southern California and with hundreds of local market offices nationwide, loanDepot’s passionate team is dedicated to making a positive difference in the lives of their customers every day.

Investor Relations Contact:
Gerhard Erdelji
Senior Vice President, Investor Relations
(949) 822-4074
gerdelji@loandepot.com

Media Contact:
Rebecca Anderson
Senior Vice President, Communications & Public Relations
12






(949) 822-4024
rebeccaanderson@loandepot.com


LDI-IR


13
1Q 2024 INVESTOR PRESENTATION May 7, 2024

 
DISCLAIMER 2 Forward-Looking Statements and Other Information This press release may contain "forward-looking statements," which reflect loanDepot's current views with respect to, among other things, our business strategies, including the Vision 2025 plan, including our expanded productivity program, our progress toward run-rate profitability, our HELOC product, financial condition and liquidity, competitive position, industry and regulatory environment, potential growth opportunities, the effects of competition, the impact of the cybersecurity incident that occurred in the first quarter of 2024, operations and financial performance. You can identify these statements by the use of words such as "outlook," "potential," "continue," "may," "seek," "approximately," "predict," "believe," "expect," "plan," "intend," "estimate," “project,” or "anticipate" and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as "will," "should," "would" and "could." These forward- looking statements are based on current available operating, financial, economic and other information, and are not guarantees of future performance and are subject to risks, uncertainties and assumptions, including but not limited to, the following: our ability to achieve the expected benefits of our Vision 2025 plan and the success of our cost-reduction initiatives, such as the expanded productivity program; our ability to achieve run-rate profitability; our loan production volume; our ability to maintain an operating platform and management system sufficient to conduct our business; our ability to maintain warehouse lines of credit and other sources of capital and liquidity; impacts of cybersecurity incident, cyberattacks, information or security breaches and technology disruptions or failures, of ours or of our third party vendors; the outcome of legal proceedings to which we are a party; adverse changes in macroeconomic and U.S residential real estate and mortgage market conditions, including increases in interest rate levels; changing federal, state and local laws, as well as changing regulatory enforcement policies and priorities; and other risks detailed in the "Risk Factors" section of loanDepot, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Reports on Form 10-Q as well as any subsequent filings with the Securities and Exchange Commission, which are difficult to predict. Therefore, current plans, anticipated actions, financial results, as well as the anticipated development of the industry, may differ materially from what is expressed or forecasted in any forward-looking statement. loanDepot does not undertake any obligation to publicly update or revise any forward-looking statement to reflect future events or circumstances, except as required by applicable law. Non-GAAP Financial Information To provide investors with information in addition to our results as determined by GAAP, we disclose certain non-GAAP measures to assist investors in evaluating our financial results. We believe these non-GAAP measures provide useful information to investors regarding our results of operations because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. They facilitate company-to-company operating performance comparisons by backing out potential differences caused by variations in hedging strategies, changes in valuations, capital structures (affecting interest expense on non-funding debt), taxation, the age and book depreciation of facilities (affecting relative depreciation expense), and other cost or benefit items which may vary for different companies for reasons unrelated to operating performance. These non-GAAP measures include our Adjusted Total Revenue, Adjusted Net Income (Loss), Adjusted Diluted Earnings (Loss) Per Share (if dilutive), and Adjusted EBITDA (LBITDA). We exclude from these non-GAAP financial measures the change in fair value of MSRs and related hedging gains and losses as they represent non-cash, unrealized adjustments resulting from changes in valuation assumptions, mostly due to changes in market interest rates, and are not indicative of the Company’s operating performance or results of operation. We also exclude stock-based compensation expense, which is a non-cash expense, expenses, net of expected insurance recoveries, directly related to the Cybersecurity Incident, including costs to investigate and remediate the Cybersecurity Incident, the costs of customer notifications and identity protection, professional fees and commission guarantees (but does not include ongoing costs such as associated litigation expenses), gains or losses on extinguishment of debt and disposal of fixed assets, non-cash goodwill impairment, and other impairment charges to intangible assets and operating lease right-of-use assets, as well as certain costs associated with our restructuring efforts, as management does not consider these costs to be indicative of our performance or results of operations. Adjusted EBITDA (LBITDA) includes interest expense on funding facilities, which are recorded as a component of “net interest income (expense),” as these expenses are a direct operating expense driven by loan origination volume. By contrast, interest expense on our non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA (LBITDA). Adjustments for income taxes are made to reflect historical results of operations on the basis that it was taxed as a corporation under the Internal Revenue Code, and therefore subject to U.S. federal, state and local income taxes. Adjustments to Diluted Weighted Average Shares Outstanding assumes the pro forma conversion of weighted average Class C shares to Class A common stock. These non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for revenue, net income, or any other operating performance measure calculated in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Market and Industry Data This presentation also contains information regarding the loanDepot’s market and industry that is derived from third-party research and publications. That information may rely upon a number of assumptions and limitations, and the Company has not independently verified its accuracy or completeness.

 
3 FIRST QUARTER FACT SHEET Financial Operational • Originations: $4.6 billion in funded volume, in line with first quarter 2024 guidance • Total Revenue: $222.8 million on $4.7 billion of pull-through weighted lock volume • Total Expenses: Decreased by $6.5 million, or 2% from the first quarter of 2023 • Primarily from lower personnel and marketing expenses. Includes $14.7 million in expenses directly related to cyber incident • Liquidity: Unrestricted cash of $603.7 million vs. $660.7 million at end of fourth quarter of 2023 • Servicing: Decrease in UPB to $142.3 billion, compared to $145.1 billion at end of fourth quarter of 2023, reflecting bulk sale • Continued progress towards our Vision 2025 strategy to address current and anticipated market conditions and position company for long-term value creation o Headcount: Reduced headcount to 4,188 from 4,250 since the end of the fourth quarter 2023 • Purchase Mix: 72% of total originations compared to 76% in fourth quarter 2023 • Organic Refinance Consumer Direct Recapture Rate(1): Decreased to 59% for the quarter compared to 67% in first quarter 2023 • First quarter 2024 adversely impacted by cyber incident • Unit Market Share: 161 basis points in first quarter 2024 vs. 182 basis points in first quarter 2023, reflects the adverse impact from the cyber incident o Purchase Unit Market Share: 128 basis points in first quarter 2024 vs. 142 basis points in first quarter 2023 (1) We define organic refinance consumer direct recapture rate as the total unpaid principal balance (“UPB”) of loans in our servicing portfolio that are paid in full for purposes of refinancing the loan on the same property, with the Company acting as lender on both the existing and new loan, divided by the UPB of all loans in our servicing portfolio that paid in full for the purpose of refinancing the loan on the same property. The recapture rate is finalized following the publication date of this release when external data becomes available.

 
4 VISION 2025 PLAN SIGNIFICANT PROGRESS EXECUTING VISION 2025 OBJECTIVES Focus on Purchase Transactions and Serving Diverse Communities • Named by The Wall Street Journal as the “Best Mortgage Lender for First- Time Buyers,” validating our mission of purpose- driven lending to the increasingly diverse communities comprising first-time homebuyers • Launched “accessZERO” program to make homeownership more accessible by offering up to five percent in downpayment assistance • Reduced cost structure by $693 million in 2023 • In Q4, launched a program targeting $120 million of annualized productivity improvements expected to benefit 2024. Through April 2024, have achieved approximately 93% of the planned benefits Aggressively Right-Size Cost Structure • Strong HELOC performance expected to give efficient access to home equity in as little as seven days • Continued investment in our in-house servicing business to complement our origination strategy and serve customers through the entire mortgage journey • 47 Retail LOs were named to the Scotsman Guide for Top Originators Execute Growth Generating Initiatives • Streamline organizational structure to better position the company for the rapidly evolving mortgage market and enhance quality and effectiveness • Increase share of lending for purchase transactions, while achieving top- quartile quality, increasing automation, and achieving operating leverage • melloNow fully automated underwriting engine launched Optimize Organizational Structure

 
DIVERSE & EXPERIENCED MANAGEMENT TEAM WITH UNIQUE SKILLSETS President and CEO Jeff WalshDavid Hayes Dan Binowitz Jeff DerGurahian Chief Administrative Officer President, LDI Mortgage Town & Country Credit Corp. Chief Investment Officer and Head Economist TJ Freeborn Chief Information Officer George Brady Frank Martell Managing Director Operations & Servicing 5 Gregg Smallwood Chief Legal Officer, Corporate Secretary Joe Grassi Chief Risk Officer Darren Graeler Chief Accounting Officer Melanie Graper Chief Human Resources Officer Chief Financial Officer

 
loanDepot Historical Mortgage Origination Volume SCALED ORIGINATOR DELIVERING CUSTOMERS A COMPLETE SOLUTION Inception to Q1-2024 Origination CAGR: 22%(1) loanDepot Originations loanDepot Market Share $1.7 $2.3 $4.1 Total market volume ($ trillion) $4.0 $2.2 (1) CAGR includes annualized volume for 2010 Source: Historical market share based on MBA industry volume as of 4/18/2024 and historical loanDepot origination volume ($ in billions) The loanDepot Ecosystem Established Scalable Infrastructure 2010 to 2012 Diversification & Expansion 2013 to 2015 Brand, Technology & Operational Transformation 2016 to 2021 Vision 2025 & Beyond 2022 + • Launched with the goal of disrupting mortgage • Created scalable platform and infrastructure • Expanded in-market retail reach through acquisitions • Leveraged infrastructure to launch LD Wholesale • Strategic decision to begin retaining servicing • Launched proprietary mello® technology • Grew servicing book with long-term relationships to a half million loanDepot customers • Launched mellohome and melloInsurance • Acquired leading title insurance company • Formed mello® focused on mortgage adjacent, digital-first products and services • Repositioning the Company for long term value creation • Purpose driven sustainable lending • Simplifying operational structure and increasing operating leverage • Maintaining strong balance sheet liquidity • Additions to executive team to position company for next era • Launch of HELOC 6 Title Insurance Escrow Services Homeowners Insurance First Mortgage HELOC $1.6 $33 $45 $101 $137 $54 $23 $22 2.0% 2.0% 2.5% 3.4% 2.4% 1.4% 1.3% – 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 0 20 40 60 80 100 120 140 2018 2019 2020 2021 2022 2023 LTM Q1 '24 $1.7

 
ORIGINATION GROWTH RELATIVE TO INDUSTRY (1) MBA as of 4/18/2024 Note: Pull through weighted rate lock volume is the unpaid principal balance of loans subject to interest rate lock commitments, net of a pull-through factor for the loan funding probability 7 Purchase Mix % : ($ in billions) Total Market Share (%) 3.4% 19% 3.3% 30% 34% 3.4% 3.3% 34% 37% 3.1% 59% 2.4% 2.1% 70% 1.6% 76% 1.5% 71% 1.4% 73% 71% 1.4% 76% 1.3% $33 $30 $30 $23 $20 $12 $9 $4 $5 $6 $6 $4 $5 $41 $34 $32 $29 $22 $16 $10 $6 $5 $6 $6 $5 $5 369 264 299 281 213 150 203 221 226 285 293 296 274 - 50 100 150 200 250 300 350 400 $0 $10 $20 $30 $40 $50 $60 Q1 2021A Q2 2021A Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Pull-Through Weighted (PTW) Lock Volume Origination Volume PTW GOS Margin, bps 72% 1.2%

 
HISTORICAL COST STRUCTURE COMPARISON ($M) 8 Salaries Other Interest Marketing Commissions Other G&A FTEs Direct Origination Expense Expenses To Note: Restructuring Charges $1.8 $4.5 $2.0 $3.5 $4.0 Loss on Disposal of Fixed Assets and Other Impairments/(Recoveries) ($0.1) $1.4 $0.2 $0.8 ($0.0) Accruals for Expected Legal Settlements $0.0 $7.5 $2.0 $3.7 $1.1 Cyber Incident $0.0 $0.0 $0.0 $0.0 $14.7 Total $1.7 $13.4 $4.2 $8.0 $19.7 $106 $109 $97 $97 $98 $78 $79 $73 $81 $82 $43 $43 $43 $45 $47 $36 $35 $34 $28 $28 $35 $49 $44 $36 $36 $16 $16 $14 $15 $17 4,834 4,683 4,532 4,250 4,188 N on - V ol um e Re la te d V ol um e Re la te d N on - V ol um e Re la te d V ol um e Re la te d N on - V ol um e Re la te d V ol um e Re la te d N on - V ol um e Re la te d V ol um e Re la te d N on - V ol um e Re la te d V ol um e Re la te d Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024

 
$142 $142 $144 $145 $142 142 141 143 137 138 - 20 40 60 80 100 120 140 $130 $132 $134 $136 $138 $140 $142 $144 $146 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 UPB $ MSR FV, bps HISTORICAL SERVICING PORTFOLIO TREND 9 ($ in billions) Retention %(2) : Recapture %(1) : (1) Recapture rate as defined on page 3. (2) Portion of loan origination volume that was sold servicing retained in the period divided by total sold volume in the period. (3) At time of origination, strats for agency portfolio only. Excludes HELOC. Total Serv Exp$ to Avg. UPB $, bps: Portfolio @ 3/31/24 (3) W.A. Coupon 3.48% W.A. FICO (3) 736 W.A. LTV 72% W.A. Age (Mths) 30.8 DQ Rate 60D+ 1.0% 90D+ 0.8% Composition GSE 66.0% Gov’t 26.7% Other 7.3% 61% 67% 1.7 65% 68% 1.7 67% 69% 2.0 71% 58% 1.9 67% 59% 2.2

 
Liquidity / Total Assets $798 $719 $717 $661 $604 $4 $2 $4 $802 $721 $721 $661 $604 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Unrestricted Cash Unused Lines STRONG LIQUIDITY AND BALANCE SHEET Note: Please see Appendix for Non-GAAP Reconciliation 10 Liquidity Overview ($M) Debt Obligations, net to Total Equity MSR FV / Total Equity 2.4x 2.5x 2.7x 2.8x 3.1x Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 2.7x 2.8x 2.9x 3.2x 3.6x Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24

 
11 Q2 2024 OUTLOOK* Metric Low High Pull-through Weighted Rate Lock Volume ($bn) $4.5 $6.5 Origination Volume ($bn) $5.0 $7.0 Pull-through Weighted GOS Margin, bps 260 290 Current Market Conditions • Higher interest rates adversely impacts home affordability and borrower demand • Limited supply of new and resale homes adversely impacts homebuying activity • Homeowner equity levels drives demand for cash-out refinance and HELOC products • Higher interest rates resulting in little incentive for rate and term refinance • Sharper focus on industry consolidation, driven primarily by headcount reductions and competitor exits to shed excess capacity given lower industry volume expectations *Q2 2024 outlook reflects current interest rate environment, seasonality, channel mix, and competitive pressures

 
APPENDIX: NON-GAAP RECONCILIATIONS

 
BALANCE SHEET & SERVICING PORTFOLIO HIGHLIGHTS 13 $ in MM except units and % 1Q ‘24 4Q ’23 1Q ’23 1Q’24 vs 4Q’23 1Q’24 vs 1Q’23 Cash and cash equivalents $603.7 $660.7 $798.1 (8.6%) (24.4%) Loans held for sale, at fair value 2,300.1 2,132.9 2,039.4 7.8% 12.8% Servicing rights, at fair value 1,985.9 1,999.8 2,028.8 (0.7%) (2.1%) Total assets 6,193.3 6,151.0 6,190.8 0.7% 0.0% Warehouse and other lines of credit 2,069.6 1,947.1 1,830.3 6.3% 13.1% Total liabilities 5,555.9 5,446.6 5,349.6 2..0% 3.9% Total equity 637.3 704.5 841.2 (9.5%) (24.2%) Servicing portfolio (unpaid principal balance) $142,337.3 $145,090.2 $141,673.5 (1.9%) 0.5% Total servicing portfolio (units) 491,871 496,894 475,765 (1.0%) 3.4% 60+ days delinquent ($) $1,445.5 $1,392.6 $1,282.4 3.8% 12.7% 60+ days delinquent (%) 1.0% 1.0% 0.9% N/A N/A Servicing rights, net to UPB 1.4% 1.4% 1.4% N/A N/A

 
NON-GAAP FINANCIAL RECONCILIATION 14 ($MM) 1Q ’24 4Q ‘23 1Q ‘23 Adjusted Revenue Total Net Revenue $222.8 $228.6 $207.9 Change in FV of Servicing Rights, Net of Hedge 8.1 22.8 18.3 Adjusted Total Revenue $230.9 $251.5 $226.2 Adjusted EBITDA (LBITDA) Net (Loss) Income ($71.5) ($59.8) ($91.7) Interest Expense - Non-Funding Debt 46.5 45.5 43.1 Income Tax (Benefit) Expense (13.7) (14.2) (14.9) Depreciation and Amortization 9.4 9.9 10.0 Change in FV of Servicing Rights, Net of Hedge 8.1 22.8 18.3 Stock-Based Compensation Expense 4.9 6.4 5.9 Restructuring Charges 4.0 3.5 1.7 Cyber Incident 14.7 0.0 0.0 (Gain) Loss on Disposal of Fixed Assets (0.0) 0.3 0.3 Other impairment (recovery) (0.0) 0.5 (0.3) Adjusted EBITDA (LBITDA) $2.4 $15.0 ($27.6)

 
NON-GAAP FINANCIAL RECONCILIATION (CONT’D) 15 ($MM) 1Q ’24 4Q ’23 1Q ’23 Adjusted Net Income (Loss) Net Income (Loss) ($71.5) ($59.8) ($91.7) Adjustments to Income Taxes 9.8 7.8 13.3 Tax-Effected Net Income (Loss) (61.7) (52.0) (78.4) Change in FV of Servicing Rights, Net of Hedge 8.1 22.8 18.3 Stock-Based Compensation Expense 4.9 6.4 5.9 Restructuring Charges 4.0 3.5 1.7 Cyber Incident 14.7 0.0 0.0 (Gain) Loss on Disposal of Fixed Assets (0.0) 0.3 0.3 Other (Recovery) Impairment (0.0) 0.5 (0.3) Tax Effect of Adjustments (7.9) (8.2) (6.4) Adjusted Net Income (Loss) ($38.1) ($26.7) ($59.0)

 
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Cover
May 07, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date May 07, 2024
Entity Registrant Name loanDepot, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-40003
Entity Tax Identification Number 85-3948939
Entity Address, Address Line One 6561 Irvine Center Drive
Entity Address, City or Town Irvine
Entity Address, State or Province CA
Entity Address, Postal Zip Code 92618
City Area Code (888)
Local Phone Number 337-6888
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock, $0.001 Par Value
Trading Symbol LDI
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001831631
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