loanDepot on Thursday reported lower quarterly net income for the fourth quarter – but significantly higher earnings for 2020 overall.
Fourth quarter revenue declined to by $70.5 million – or 5 percent – to $1.3 billion “due to gain on sale margins returning to a more normalized level.” For the year, revenues climbed to $4.3 billion from $1.3 billion in 2019.
loanDepot’s results also showed:
- Record rate lock volume of $49.7 billion during the fourth quarter and $161 billion for the year.
- Net income for the fourth quarter of 2020 decreased to $547.2 million from $728.3 million in the prior quarter. For the year, net income totaled $2 billion – up from $34.4 million last year.
- Loan origination volume for the fourth quarter of 2020 wasa record at $37.4 billion, an increase of $10.2 billion or 38 percent from the third quarter of 2020. Loan origination volume for the year totaled $100.8 billion, an increase of 122 percent over 2019.
“I’m incredibly proud of and humbled by our record-breaking 2020 performance and thank our team members for their passionate commitment to our customers during an unprecedented year,” loanDepot Founder and CEO Anthony Hsieh said.
See the full release here.