A Look Back At Q4 2023 Earnings

Earnings for the fourth quarter of 2023 are out, offering a view into how lenders did in the colder months and the year overall. Here’s a snapshot of how some of the nation’s top lenders handled last winter. Rocket Mortgage Rocket reported depressed earnings, with losses of $233 million quarter-over-quarter and a full-year net loss of $390 million. Its adjusted revenue was $885 million and registered an adjusted net loss of $6 million. Originations totaled $17 billion in Q4. Its gain on sales margin clocked in at 2.63%. “I’m so confident about our future and the collective impact we will make as a team, and the best part is that our journey is just beginning,” Varun Krishna, CEO and director…

Top Lenders Q3 Earnings Roundup

Earnings for the third quarter of 2023 are out offering a view into how lenders did. Here’s a snapshot of how some of the nation’s top lenders handled this summer. Rocket Mortgage Rocket reported solid earnings with a net revenue boost of 12.8% YOY, though profits remained effectively flat from Q2 at $1.2 billion. Originations totaled $22.2 billion, down 13.2% YOY and also basically the same from last quarter, no big surprise given current market conditions. Its gain on sales margin rose for a third straight quarter, up 2.76%. “I am very proud of our team for delivering strong results against a challenging economic backdrop,” said Varun Krishna, CEO of Rocket Companies. “In today’s climate, innovation is essential. With the…

Survey: Only 3 In 10 Veterans Know About Zero Down Payment Benefit

By KIMBERLEY HAAS Veterans are encouraged to learn more about their home loan benefits after a national survey found that a majority of former service members do not know they are eligible for a zero-down payment plan. According to information from Realtor.com, just three out of 10 veterans know they can use their VA benefits to buy a home with no money down. That statistic comes from a survey conducted last month. “VA home loans offer many benefits, especially at times like this when affordability is such a major factor in home purchase decisions. Yet only a small portion of eligible veterans are tapping into the financial benefits they deserve for their service,” Damian Eales, CEO at Realtor.com, said in…

David Smith To Lead VA Lending At loanDepot

David Smith has been promoted to Vice President of National VA Lending at loanDepot, company leaders announced. In this newly created role, Smither will spearhead loanDepot’s VA lending strategy, including outreach to both the military community and industry pros to promote knowledge of VA mortgage products.  He will specifically lead the company’s VA Council, a group of originators who specialize in lending for active military personnel and veterans alike. Smith has trained more than 28,000 real estate agents and consumers on the benefits of VA home loans. “As a purpose-driven lender, loanDepot is incredibly proud to make the dream of homeownership a reality for thousands of military families each year,” said LDI Mortgage President Jeff Walsh. “We’ve developed a core…

loanDepot Offers Zero Down To FHA Borrowers

FHA borrowers with loanDepot can now put zero down upfront with its new “accessZERO” program. The program offers up to 5% of a home’s purchase price in down payment assistance structured as a 10-year fully amortized repayable second mortgage. It is geared towards buyers who are struggling with saving for a down payment as home prices soar.  Down payments by percentage have fallen in 2023 after inflating during the pandemic buying boom when buyers used them to outbid their competition. This is partly because FHA and VA loans, which allow borrowers to pay less upfront, have gained traction as homebuying gets more expensive. As inflation runs rampant and home prices remain high, many Americans have struggled to save for a…

Dan Hanson Appointed To New Exec Position At loanDepot

Dan Hanson has been named executive director of enterprise partnerships and acquisitions at loanDepot, the lender announced in a press release. In this newly created position, Hanson will spearhead new revenue opportunities, such as national referral relationships and acquisitions, as well as collaborate with senior leadership to boost profitability. He will also work to expand loanDepot’s existing programs and partnerships, such as its employer benefits program and Lender Express offering, which provides mortgage products to credit unions and other financial institutions hoping to fill out their offerings. “Through the execution of our Vision 2025 plan, we’ve done the hard work to ensure we can continue to address the impacts of the current market downturn and still invest in our platform,”…

Ex-CoreLogic Exec Melanie Graper Joins loanDepot

Former CoreLogic exec Melanie Graper has been named chief human resources officer at loanDepot, the company announced in a press release. Graper will lead all aspects of the company’s human capital function. She succeeds Kevin Tackaberry, whose departure was announced last month, and will report to President and CEO Frank Martell. “I’m excited to be joining loanDepot at such a pivotal time in the industry and look forward to partnering with Frank and the executive team to deliver an exceptional experience for loanDepot employees, customers, and shareholders,” said Graper. Prior to loanDepot, Graper’s most recent position was with CoreLogic as chief human resources officer from 2019 to February of this year and she served on its executive committee. Graper’s other…

loanDepot Leadership Changes Post-Proxy Fight

Just months after a proxy fight that pitted loanDepot founder Anthony Hsieh against his Board of Directors, the company is announcing a series of leadership changes. In a press release, loanDepot said the company is making “organizational changes expected to improve operational efficiency.”  Former CoreLogic executive David Hates is joining the company as CFO, starting June 26, 2023. Current CFO Patrick Flanagan is “departing the company” with no further explanation. In another major shift, LDI Digital, including mellohome, will be consolidated into the company’s existing production channels. Jeff Walsh, LDI Mortgage President, will oversee the transition, while President Zeenat Sidi is leaving loanDepot as a result of the change. Chief Accounting Officer Nicole Carrillo and Chief Human Resources Officer Kevin…

Industry Pro Alec Hanson Promoted To loanDepot CMO

Industry leader Alec Hanson has been promoted to Chief Marketing Officer at loanDepot. Hanson has nearly two decades of experience. In 2004, he was named Rookie of the Year by Scotman’s Guide, and has since received HousingWire’s Rising Star award three times. Hanson joined loanDepot in 2011, starting as VP of Regional Production for Southern California. He most recently served as SVP of Production for the West division. Prior to loanDepot, Hanson held leadership positions at Bank of America. He also founded a cross-fitness company in Costa Mesa. “I’ve been a part of the loanDepot story for more than a decade now in a variety of roles. This is a phenomenal company, made up of extraordinary people, with an incredible…

loanDepot Moves All Servicing In-House

loanDepot has migrated all of its mortgage loans into its in-house servicing platform. The company began moving all loans from its third-party sub-servicer in early 2021, and updated its servicing portal to better serve mortgagees later that year. In January 2022, it successfully moved all FHA, VA, and USDA-funded Ginnie Mae loans into the new servicing system. “Bringing this two-year effort to the finish line is a true testament to loanDepot’s ongoing investment in our in-house servicing capabilities and, in turn, our customers,” said LDI Managing Director of Operations and Servicing Dan Binowitz. “Providing best-in-class customer service is our top priority and owning the entire customer journey enables us to build loyalty by providing the most hassle-free and streamlined service…