loanDepot Reports Q4, 2020 Results
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…