loanDepot(US:LDI)2022-11-09 00:05Financial Performance - LoanDepot's origination volume in Q3 2022 was $9.8 billion, near the high-end of guidance[5] - Total revenue for Q3 2022 was $274.2 million on $8.8 billion of pull-through weighted lock volume[5] - Total expenses decreased by $125.5 million or 22% from Q2 2022, primarily due to lower personnel, marketing, and volume-related expenses[5] - The company is targeting $375 - $400 million of annualized cost savings by the end of 2022 through various measures[7] - Unrestricted cash and equivalents totaled $1.1 billion, representing 16% of total assets at the end of Q3 2022[5] Operational Highlights - Headcount was reduced to approximately 6,100 by the end of Q3 2022, from approximately 11,300 at year-end 2021[5] - Purchase transactions accounted for 70% of total originations in Q3 2022[5] - The organic refinance consumer direct recapture rate remained strong at 69% for Q3 2022[5] - The unpaid principal balance (UPB) of the servicing portfolio decreased to $139.7 billion at the end of Q3 2022, compared to $155.2 billion in Q2 2022, primarily due to an $18.6 billion sale[5] Outlook - The Q4 2022 outlook anticipates pull-through weighted rate lock volume between $3.0 billion and $6.0 billion and origination volume between $4.0 billion and $7.0 billion[22]