loanDepot(US:LDI)2024-11-06 01:25Financial Performance - Originations reached $67 billion in funded volume, aligning with the high-end of the third quarter 2024 guidance[8] - Total revenue amounted to $3146 million on $67 billion of pull-through weighted lock volume, with an adjusted revenue of $3295 million[8] - Net income stood at $27 million, and adjusted net income reached $71 million, primarily driven by higher adjusted revenues from increased volume and gain on sale margins[8] - Unrestricted cash reserves totaled $4830 million[8] - Servicing UPB increased to $1149 billion from 2Q24, as portfolio units rebuild from retaining servicing on new originations[8] Operational Highlights - Project North Star was announced, focusing on first-time homebuyers and the entire homeownership lifecycle[8] - A joint venture, Ridgeland Mortgage, was announced with Smith Douglas Homes[8] - Purchase mix accounted for 66% of total originations, a decrease from 72% in the second quarter of 2024 due to strength in refi during the quarter[8] - The organic refinance consumer direct recapture rate increased to 71% for the quarter, compared to 69% in the third quarter of 2023[8] Q4 2024 Outlook - Pull-through weighted rate lock volume is projected to be between $55 billion and $75 billion[43] - Origination volume is expected to range from $60 billion to $80 billion[43] - Pull-through weighted GOS margin is anticipated to be between 285 and 305 basis points[43]