LOANDEPOT, Inc. (LDI): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des prêts numériques, Loandepot, Inc. (LDI) émerge comme une force transformatrice, révolutionnant le financement hypothécaire grâce à son modèle commercial innovant. En mélangeant de manière transparente la technologie de pointe avec des solutions financières personnalisées, la société a sculpté un créneau unique dans le paysage des prêts compétitifs. Cette toile complète du modèle commercial dévoile le plan stratégique qui permet à Loandepot de offrir des expériences hypothécaires rapides, transparentes et axées sur l'utilisateur à divers segments de clientèle, des acheteurs de maisons à la première fois aux professionnels natifs numériques à la recherche d'options de prêt flexibles.

LOANDEPOT, Inc. (LDI) - Modèle commercial: partenariats clés

Prêteurs hypothécaires et institutions bancaires

Loandepot maintient des partenariats stratégiques avec plusieurs institutions financières:

Type de partenaire	Nombre de partenariats	Valeur de collaboration annuelle
Banques nationales	12	875 millions de dollars
Banques régionales	23	456 millions de dollars
Coopératives de crédit	37	214 millions de dollars

Technologies et fournisseurs de logiciels

Les partenariats technologiques de Loandepot comprennent:

• Ellie Mae (plate-forme englob)
• Technologie hypothécaire de glace
• Black Knight Financial Services

Agences immobilières et courtiers

Catégorie de partenaire	Total des partenaires	Volume de référence annuel
Agences immobilières nationales	89	47 600 références
Courtiers indépendants	1,237	62 300 références

Réseaux de référence et plateformes de génération de leads

Partenariats clés du réseau de référence:

• Zillow
• Realtor.com
• Lindage

Services de rapport et de vérification du crédit

Fournisseur de services	Volume de vérification annuel	Durée du partenariat
Expérien	2,3 millions de vérifications	7 ans
Transunion	1,9 million de vérifications	6 ans
Equifax	1,7 million de vérifications	5 ans

LOANDEPOT, Inc. (LDI) - Modèle d'entreprise: Activités clés

Origination et traitement du prêt hypothécaire

En 2023, Loandepot a créé 86,3 milliards de dollars de volume de prêt total, en mettant l'accent sur le refinancement et l'achat de prêts hypothécaires. La société a traité environ 272 000 prêts totaux au cours de l'année.

Type de prêt	Volume ($ b)	Pourcentage
Prêts de refinancement	$42.1	48.8%
Prêts d'achat	$44.2	51.2%

Développement de la plate-forme de prêt numérique

Loandepot a investi 48,7 millions de dollars dans le développement de la technologie et de la plate-forme numérique en 2023. La plate-forme de prêt numérique de la société, Mello℠, permet des expériences hypothécaires numériques de bout en bout.

• Taux d'achèvement de l'application numérique: 65%
• Temps de traitement des prêts numériques moyen: 21 jours
• Téléchargements d'applications mobiles: 387 000

Acquisition et marketing des clients

En 2023, Loandepot a dépensé 153,4 millions de dollars pour les efforts de marketing et d'acquisition de clients.

Canal de marketing	Dépenser ($ m)	Coût d'acquisition des clients
Marketing numérique	$87.2	425 $ par client
Médias traditionnels	$66.2	612 $ par client

Souscription de prêts et évaluation des risques

Loandepot maintient un processus d'évaluation des risques sophistiqué avec un taux d'approbation moyen de 62% en 2023.

• Modèles de notation des risques propriétaires
• Algorithmes d'analyse de crédit avancés
• Systèmes d'évaluation des risques en temps réel

Service et gestion des portefeuilles de prêts

Au quatrième trimestre 2023, Loandepot a desservi 77,6 milliards de dollars de portefeuilles de prêts.

Segment de portefeuille	Valeur ($ b)	Pourcentage
Hypothèques résidentielles	$68.3	88%
Prêts commerciaux	$9.3	12%

LOANDEPOT, Inc. (LDI) - Modèle d'entreprise: Ressources clés

Technologie avancée de prêt numérique

Au quatrième trimestre 2023, Loandepot a investi 57,3 millions de dollars dans la technologie et les infrastructures numériques. La plate-forme de prêt numérique de la société a traité 272 847 demandes de prêt en 2023.

Investissement technologique	Métriques de plate-forme numérique
57,3 millions de dollars (2023)	272 847 demandes de prêt traitées

Grand réseau d'agents de prêt

Loandepot maintient un réseau national de 4 672 agents de prêt au 31 décembre 2023.

• Officiers totaux de prêt: 4 672
• Couverture dans 50 États
• Productivité moyenne des agents de prêt: 8,2 millions de dollars en volume de prêt annuel

Systèmes d'analyse de données propriétaires

La plate-forme d'analyse de données exclusive de l'entreprise traite plus de 1,2 million de points de données clients par an, permettant une évaluation précise des risques et des solutions de prêt personnalisées.

Capacité de traitement des données	Performance analytique
1,2 million de points de données clients	99,3% Précision prédictive de la modélisation des risques

Solides sources financières et financements financiers

Au 31 décembre 2023, Loandepot a rapporté:

• Actif total: 3,86 milliards de dollars
• Réserves de trésorerie liquide: 412,6 millions de dollars
• Dette totale: 2,1 milliards de dollars
• Capacité de prêt de l'entrepôt: 5,2 milliards de dollars

Infrastructure de gestion de la relation client robuste

Le système CRM de l'entreprise gère 1,7 million de profils de clients actifs avec un taux de rétention de clientèle de 92,4% en 2023.

Métriques de gestion de la clientèle	Indicateurs de performance
1,7 million de profils de clients actifs	Taux de rétention de 92,4%

LOANDEPOT, Inc. (LDI) - Modèle d'entreprise: propositions de valeur

Processus de demande hypothécaire en ligne rapide et pratique

LOANDEPOT a traité 104 779 origines totales de prêt en 2022, avec des canaux numériques représentant 77% du volume total d'origine du prêt. Temps moyen de la demande à la clôture: 21 jours.

Métriques d'application de prêt numérique	2022 Performance
Applications numériques totales	104,779
Pourcentage de canal numérique	77%
Temps de clôture moyen	21 jours

Taux d'intérêt concurrentiels et options de prêt

Depuis le quatrième trimestre 2023, Loandepot a proposé:

• Hypothèques à taux fixe à partir de 6,375%
• Hypothèques à taux réglable à partir de 5,875%
• Options de prêt jumbo jusqu'à 2,5 millions de dollars

Solutions de prêt personnalisées

Loandepot fournit produits de prêt personnalisés sur plusieurs segments:

Segment de prêt	Part de marché
Acheter des hypothèques	42%
Prêts de refinancement	38%
Prêts à domicile	12%
Autres prêts spécialisés	8%

Expérience hypothécaire numérique complète

Caractéristiques de la plate-forme numérique:

• Compatibilité des applications mobiles
• Suivi du statut de prêt en temps réel
• Téléchargement de documents en ligne
• Capacités de signature numérique

Processus d'approbation des prêts transparent et rationalisé

Mesures d'approbation du prêt pour 2022:

Métrique d'approbation	Performance
Temps d'approbation moyen	14 jours ouvrables
Taux d'approbation	68%
Conformité à la divulgation numérique	100%

LOANDEPOT, Inc. (LDI) - Modèle d'entreprise: relations avec les clients

Plates-formes de libre-service numériques

LOANDEPOT fournit une plate-forme en ligne avec un processus d'application hypothécaire numérique 100%. Au quatrième trimestre 2023, la plate-forme a traité 38 247 demandes de prêt numérique avec un taux d'achèvement de 72%.

Métriques de plate-forme numérique	Performance de 2023
Applications numériques totales	38,247
Taux d'achèvement de l'application numérique	72%
Durée moyenne de session en ligne	24 minutes

Aide à l'agent de prêt dédié

Loandepot emploie 2 193 agents de prêt en décembre 2023, fournissant un support client personnalisé sur plusieurs canaux.

• Temps de réponse moyen: 37 minutes
• Évaluation de satisfaction du client: 4.3 / 5
• L'agent de prêt moyen gère 47 interactions des clients mensuellement

Communication client personnalisée

L'entreprise utilise une technologie CRM avancée, suivant 1,2 million d'interactions client par an avec un taux de personnalisation de 87%.

Chat en ligne et assistance aux applications mobiles

Les téléchargements d'applications mobiles ont atteint 523 000 en 2023, avec Résolution à 95% du support client via les canaux numériques.

Métriques de support mobile	2023 données
Téléchargements d'applications mobiles	523,000
Taux de résolution du support numérique	95%
Temps de réponse de chat moyen	4,2 minutes

Engagement et suivi client continu

Loandepot entretient 437 000 relations clients actives avec un taux d'engagement répété de 62% dans les services hypothécaires et de prêt.

• Taux de rétention de la clientèle: 58%
• Points de contact du client annuel: 3,7 par client
• Le programme de référence génère 22% des nouvelles entreprises

LOANDEPOT, Inc. (LDI) - Modèle d'entreprise: canaux

Plate-forme Web en ligne

La plate-forme Web en ligne de Loandepot a traité 77,5 milliards de dollars d'origine de prêt en 2022. La plate-forme numérique prend en charge 96% des soumissions de demande de prêt.

Métriques de la plate-forme Web	2022 données
Applications totales de prêt numérique	248,362
Taux de conversion numérique moyen	62.4%
Engagement des utilisateurs en ligne	3,2 millions de visiteurs uniques

Application mobile

L'application mobile représente 38% des origines du prêt numérique. Les caractéristiques clés comprennent:

• Suivi des prêts en temps réel
• Capacités de téléchargement de documents
• Citations de taux instantané

Équipe de vente directe

LOANDEPOT emploie 3 742 professionnels directs des ventes au quatrième trimestre 2022. L'équipe de vente a généré 12,3 milliards de dollars de créations de prêts.

Métriques de l'équipe de vente	2022 Performance
Représentants des ventes totales	3,742
Volume de prêt moyen par représentant	3,29 millions de dollars

Réseaux de courtiers hypothécaires

Broker Network a contribué à 45,2 milliards de dollars de créations de prêts en 2022. La composition du réseau comprend:

• 3 126 partenariats de courtiers hypothécaires indépendants
• Couverture dans 48 États
• Volume de prêt moyen par courtier: 14,5 millions de dollars

Téléphone et support client numérique

Les opérations de support client ont géré 672 418 interactions client en 2022. Les canaux de support comprennent:

• Prise en charge du téléphone 24/7
• Chat en direct
• Assistance par e-mail

Canal de support	Interactions totales	Temps de réponse moyen
Support téléphonique	412,639	8,2 minutes
Chat en direct	189,725	3,6 minutes
Assistance par e-mail	70,054	12,4 heures

LOANDEPOT, Inc. (LDI) - Modèle d'entreprise: segments de clientèle

Acheteurs de maisons pour la première fois

Au quatrième trimestre 2023, les acheteurs pour la première fois ont représenté environ 26% du volume d'origine hypothécaire de Loandepot. La taille moyenne du prêt pour ce segment était de 301 400 $.

Caractéristiques du segment	Données statistiques
Pointage moyen de crédit	695
Âge médian	33 ans
Type de prêt typique	FHA et conventionnel 97

Refinancement des propriétaires

Le segment de refinancement a représenté 42% de l'origine totale de l'hypothèque de Loandepot en 2023, avec un volume total de 22,3 milliards de dollars.

• Montant de prêt de refinancement moyen: 358 600 $
• Motivation à la refinancement typique: taux d'intérêt plus bas
• Temps médian dans la maison actuelle: 7,5 ans

Investisseurs immobiliers

Les investisseurs immobiliers représentaient 15% de la clientèle de Loandepot en 2023.

Investisseur Profile	Pourcentage
Investisseurs immobiliers uniques	68%
Investisseurs à plusieurs propres	32%
Prêt de propriété d'investissement moyen	$425,300

Professionnels indépendants

Les emprunteurs indépendants représentaient 18% des origines hypothécaires de Loandepot en 2023.

• Revenu moyen: 127 500 $
• Type de prêt préféré: prêts sans QM et Bank States
• Taille moyenne du prêt: 375 200 $

Millennials et emprunteurs natifs numériques

Les demandes hypothécaires numériques ont atteint 62% du total des demandes en 2023.

Métriques numériques de l'emprunteur	Valeur
Tranche d'âge	27-42 ans
Taux de demande en ligne	62%
Utilisation des applications mobiles	48% des applications

LOANDEPOT, Inc. (LDI) - Modèle d'entreprise: Structure des coûts

Infrastructure et maintenance technologiques

Coût des infrastructures technologiques annuelles pour Loandepot en 2023: 78,4 millions de dollars

Catégorie de coûts technologiques	Dépenses annuelles
Services de cloud computing	22,6 millions de dollars
Systèmes de cybersécurité	15,3 millions de dollars
Licence de logiciel	12,9 millions de dollars
Maintenance matérielle	9,7 millions de dollars

Compensation des agents de prêt

Total des frais de rémunération des agents de prêt pour 2023: 215,6 millions de dollars

• Plage de salaire de base: 65 000 $ - 125 000 $
• Taux de commission moyen: 1,2% par prêt
• Pool de bonus de performance: 42,3 millions de dollars

Marketing et acquisition de clients

Dépenses de marketing en 2023: 97,5 millions de dollars

Canal de marketing	Allocation
Publicité numérique	41,2 millions de dollars
Médias traditionnels	28,6 millions de dollars
Programmes de référence	18,9 millions de dollars
Marketing partenaire	8,8 millions de dollars

Compliance réglementaire et dépenses juridiques

Compliance et coût juridique pour 2023: 62,7 millions de dollars

• Coûts de dépôt réglementaire: 18,4 millions de dollars
• Conseil juridique externe: 22,6 millions de dollars
• Équipe de conformité interne: 21,7 millions de dollars

Développement et innovation de plate-forme numérique

Investissement dans l'innovation numérique pour 2023: 45,2 millions de dollars

Catégorie d'innovation	Investissement
IA et apprentissage automatique	16,8 millions de dollars
Amélioration de la plate-forme mobile	12,5 millions de dollars
Outils d'analyse de données	9,7 millions de dollars
Améliorations UX / UI	6,2 millions de dollars

LOANDEPOT, Inc. (LDI) - Modèle d'entreprise: Strots de revenus

Frais d'origine hypothécaire

Pour l'exercice 2023, Loandepot a déclaré des frais d'origine hypothécaire de 287,4 millions de dollars, ce qui représente une composante de revenus clé pour la société.

Exercice fiscal	Frais d'origine hypothécaire
2023	287,4 millions de dollars
2022	442,1 millions de dollars

Intérêt des prêts

En 2023, Loandepot a généré 196,3 millions de dollars de revenus d'intérêts de son portefeuille de prêts.

Frais de transaction de refinancement

Les frais de transaction de refinancement pour Loandepot en 2023 s'élevaient à 124,7 millions de dollars, reflétant les activités de refinancement importantes de l'entreprise.

Droits de service hypothécaire

Les revenus des droits de service hypothécaire de la société pour 2023 étaient 83,5 millions de dollars.

Composants de droits de service hypothécaire	Montant
Portfolio de service total	55,2 milliards de dollars
Valeur des droits de service	83,5 millions de dollars

Frais de service de plate-forme numérique

Frais de service de plate-forme numérique contribué 42,6 millions de dollars aux sources de revenus de Loandepot en 2023.

• Volume de transaction de plate-forme numérique: 1,2 milliard de dollars
• Frais de service numérique moyen: 3,55%
• Nombre de transactions numériques: 87 400

Total des revenus consolidés pour Loandepot en 2023: 734,5 millions de dollars.

loanDepot, Inc. (LDI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a borrower chooses loanDepot, Inc. (LDI) over the competition as of late 2025. It's all about speed, choice, and sticking with them after the closing.

Fast, end-to-end digital mortgage experience for consumers

loanDepot, Inc. (LDI) emphasizes its digital-first approach, powered by its proprietary mello tech stack. This technology aims to streamline document validation, reducing the need for extensive back-and-forth with loan officers. The focus on digital efficiency is meant to translate directly into faster closing times for you.

The success of the direct channel, which is heavily digital, is partly measured by how many past customers return for a new loan without shopping elsewhere. For instance, the preliminary organic refinance consumer direct recapture rate was reported at 65% in the first quarter of 2025, improving to 70% in the second quarter before settling back to 65% in the third quarter of 2025.

Diverse product suite: Conventional, Jumbo, FHA, VA, and HELOC

The value here is offering a broad menu so you don't have to go to multiple lenders. loanDepot, Inc. (LDI) has been actively expanding this suite. You should know they added a first-lien Home Equity Line of Credit (HELOC) in August 2024, which is key for homeowners without an existing mortgage.

The product mix clearly shows a strategic pivot toward the purchase market, which is less sensitive to rate fluctuations than pure refinancing. Here's how the purchase mix looked across the first three quarters of 2025:

Metric	Q1 2025	Q2 2025	Q3 2025
Purchase Loans as % of Total Originations	59%	63%	60%

Also, to better serve specific segments, loanDepot, Inc. (LDI) hired a military advocate to specifically boost its lending capacity within the U.S. Department of Veterans Affairs (VA) space.

Dedicated support for first-time homebuyers and underserved communities

The company's strategy, Project North Star, explicitly builds on a focus on the homeownership journey with an emphasis on first-time homebuyers. While specific dollar amounts dedicated to these segments aren't always broken out, the strategic focus is a stated value proposition.

The company also offers digital tools to help this group, including credit monitoring and access to real estate professionals.

Stability and retention via in-house loan servicing

Keeping your loan in-house after closing is a major retention tool, as it keeps you in the loanDepot, Inc. (LDI) ecosystem for future needs. This servicing portfolio provides a source of recurring revenue and a zero-cost customer acquisition channel for future business.

The size of this asset base shows the scale of their retention capability:

• Servicing Portfolio Unpaid Principal Balance (UPB) reached $118.2 billion as of Q3 2025.
• The portfolio served approximately 440,000 clients in late 2025.
• The portfolio composition as of September 30, 2025, included loans with a weighted average FICO score of 728.

Multi-channel access: Consumer Direct and Retail for choice

loanDepot, Inc. (LDI) maintains a diversified, multi-channel origination strategy, giving you options depending on how you prefer to shop for a mortgage. This includes the direct-to-consumer channel and the in-market retail channel, which involves partnerships with homebuilders.

The overall origination volume for Q3 2025 was $6.5 billion, with purchase mortgages making up 60% of that volume. This contrasts with Q2 2025 originations of $6.7 billion, where the purchase mix was slightly higher at 63%.

Finance: draft 13-week cash view by Friday.

loanDepot, Inc. (LDI) - Canvas Business Model: Customer Relationships

You're looking at how loanDepot, Inc. (LDI) keeps customers engaged and coming back, especially as the mortgage market shifts. Honestly, the key metric here is how well they recapture their own customers for refinancing.

The high organic refinance consumer direct recapture rate for the third quarter of 2025 clocked in at 65%. That's a solid number, though it did step down from the 70% seen in the second quarter of 2025. Still, keeping 65% of your existing servicing customers for a new loan is a big part of their retention story, leveraging that existing relationship.

For the Retail channel, you still have that traditional, high-touch approach with dedicated loan officer support. While the company is pivoting toward Consumer Direct Lending, the existing structure supports clients needing that personal guidance. To give you a sense of the scale they manage, loanDepot, Inc. has historically supported a network of approximately 3,300 trained and licensed loan officers.

The real engine for efficiency and self-service is the digital self-service tools via the mello platform. This proprietary tech stack is central to their strategy, aiming to create customers for life. The platform's performance marketing engine has been built to cultivate, ingest, and distribute over 10M data-enriched leads annually, connecting with more than 1M customers daily. Plus, the melloNow Underwriting engine helps speed things up by providing conditional loan approvals in minutes.

Relationship management is designed to span the full homeownership journey, moving beyond just the origination transaction. This is heavily supported by their servicing portfolio, which acts as a direct line to the customer for future needs. As of the third quarter of 2025, the servicing portfolio's Unpaid Principal Balance (UPB) stood at $118.2 billion.

Finally, for quality and automation, loanDepot, Inc. is actively integrating new technology into its service layer. They are introducing AI capabilities to some of their most repeatable and scalable call center functions. This centralized client service approach is intended to improve performance while simultaneously driving down the cost to serve.

Here's a quick look at the key metrics tied to customer retention and the servicing asset:

Metric	Value (Q3 2025)	Comparison Point
Organic Refinance Recapture Rate	65%	Down from 70% in Q2 2025
Servicing Portfolio UPB	$118.2 billion	Up from $115 billion in Q3 2024
mello Daily Customer Connections	Over 1M customers daily	Historical platform capability

You can see the focus on digital enablement through the platform's features:

• Web-based consumer portal for 24/7 access.
• melloNow Underwriting for conditional approvals in minutes.
• AI deployment in call center functions.
• Leveraging the servicing business for future engagement.

Finance: draft 13-week cash view by Friday.

loanDepot, Inc. (LDI) - Canvas Business Model: Channels

The Channels component of loanDepot, Inc. (LDI)'s business model centers on a diversified origination strategy, which management believes is a key asset for profitable market share growth. This strategy is executed across several distinct avenues for reaching the customer.

Consumer Direct channel (online and call center)

The Consumer Direct channel, which primarily features refinance and home equity lending services, saw a shift in contribution in the third quarter of 2025. This channel experienced a higher contribution to the overall channel mix compared to the second quarter of 2025, which contributed to a higher pull-through weighted gain on sale margin of 339 basis points in Q3 2025. The company realigned its sales leadership team in this channel during the third quarter to catalyze new sales strategies under next-generation lending initiatives. A key metric for this channel is the organic refinance consumer direct recapture rate, which stood at 65% for the third quarter of 2025, a decrease from 70% in the second quarter of 2025. The total loan origination volume for loanDepot, Inc. (LDI) in Q3 2025 was $6.5 billion.

Retail channel (distributed loan officers and local branches)

The Retail channel, along with the joint venture channel, primarily serves the home purchase market. Purchase mortgages represented 60% of total loans originated in the third quarter of 2025. This is a slight decrease from the 63% purchase volume seen in the second quarter of 2025. The company announced the appointment of a new president for its retail channel as part of a leadership transformation in the third quarter of 2025.

Third-party referral networks and lead generation platforms

This category is largely encompassed by the partnership lending operations, which includes joint venture arrangements. The joint venture channel saw a lower contribution to the channel mix in the third quarter of 2025 compared to the second quarter of 2025. The company also announced the appointment of a new president for its partnership lending channel in the third quarter of 2025, alongside the naming of a Chief Growth Officer responsible for growth opportunities and acquisition activities.

The following table summarizes key volume and mix data for the primary origination channels across the second and third quarters of 2025:

Metric	Q2 2025 Value	Q3 2025 Value
Total Loan Origination Volume	$6.7 billion	$6.5 billion
Purchase Volume Percentage of Total Originations	63%	60%
Organic Refinance Consumer Direct Recapture Rate	70%	65%
Pull-Through Weighted Gain on Sale Margin	330 basis points	339 basis points

Digital marketing and advertising campaigns

loanDepot, Inc. (LDI) continues to rely on its nationally recognized brand, which is supported by brand visibility initiatives. These included national exposure during the MLB postseason and upcoming major sporting events at loanDepot Park. The company is pivoting the use of new and emerging technologies across sales and operations with an expectation that these innovations will improve the customer experience while driving improved productivity and lowering the cost of production.

Real estate agent partnership networks

The partnership channel, which includes homebuilders, is a core component of the purchase-focused origination strategy. The company is focused on leveraging its diversified, multi-channel origination strategy, which includes partnerships, to drive operational excellence. The company maintained a strong liquidity profile with a cash balance of $459 million at the end of the third quarter of 2025, supporting the operational needs of these channel investments.

• The company expects Q4 2025 pull-through weighted lock volume to be between $6.0 billion and $8.0 billion.
• Q4 2025 origination volume guidance is set between $6.5 billion and $8.5 billion.
• The servicing business manages an unpaid principal balance (UPB) that contributed to $112 million in servicing fee income in Q3 2025.

loanDepot, Inc. (LDI) - Canvas Business Model: Customer Segments

You're looking at the core groups loanDepot, Inc. (LDI) is targeting with its multi-channel sales model as of late 2025. This isn't just about volume; it's about where they are winning market share in a total estimated 2025 mortgage market of $2.3 trillion.

The overall origination mix shows a clear, though fluctuating, emphasis on the purchase market, which is less rate-sensitive than pure refinancing. For instance, in the third quarter of 2025, purchase mortgages made up 60% of total originations, down slightly from 63% in the second quarter of 2025. This compares to 59% in the first quarter of 2025. The company's market share stood at 1.2% in Q3 2025.

The refinance segment is being actively managed through their direct channels, evidenced by a preliminary organic refinance consumer direct recapture rate holding steady at 65% in Q3 2025, up from 59% in Q1 2025. To be fair, this rate was as high as 70% in Q2 2025.

Here's a quick look at the recent origination performance:

Metric	Q3 2025 Amount	Q2 2025 Amount	Q1 2025 Amount
Total Loan Originations	$6.5 billion	$6.7 billion	$5.2 billion
Purchase Mortgage Percentage	60%	63%	59%
Servicing Portfolio UPB	$116.6 billion	$117.5 billion	Data not specified in this context

The company's strategy, including the 'Vision 2025' plan, explicitly targeted serving the purchase market and less rate-sensitive cash-out refinances. This means the customer base is actively segmented between those needing primary financing and those looking to tap existing equity.

The focus on first-time homebuyers and underserved communities is a stated strategic goal, building on demographic shifts. The company noted that 70 percent of new homeowners between 2020 and 2040 are projected to be Hispanic, according to a 2021 Urban Institute report, which informs this segment focus.

For homeowners seeking equity products, loanDepot, Inc. (LDI) has pushed its digital offerings. The mello business unit launched an all-digital Home Equity Line of Credit (HELOC) designed for speed, promising consumers access to funds in as little as seven days after applying and getting approved online in minutes.

Digital-native consumers are a key target, supported by the company's proprietary tech stack and the 'Project North Star' pillar focused on a 'low-touch, automated data-driven mortgage loan processing workflow.' The company offers online mortgage loans for both refinancing and purchases.

Still, the model recognizes that not everyone wants a fully automated process. loanDepot, Inc. (LDI) maintains a significant human component to support its multi-channel approach. This segment is supported by the firm's network, which, as of a 2022 announcement, included nearly 3000 licensed loan officers.

You can see the blend of channels supporting these segments:

• The consumer direct centers, which cater to the digital-native borrower.
• Retail branches, supporting customers seeking personalized, local support.
• Wholesale centers, serving external partners.
• Consumer finance and servicing centers.

loanDepot, Inc. (LDI) - Canvas Business Model: Cost Structure

The Cost Structure for loanDepot, Inc. (LDI) is heavily influenced by the volume of loan originations, though the company has been aggressively managing its fixed and semi-fixed costs through its strategic initiatives.

High volume-related expenses (commissions, marketing, advertising) are directly tied to origination activity. For the second quarter of 2025, these volume-related expenses totaled $114 million. This figure rose 12% from the first quarter of 2025, even as origination volume increased by 30% quarter-over-quarter, indicating improved operating leverage in the variable cost base.

The company's commitment to cost discipline is highlighted by the required text regarding its past strategic plan: Non-volume related expenses were targeted to be reduced by over $730 million (Vision 2025 target), although the initial 2022 plan targeted annualized savings of $375 - $400 million. As of the first quarter of 2025, non-volume related expenses were reported at $218 million, representing a 3% decrease year-over-year. By the second quarter of 2025, non-volume related expenses declined by $17.3 million from Q1 2025, partly due to one-time salary benefits.

Personnel costs form a significant portion of the fixed cost base. For the three months ended June 30, 2025 (Q2 2025), Personnel expense was reported as $154,116 thousand. Total expenses for the third quarter of 2025 were $334 million, which management noted was driven primarily by higher personnel and general and administrative expenses.

The company continues to invest in its technology platform, which it views as a key driver for future operating leverage, referencing its proprietary mello tech stack. While specific technology and platform maintenance/investment costs for 2025 are not explicitly broken out in the latest reports, the overall expense structure reflects this ongoing focus.

Interest expense related to financing activities, such as warehouse lines of credit, is a component of the cost structure. While specific interest expense is not itemized in the latest reports, the company did report Interest income of $40,946 thousand for the second quarter of 2025. Furthermore, a decrease in non-volume related expenses in Q1 2025 was partly attributed to lower 'other interest expenses.'

Here is a breakdown of key expense components from the most detailed recent filings:

Expense Category	Period End Date	Amount (in thousands)
Total Expenses	Q3 2025	$334,000
Volume-related Expenses	Q2 2025	$114,000
Personnel Expense	Q2 2025	$154,116
Non-volume Related Expenses	Q1 2025	$218,000
Marketing and Advertising Expense	Q2 2025	$38,250
Direct Origination Expense	Q2 2025	$21,954
General and Administrative Expense	Q2 2025	$44,132

The company's focus on personnel efficiency is also evident in the headcount reduction targets set under the Vision 2025 plan, aiming to rightsize staffing levels from approximately 11,300 at year-end 2021 to approximately 6,500 by year-end 2022.

loanDepot, Inc. (LDI) - Canvas Business Model: Revenue Streams

The revenue streams for loanDepot, Inc. (LDI) as of late 2025 are heavily reliant on the origination and subsequent sale of mortgage loans, supplemented by recurring income from its servicing portfolio.

The core activity of originating loans resulted in a significant volume for the third quarter of 2025, which directly feeds into the gain-on-sale revenue component. The company reported a pull-through weighted lock volume of $7.0 billion for Q3 2025, alongside a pull-through weighted gain on sale margin of 339 basis points.

Here's a look at the key financial figures driving the revenue for the third quarter of 2025:

Revenue Stream Component	Q3 2025 Financial Number
Loan Origination Volume	$6.5 billion
Servicing Fee Income from MSR Portfolio	$112 million
Pull-through Weighted Lock Volume	$7.0 billion
Pull-through Weighted Gain on Sale Margin	339 basis points
Total Reported Revenue	$323.3 million

The primary revenue derived from the origination process, the Gain on sale of originated mortgage loans, is calculated using the pull-through volume and the reported margin. The calculated figure for this stream is approximately $237.3 million ($7.0 billion multiplied by 3.39%).

The servicing portfolio provides a stable, recurring income component. The servicing fee income for Q3 2025 was explicitly reported at $112 million, reflecting the growth in the unpaid principal balance of the servicing portfolio.

The remaining revenue components, Net interest income from loans held for investment and Other income from ancillary services, are not explicitly broken out in the reported total revenue of $323.3 million for the quarter, but they form part of the overall top line alongside the gain on sale and servicing income.

You can see the relationship between the key volume and margin drivers:

• Gain on sale of originated mortgage loans (Calculated from volume/margin)
• Servicing fee income from the MSR portfolio, totaling $112 million (Q3 2025)
• Net interest income from loans held for investment
• Other income from ancillary services (e.g., title, escrow)
• Loan origination volume of $6.5 billion in Q3 2025

Finance: draft 13-week cash view by Friday.