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Building on foundation of strong balance sheet and liquidity Downsizing to align with rapidly changing market conditions; focusing mortgage lending on purchase...
Lender hopes to cut up to $400 million in annual expenses and become profitable by the end of 2022 after rising mortgage rates gut refinancing business.
California-based loanDepot, a national mortgage funder, announced a plan Tuesday to return to profitability by the end of 2022 and beyond. The plan, named Vision 2025, calls for the company to save $375 million to $400 million on an annualized basis, mostly through 2,000 job reductions. Company officials said they began the year with 11,300 employees, had 8,500 as of June 30, and plan to reduce that number to 6,500 by the end of the year. The plan also calls for the consolidation of real estate as the workforce shrinks.