Slide 1: 1Q 2024 Investor Presentation
1Q 2024 INVESTOR PRESENTATION May 7, 2024
Slide 2: Disclaimer: Forward-Looking Statements and Other Information
DISCLAIMER 2 Forward-Looking Statements and Other Information This press release may contain "forward-looking statements," which reflect loanDepot's current views with respect to, among other things, our business strategies, including the Vision 2025 plan, including our expanded productivity program
Slide 3: First Quarter Fact Sheet
3 FIRST QUARTER FACT SHEET Financial Operational • Originations: $4.6 billion in funded volume, in line with first quarter 2024 guidance • Total Revenue: $222.8 million on $4.7 billion of pull-through weighted lock volume • Total Expenses: Decreased by $6.5 million, or 2% from the first quarter of 2
Slide 4: Vision 2025 Plan: Significant Progress Executing Vision 5 Objectives
4 VISION 2025 PLAN SIGNIFICANT PROGRESS EXECUTING VISION 2025 OBJECTIVES Focus on Purchase Transactions and Serving Diverse Communities • Named by The Wall Street Journal as the “Best Mortgage Lender for First- Time Buyers,” validating our mission of purpose- driven lending to the increasingly diver
Slide 5: Diverse & Experienced Management Team with Unique Skillsets
DIVERSE & EXPERIENCED MANAGEMENT TEAM WITH UNIQUE SKILLSETS President and CEO Jeff WalshDavid Hayes Dan Binowitz Jeff DerGurahian Chief Administrative Officer President, LDI Mortgage Town & Country Credit Corp. Chief Investment Officer and Head Economist TJ Freeborn Chief Information Officer George
Slide 6: Scaled Originator Delivering Customers a Complete Solution
loanDepot Historical Mortgage Origination Volume SCALED ORIGINATOR DELIVERING CUSTOMERS A COMPLETE SOLUTION Inception to Q1-2024 Origination CAGR: 22%(1) loanDepot Originations loanDepot Market Share $1.7 $2.3 $4.1 Total market volume ($ trillion) $4.0 $2.2 (1) CAGR includes annualized volume for 20
Slide 7: Origination Growth Relative to Industry
ORIGINATION GROWTH RELATIVE TO INDUSTRY (1) MBA as of 4/18/2024 Note: Pull through weighted rate lock volume is the unpaid principal balance of loans subject to interest rate lock commitments, net of a pull-through factor for the loan funding probability 7 Purchase Mix % : ($ in billions) Total Mark
Slide 8: Historical Cost Structure Comparison
HISTORICAL COST STRUCTURE COMPARISON ($M) 8 Salaries Other Interest Marketing Commissions Other G&A FTEs Direct Origination Expense Expenses To Note: Restructuring Charges $1.8 $4.5 $2.0 $3.5 $4.0 Loss on Disposal of Fixed Assets and Other Impairments/(Recoveries) ($0.1) $1.4 $0.2 $0.8 ($0.0) Accrua
Slide 9: Historical Servicing Portfolio Trend
$142 $142 $144 $145 $142 142 141 143 137 138 - 20 40 60 80 100 120 140 $130 $132 $134 $136 $138 $140 $142 $144 $146 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 UPB $ MSR FV, bps HISTORICAL SERVICING PORTFOLIO TREND 9 ($ in billions) Retention %(2) : Recapture %(1) : (1) Recapture rate as defined on page 3. (
Slide 10: Strong Liquidity and Balance Sheet
Liquidity / Total Assets $798 $719 $717 $661 $604 $4 $2 $4 $802 $721 $721 $661 $604 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Unrestricted Cash Unused Lines STRONG LIQUIDITY AND BALANCE SHEET Note: Please see Appendix for Non-GAAP Reconciliation 10 Liquidity Overview ($M) Debt Obligations, net to Total Equ
Slide 11: Q2 2024 Outlook
11 Q2 2024 OUTLOOK* Metric Low High Pull-through Weighted Rate Lock Volume ($bn) $4.5 $6.5 Origination Volume ($bn) $5.0 $7.0 Pull-through Weighted GOS Margin, bps 260 290 Current Market Conditions • Higher interest rates adversely impacts home affordability and borrower demand • Limited supply of n
Slide 12: Appendix: Non-GAAP Reconciliations
APPENDIX: NON-GAAP RECONCILIATIONS
Slide 13: Balance Sheet & Servicing Portfolio Highlights
BALANCE SHEET & SERVICING PORTFOLIO HIGHLIGHTS 13 $ in MM except units and % 1Q ‘24 4Q ’23 1Q ’23 1Q’24 vs 4Q’23 1Q’24 vs 1Q’23 Cash and cash equivalents $603.7 $660.7 $798.1 (8.6%) (24.4%) Loans held for sale, at fair value 2,300.1 2,132.9 2,039.4 7.8% 12.8% Servicing rights, at fair value 1,985.9
Slide 14: Non-GAAP Financial Reconciliation
NON-GAAP FINANCIAL RECONCILIATION 14 ($MM) 1Q ’24 4Q ‘23 1Q ‘23 Adjusted Revenue Total Net Revenue $222.8 $228.6 $207.9 Change in FV of Servicing Rights, Net of Hedge 8.1 22.8 18.3 Adjusted Total Revenue $230.9 $251.5 $226.2 Adjusted EBITDA (LBITDA) Net (Loss) Income ($71.5) ($59.8) ($91.7) Interest
Slide 15: Non-GAAP Financial Reconciliation (Cont'd)
NON-GAAP FINANCIAL RECONCILIATION (CONT’D) 15 ($MM) 1Q ’24 4Q ’23 1Q ’23 Adjusted Net Income (Loss) Net Income (Loss) ($71.5) ($59.8) ($91.7) Adjustments to Income Taxes 9.8 7.8 13.3 Tax-Effected Net Income (Loss) (61.7) (52.0) (78.4) Change in FV of Servicing Rights, Net of Hedge 8.1 22.8 18.3 Stoc