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As company reports second straight quarterly loss, it announces plans to exit its wholesale business by Oct. 31, 2022.
About 2,000 more people expected to leave the company by the end of the year.
loanDepot did not disclose numbers; 420 Mr. Cooper Group employees laid off, including 120 in California.
Originator reports a loss of $91 million on quarterly revenues of $503 million
Quarterly revenues are down 40% to $503 million from fourth quarter's $705 million.
Online process promises to go from application to funding of loan in seven days.
