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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.
Founder Anthony Hsieh ascends to executive chairman; Frank Martell to lead the management team and oversee daily operations.
New business unit will focus on digital-first products and be led by President & COO Zeenat Sidi.
