loanDepot reported its highest quarterly origination volume since 2022, closing $8.04 billion in loans during the fourth quarter of 2025. This represents a 23% increase from the prior quarter for the Irvine, California-based lender.
The production surge helped the company expand its market share by 19% to 1.4%, according to data published by the Mortgage Bankers Association (MBA). This gain occurred as mortgage activity picked up late in the year, and the company leveraged its servicing platform and digital investments to drive repeat business.
Despite stronger production, loanDepot posted a fourth-quarter net loss of $32.8 million, widening from an $8.7 million loss in the third quarter. Revenue fell 4% quarter over quarter to $310.3 million as the pull-through weighted gain-on-sale margin declined 15 basis points (bps) to 324 bps.
For the full year, however, the company showed measurable improvement. Revenue increased 12% to $1.19 billion in 2025, while adjusted revenue rose 10% to $1.21 billion. Net loss narrowed to $107.5 million from $202.2 million in 2024, and adjusted net loss improved to $65.6 million from $94.8 million.
Anthony Hsieh, founder and CEO, said the results reflect progress in the company’s effort to refocus on its core retail lending model while investing in technology and automation.
“In the fourth quarter we originated the most volume since 2022, gained share in an expanding market and achieved a 71% recapture rate from our in-house servicing platform,” Hsieh said.
loanDepot said its organic refinance recapture rate — a key measure of how often borrowers refinance within its servicing portfolio — rose to 71% in the fourth quarter, up from 65% in the prior quarter.
The company’s loan mix also shifted as refinancing activity accelerated late in the year. Purchase loans accounted for 49% of fourth-quarter originations, down from 60% in the third quarter.
Purchase lending totaled $3.92 billion during the quarter, while cash-out refinance volume reached $2.64 billion. Rate-and-term refinance volume rose sharply to $1.48 billion, more than tripling from the previous quarter.
Conventional conforming loans represented the largest share of fourth-quarter production at $3.79 billion. Government loans, including Federal Housing Administration (FHA), Veterans Affairs (VA), and U.S. Department of Agriculture (USDA) products, totaled $2.93 billion, while jumbo production increased to $644 million.
For the full year, loanDepot originated $26.48 billion in loans, up from $24.50 billion in 2024.
The company ended 2025 with $337.2 million in cash and cash equivalents, down from $459.2 million at the end of the third quarter. loanDepot said the decline primarily reflected investments in loan inventory and the repayment of its outstanding 2025 unsecured notes.
Its servicing portfolio continued to grow modestly, reaching $119.1 billion in unpaid principal balance across 448,261 loans. The portfolio increased 2.7% year over year, while the share of loans more than 60 days delinquent remained stable at 1.6%.
Looking ahead, the lender expects first-quarter 2026 origination volume to range between $6.75 billion and $7.75 billion, with pull-through weighted lock volume projected between $7.75 billion and $8.75 billion.
As part of its growth strategy, loanDepot recently announced its reentry into the wholesale lending channel, enabling independent mortgage brokers to originate loans that are funded by the company through its proprietary mortgage technology platform. The move marks a return to a channel the lender exited in 2022 during the mortgage downturn and is intended to expand distribution as the company seeks to build on the production gains reported in its latest results.
