“Our industry is a cyclical one,” said loanDepot founder and CEO Anthony Hsieh. “Conditions like those we enjoyed in 2020 are when loanDepot drives revenue, but the conditions we expect in 2022 present an incredible opportunity for us to capture market share. We are well-positioned to demonstrate the long-term value of loanDepot by remaining focused on our strategic priorities while seizing market share from competitors that are less capable of withstanding these challenging conditions.”
Despite lower income and volatile market conditions, Hsieh said the company strategy to increase its market share was a success. Its marketing efforts and sponsorship in sporting events have also paid off, resulting in an increase in website traffic of 51% over the previous year and a 50% increase in brand awareness from MLB viewers.
Another major move that saw loanDepot’s servicing portfolio hit a record level of $162.1 billion in unpaid principal balance was going in-house and relying less on third-party sub-servicing arrangements. As a result, its refinance consumer-direct recapture rate increased from 64% to 72%.
Read more: loanDepot bolsters in-house loan servicing capacity
loanDepot’s loan origination volume also increased by over $2 million to $116 million for the year ended 2021. Rate lock volume rose by $6 million to $166 million.