Annual costs increased 1% to $1.31 billion, which the company stated reflected efforts to maintain operating discipline and drive operating performances. Changed EBITDA rose 46% to $122 million, up from $84 million in the previous year.
Fourth-quarter figures
loanDepot reported a bottom line of $33 million in Q4 2025, compared to a nearly $9 million loss in the 3rd quarter, primarily due to lower income. The adjusted bottom line totaled $21.5 million, compared to $3 million in Q3 2025.
Quarterly revenue decreased 4% to $310 million, while changed revenue fell 3% to $316 million, reflecting a decline in the pull-through weighted gain-on-sale margin, which fell from 339 to 324 bps throughout the three-month period.
Loan origination volume increased 23% in Q4 2025 to $8.04 billion, the company’s greatest level since 2022. Purchase volume, however, accounted for just 49% of loans originated during the fourth quarter, below 60% throughout the 3rd quarter. Market share, on the other hand, rose 19% from the previous quarter to 1.4%.
“In the fourth quarter, we came from the most volume given that 2022, gained share in a broadening market and achieved a 71% recapture rate from our in-house servicing platform,” loanDepot creator and CEO Anthony Hsieh said during Tuesday’s revenues call. “These outcomes reflect progress in our go back to the core competencies that made it possible for the scaling to become the 2nd largest retail loan provider nationally throughout our first decade.
“Behind the scenes, we stayed concentrated on lowering unit costs through running utilize and automation, while purchasing our marketing engine to drive more opportunities to the top of the funnel,” Hsieh included.
According to chief monetary officer David Hayes, “the fourth quarter showed the emerging advantages of our investment in innovation and running performance throughout a duration of greater volumes. … We increased adjusted earnings by 10% year-over-year while restricting expense development to less than 1%, contributing to a 31% decrease in adjusted bottom line.
“As a result of this progress, we entered 2026 as a fundamentally stronger business than we remained in 2025.”
During the call, Hayes limited his commentary to concentrate on the 4th quarter. He noted that quarterly expenses increased 3% to $342 million, driven primarily by workers expenses, which were partially offset by a decline in some volume-related costs.
Adjusted EBITDA decreased to $29 million, below $49 million in the 3rd quarter.
The business ended Q4 2025 with $337 million in cash, below $459 million in the previous quarter and “mostly showing financial investment in our loan stock and complete repayment of outstanding 2025 unsecured notes.”
“Our pull-through weighted gain-on-sale margin for the fourth quarter came in at 324 basis points, at the high end of our assistance range of 300 to 325 basis points, however down compared to 339 basis points in the prior quarter,” Hayes stated.
The company projects home loan origination volume of $6.75 billion to $7.75 billion in the first quarter of 2026.
The earnings report came simply a day after loanDepot validated that, four years after leaving the broker channel, it had actually relaunched its wholesale division under the management of Dan Peña, the company’s president of collaboration loaning. The move was very first prepared for in August by HousingWire.
loanDepot originally shut down its wholesale division in August 2022 after Frank Martell ended up being CEO. The relaunch follows Hsieh’s return to lead loanDepot’s everyday operations in Q1 2025. Hsieh formally recovered the CEO’s function on an irreversible basis at the end of July.