loanDepot (LDI)
This fall 2022 Earnings Name
Mar 08, 2023, 5:00 p.m. ET

Contents:

• Ready Remarks
• Questions and Solutions
• Name Contributors

Ready Remarks:

Operator

Good afternoon and welcome to loanDepot’s year-end and fourth-quarter 2022 convention name. [Operator instructions] I’d now like to show the decision over to Gerhard Erdelji, senior vp, investor relations. Please go forward.

Gerhard Erdelji — Senior Vice President, Investor Relations

Thanks. Good afternoon, everybody, and thanks for becoming a member of our name. I am Gerhard Erdelji, investor relations officer at loanDepot. At this time, we’ll talk about loanDepot’s year-end and fourth-quarter 2022 outcomes.

Earlier than we start, I wish to remind everybody that this convention name could embrace forward-looking statements concerning the corporate’s working and monetary efficiency in future intervals. All statements aside from statements of historic reality are statements that could possibly be deemed forward-looking statements, together with, however not restricted to, steering to our pull-through weighted price lock quantity, origination quantity, pull-through weighted acquire on sale margin, and bills. These statements are based mostly on the corporate’s present expectations and out there data. Precise outcomes for future intervals could differ materially from these forward-looking statements as a result of dangers or different elements which can be described within the Danger Components part of our filings with the SEC.

A webcast and a transcript of this name might be posted on the corporate’s Investor Relations web site at buyers.loandepot.com beneath the Occasions and Shows tab. On at this time’s name, we now have loanDepot President and Chief Govt Officer Frank Martell and Chief Monetary Officer Patrick Flanagan to supply an outline of our quarter, in addition to our monetary and operational outcomes outlook, and to reply your questions. We’re additionally joined by our chief funding officer, Jeff DerGurahian, and LDI Mortgage President Jeff Walsh, to assist tackle any questions you might need after our ready remarks. Please be aware that we’ll not be taking any questions concerning Anthony Hsieh’s submission of a nomination discover.

And with that, I am going to flip issues over to Frank to get us began. Frank.

Frank Martell — President and Chief Govt Officer

Thanks, Gerhard, and thanks all for becoming a member of us at this time. I stay up for sharing my views on market circumstances, our outcomes, and our outlook. As all of you already know, 2022 was a yr of dramatic volatility and excessive problem for the mortgage and broader housing markets. Nearly, no a part of the housing ecosystem was left unaffected as contributors within the housing market grappled with substantial and speedy will increase in the price of house loans.

This was compounded by the cumulative influence of great house value appreciation over the past 4 to 5 years, pushed by structural provide demand imbalances, in addition to the depressive influence of excessive inflation on out there family incomes. The influence of this once-in-a-generation downshift was magnified by the truth that most business contributors had enormously expanded their operations to accommodate traditionally excessive ranges of exercise in 2020 and 2021. To handle the short- to medium-term impacts of decrease market exercise, in addition to to place loanDepot to capitalize on the longer-term alternatives inherent in shifting house purchaser demographics, know-how enhancements, and course of optimization, we introduced the launch of our Imaginative and prescient 2025 strategic plan in July of 2022. As it’s possible you’ll recall, Imaginative and prescient 2025 had 4 pillars.

Pillar one focuses on remodeling our originations enterprise to drive buy cash transactions with expanded emphasis on first-time homebuyers and servicing various communities. Pillar two requires aggressively rightsizing our value construction according to present and anticipated market circumstances, in addition to to realize inside working efficiency targets. Pillar three covers selectively investing in worthwhile growth-generating initiatives, in addition to crucial enterprise platforms and processes to help working leverage and distinctive high quality and supply. And eventually, pillar 4 pertains to optimizing our organizational construction.

I intend to focus the steadiness of my ready remarks at this time on important progress we have made in actioning our Imaginative and prescient 2025 pillars in 2022, in addition to present some feedback available on the market and our focus areas in 2023. Pat will present further context and monetary particulars in his remarks. Relating to our revenues. Imaginative and prescient 2025 focuses on creating long-term shareholder worth by means of a singular, purpose-driven, and sturdy mortgage origination footprint centered on first-time homebuyers and servicing various communities.

We consider {that a} laser focus round placing first-time homebuyers into properties positions loanDepot to be a buyer’s trusted useful resource when making key homeownership and different monetary choices. We unified the management of our origination channels and proceed to centralize operational capabilities to sharpen our focus and speed up the implementation of Imaginative and prescient 2025. Along with centralizing and simplifying our group, we additionally centered on rising revenue-generating alternatives which match the strategic imperatives outlined in Imaginative and prescient 2025. Examples of this embrace the launch of our new HELOC answer through the fourth quarter, in addition to the formation of our most up-to-date builder three way partnership.

Our three way partnership channel is a singular enterprise that generates very high-quality clients, and we’ll proceed to spend money on rising it. In the course of the fourth quarter, our JV crew demonstrated the advantages of our funding on this differentiated channel by delivering robust year-end quantity. Along with driving worthwhile progress, loanDepot additionally made essential and important investments in its high quality, supply, compliance, and danger administration capabilities over the course of 2022. On this regard, we not too long ago accomplished the method of bringing our mortgage mortgage servicing portfolio onto our in-house platform, which we count on to drive larger ranges of buyer satisfaction at decrease value.

We additionally introduced our funding in a brand new mortgage origination platform, which we count on to ship operational effectivity and state-of-the-art know-how and workflow processes. Lastly, we added new management to assist optimize our danger administration capabilities and drive high quality and compliance initiatives. As I discussed initially of my remarks, 2022 was a yr of dramatic volatility and excessive change for the mortgage market. Like each different participant, loanDepot needed to reset its value construction.

After we introduced Imaginative and prescient 2025, we established the objective of lowering our bills by an annualized quantity of $375 million to $400 million. Decrease prices have been anticipated to return from rightsizing our staffing ranges, shrinking our actual property footprint, lowering advertising and marketing prices, consolidating operations, investing in working efficiencies, and realizing synergies from bringing our servicing portfolio in-house. The dimensions of our focused reductions and the bias for pace of implementation replicate simply how distinctive and sizable this market downturn has been. At this time, I can affirm that our crew has overachieved towards our Imaginative and prescient 2025 expense discount objective.

Pat will go over our ends in extra element in a minute, however the nonvolume-related bills are down 130 million for the reason that second quarter of 2022, or over $500 million annualized. We consider that the mortgage market will stay challenged in 2023, and we should stay vigilant to reply shortly as circumstances of all. We plan to proceed to cut back our prices and optimize our working mannequin. With a large money steadiness, we consider are effectively positioned to proceed to spend money on our individuals and our platforms, in addition to to learn from ongoing business consolidation.

I need to conclude my ready remarks at this time by thanking Group loanDepot and different key stakeholders for his or her help. 2022 was difficult, little question. It was additionally a vital interval of change and progress for the corporate. Towards the backdrop of probably the most tough housing markets in a technology, we now have very considerably reset our value construction, which has resulted in a progressive narrowing of our working losses.

We’ve got additionally aggressively shifted our income profile towards buy transactions, launched our HELOC answer and our most up-to-date builder three way partnership. With over $860 million in money available, roughly $520 million of run-rate value reductions recognized to date, and several other new progress vectors in flight, we consider we’re positioned to navigate by means of the present market downturn and emerge as a stronger and extra invaluable firm. With that, I’ll flip the decision over to Pat who will take us by means of the corporate’s This fall and full-year monetary ends in extra element.

Pat Flanagan — Chief Monetary Officer

Thanks, Frank, and good afternoon, everybody. In the course of the fourth quarter, mortgage origination quantity was 6 billion, a lower of 35% from the third quarter of 2022. This was close to the excessive finish of the steering we issued final quarter of between 4 billion and seven billion. Fourth-quarter quantity consisted of just below 5 billion in buy transactions and 1.5 billion in refinanced loans, primarily cash-out refinances.

Our pull-through weighted price lock quantity of 4 billion for the fourth quarter resulted in complete income of 170 million, which is represented a 38% lower from the third quarter. Fee lock quantity additionally got here in throughout the steering we issued final quarter of three billion to six billion. The lower in income is primarily a results of decrease pull-through weighted price lock quantity quarter over quarter, pushed by ongoing volatility within the rate of interest markets, year-end seasonality, and the completion of our resolution to exit from the wholesale channel. Our pull-through weighted acquire on sale margin for the fourth quarter got here in at 221 foundation factors, additionally throughout the steering we supplied.

Turning now to our servicing portfolio. Buyer retention and income diversification stay key areas of focus. As of final month, we achieved our objective to deliver our portfolio of company and Ginnie Mae mortgage servicing to our in-house platform. This transition, which started in early 2021, enhances our operational effectivity and permits the corporate to diversify income streams.

With the transition full, we are going to proceed to spend money on our in-house servicing enterprise, complementing our origination technique to serve clients by means of their total mortgage journey. This allows us to seize further income alternatives over time by leveraging our advertising and marketing and buyer acquisition bills throughout a various set of services. The unpaid principal steadiness of our servicing portfolio elevated to 141 billion as of December thirty first, 2022, in comparison with 140 billion as of September 30, 2022. This enhance was primarily as a result of web additions through the quarter.

We didn’t have any bulk gross sales from the portfolio through the quarter. Regardless of the bigger portfolio, servicing payment revenue decreased from 114 million within the third quarter of 2022 to 107 million within the fourth quarter of 2022. This was as a result of larger common steadiness of the portfolio through the third quarter in comparison with the fourth quarter. In the event you recall, we had a bulk sale of MSRs early within the third quarter of final yr.

We hedged our servicing portfolio so we didn’t document the total influence of adjustments in honest worth and the outcomes of operations. We consider this technique protects towards volatility in our earnings and liquidity. Our technique for hedging the servicing portfolio is dynamic, and we alter our hedge positions in response to altering rate of interest environments. We consider our servicing portfolio was effectively protected towards potential rising defaults within the market.

As of the top of December, the common mortgage age was solely 19 months; the common FICO rating was 737; the weighted common coupon was 3.1%; and the weighted common mortgage to worth at origination was 71%. These traits contributed to a low delinquency price with solely 80 foundation factors of the portfolio greater than 90 days overdue at year-end and may generate dependable ongoing income throughout these unsure financial occasions. A significant part of our Imaginative and prescient 2025 plan was to align our expense base with our expectations for decrease origination quantity and create efficiencies we consider will lead to improved working leverage and monetary efficiency over time. We consider that the mortgage market will complete roughly 1.5 trillion in 2023, and we have been shrinking our expense base for this a lot smaller market.

Our complete bills for the fourth quarter of 2022 decreased by 91 million, or 21%, from the prior quarter, pushed primarily by decrease personnel bills, together with each salaries and volume-based commissions, decrease G&A, and decrease advertising and marketing bills. Our complete expense discount since saying Imaginative and prescient 2025 consisted of 130 million of nonvolume-related bills and 87 million of volume-related bills within the type of decrease commissions and direct origination bills. One of many targets of the Imaginative and prescient 2025 plan was to cut back nonvolume-related bills by an annualized 375 million to 400 million for the second half of 2022. Due to the onerous work of our total crew, we exceeded that objective by lowering nonvolume-related bills by an annualized $519 million.

The fourth quarter included Imaginative and prescient 2025-related expenses totaling 12 million, together with 6 million actual property exit prices, 3 million of personnel-related expenses, and a pair of million of Imaginative and prescient 2025-related skilled charges. Imaginative and prescient 2025 bills incurred within the third quarter of 2022 totaled 36 million. Whereas we achieved our Imaginative and prescient 2025 expense discount goal, we are going to proceed lowering bills with some further headcount reductions, primarily within the type of attrition and extra consolidation of redundant operational capabilities and lowering actual property prices and different third-party expenses. Complete bills for the primary quarter ought to proceed to fall, primarily reflecting the total advantages of decrease personnel prices as a result of our decrease headcount.

We count on the primary quarter bills will mark the low level for 2023, reflecting the total advantages of our expense discount and efforts of shrinking Imaginative and prescient 2025-related bills. Wanting ahead previous the primary quarter, we count on elevated bills, primarily pushed by larger volume-related commissions and different origination bills, reflecting the normal seasonal enhance in homebuying exercise. Waiting for the primary quarter volumes and margins, we count on origination quantity of between 3 billion and 5 billion, we count on pull-through weighted lock quantity of between 4 billion and 6 billion, and we count on our first quarter pull-through weighted acquire on sale margin of between 180 and 220 foundation factors. In mild of present market circumstances, our steadiness sheet administration technique will preserve in place our numerous types of capital, protect money till working losses are decreased and industrywide acquire on sale margins normalize.

We enter 2023 financially sound with 921 million of tangible fairness, 864 million of unrestricted money, and what we consider are wonderful relationships and the help of our financing companions, the companies, and our different buyers. With that, we’re prepared to show it again to the operator for questions and solutions. Operator.

Questions & Solutions:

Operator

Thanks. [Operator instructions] We’ll go first to Doug Harter, Credit score Suisse.

Doug Harter — Credit score Suisse — Analyst

Thanks. I used to be questioning if you happen to might speak a bit bit about your acquire on sale margins. They’re at round 200 foundation factors for [Inaudible].

Unknown speaker

I am sorry, Lisa, we’re not in a position to hear the query.

Operator

Only one second, ma’am. I do not suppose he can hear us.

Unknown speaker

OK.

Operator

Mr. Harter, sadly, we can’t hear you.

Doug Harter — Credit score Suisse — Analyst

Sorry about that. Are you able to hear me now?

Operator

Sure, sir.

Frank Martell — President and Chief Govt Officer

Sure.

Doug Harter — Credit score Suisse — Analyst

So, sure, simply hoping for extra element across the acquire on sale margin, yeah, the midpoint, round 200 foundation factors. Form of enterprise exiting the wholesale, I assume it looks like some friends within the retail are larger. So, simply hoping you possibly can assist put a bit extra context round that acquire on sale margin and, you already know, the place that may finally settle out.

Pat Flanagan — Chief Monetary Officer

Thanks, Doug. And so, I believe that — we predict that our acquire on sale margin displays the exercise available in the market for the mortgage origination profile of shoppers that we’re originating and count on, as we stated, to — for that to stay fairly regular within the first quarter. I believe the variations are largely origination combine and geographic focus of the place others are within the market.

Doug Harter — Credit score Suisse — Analyst

OK. After which, I believe in your feedback, you talked about type of leaving the liquidity construction type of in place. I assume, is that to imply that you’ll in all probability proceed to run type of excessive ranges of money, you already know, type of within the close to time period?

Pat Flanagan — Chief Monetary Officer

Sure. I believe, you already know, our steadiness sheet administration technique will stay the identical because it has been for the previous few quarters.

Doug Harter — Credit score Suisse — Analyst

OK. And what in regards to the ideas round gross sales of further MSR? Or now that you have introduced all of it in-house, would you look to type of attempt to develop that portfolio?

Pat Flanagan — Chief Monetary Officer

Yeah, the MSR and the servicing enterprise are essential property to us, and we do not count on to cut back that portfolio. And we’ll look to selectively enhance it because the economics of the enterprise enable us to take action.

Doug Harter — Credit score Suisse — Analyst

Thanks.

Operator

Your subsequent query comes from Kevin Barker, Piper Sandler.

Unknown speaker

Hello, that is [Inaudible] on for Kevin Barker. Thanks for taking my query. Given this important value discount, do you’ve a view on when you’ll obtain profitability? After which, do you’re feeling snug you’ll scale up on the opposite aspect of the cycle?

Frank Martell — President and Chief Govt Officer

Sure, that is Frank. I believe — to start with, I believe that — as I stated, the crew did a fantastic job, and we, you already know, decreased our expense construction considerably. I believe — you already know, are we assured that we will develop out of the cycle? Sure. I believe completely.

I believe we anticipate, as I stated, a really difficult 2023. So, we stay very centered available on the market and the place the market goes. And we now have, you already know, actions that may tackle market downsides, but additionally, we’re dedicated to investing. We’ve got sure inflate investments that we’re making that can assist us when the market returns to develop effectively and successfully.

Unknown speaker

That is it for me. Thanks for taking my query.

Operator

The following query comes from Kyle Joseph, Jefferies.

Kyle Joseph — Jefferies — Analyst

Hey, good afternoon. Thanks for taking my questions. Simply excessive degree, clearly, demand for mortgage, we all know that is finished. Simply out of your perspective within the business, you already know, has provide caught up with that, or would you want charges to actually stabilize for provide to meet up with demand?

Frank Martell — President and Chief Govt Officer

Yeah, I do not suppose we have seen capability come out fairly as shortly as we’d have thought. I believe that is occurring now. However nonetheless, going ahead, there’s room for decreased capability in our view, and I believe we’re ready, hopefully, to be a beneficiary of that decreased capability when it occurs.

Kyle Joseph — Jefferies — Analyst

Obtained it. After which, only one fast follow-up for clarification. Now that servicing is in-house, simply , you already know, the mortgage, you guys offered 6.8 billion of loans within the quarter and launched 2.6 billion of that — of the servicing tied to these loans. You understand, what do you suppose that blend seems to be like going ahead?

Pat Flanagan — Chief Monetary Officer

I believe — that servicing sale you are referencing was a third-quarter occasion. There have been no bulk gross sales of servicing within the fourth quarter.

Kyle Joseph — Jefferies — Analyst

OK. I bought you. Thanks for taking my questions.

Operator

Your subsequent query comes from John Davis, Raymond James.

Unknown speaker

Hello. Thanks for taking the query. That is Taylor on for JD. Simply perhaps to start out on the HELOC launch, are you able to simply speak in regards to the suggestions you have gotten to date and the way the launch has gone versus your expectations while you first rolled it out?

Jeff Walsh — Chief Income Officer

Yeah, That is Jeff Walsh. The launch goes effectively. We’re now in type of 80% of the market when it comes to the chance. We have been increasing the product providing and we see changing into a an increasing number of significant a part of our enterprise going ahead, not simply the, you already know, quantity and income within the quick time period, but additionally the type of the long-term buyer alternatives that get created from having these shoppers within the portfolio.

Unknown speaker

Nice. Perhaps only one extra. It is good to see your Imaginative and prescient 2025 value cuts are forward of schedule. And as you have gone by means of the train of restructuring your value construction, have you ever discovered any further alternatives to cut back prices, you already know, in any explicit space?

Frank Martell — President and Chief Govt Officer

Yeah, I believe, you already know — look, I believe there’s all the time alternative to cut back prices. And we proceed day-after-day to get extra environment friendly. I believe some are quick time period in nature and a few are long term. I believe the associated fee chopping that we’re doing proper now mirrors what was occurring in 2022.

I believe long term, although, we’re actually excited in regards to the new platform that was introduced not too long ago. We expect that over the medium to long term, that is going to generate important value discount and effectivity, but additionally high quality and different alternatives for us. So, that is only one instance of investments we’re making. There’s many others.

So, I believe we are going to proceed to have a look at what’s essential. I believe it is the market and the way the market evolves and make, you already know, value actions and price plans accordingly. However we predict that we, you already know, have actually good momentum proper now popping out of final yr and be ok with the place we’re proper now.

Unknown speaker

Nice. Thanks.

Operator

Subsequent query comes from James Faucette, Morgan Stanley.

Blake Netter — Morgan Stanley — Analyst

Hello, that is Blake Netter on the road for James. Thanks for taking my questions. So, within the fourth quarter, cash-out refi was about 30% of your volumes. I am questioning how has that been trending to date through the first quarter.

And what sort of assumptions are you baking into your outlook for cash-out refi, given your renewed give attention to the acquisition market and your not too long ago launched HELOC product?

Pat Flanagan — Chief Monetary Officer

Yeah. So, that is Pat. And the HELOC product is inclusive — or included in that cash-out refinance complete. And I’d count on that the origination combine stays fairly regular to the fourth quarter going ahead.

And we’re discovering, you already know, that clients which can be benefiting from cash-out refinances is considerably much less form of price dependent as a lot of that — a lot of these are money out and debt consolidation. So, I’d count on it to stay about regular combine for the remainder of the yr.

Blake Netter — Morgan Stanley — Analyst

Obtained it. And as a fast follow-up to that, industrywide, it seems to be like common FICO scores and cash-out refi loans have been declining fairly materially over the previous yr, whereas — and buy loans stay comparatively flat. So, some persons are deciphering that to imply that the lenders have already completed cashing out the simplest debtors, so to talk, and are type of shifting right down to, like, decrease credit score high quality components of the spectrum. I am questioning how does that influence your cash-out refi outlook.

And, you already know, are you seeing any much less alternative on this area going ahead due to that?

Jeffrey DerGurahian

I believe — that is Jeff DerGurahian. I believe the HELOC product is supposed to serve a few of these larger FICO debtors that perhaps have sticker shock once they see among the present charges. And I believe, you already know, going ahead, shoppers are frequently including to their debt stack, that are larger charges than even present mortgage charges. So, we count on to proceed to see debtors come to us for that debt consolidation choice, whether or not it is HELOC or a first-lien money out.

Blake Netter — Morgan Stanley — Analyst

Obtained it. Thanks.

Operator

The following query is Bob Napoli, William Blair.

Bob Napoli — William Blair and Firm — Analyst

Hello. Thanks. Good afternoon. I assume, making an attempt to get a bit extra coloration.

I believe crucial factor right here is to keep up your liquidity and shield as a lot e-book worth as you may till the market turns. It seems to be just like the market’s going to be tough, you already know, for longer. I imply, larger rates of interest for longer. We could not get a rebound within the mortgage market till, I do not know, 2025.

I imply, it’s important to be ready. How are you excited about that? How a lot money do you count on? I imply, at this market, it’s important to get away — it’s important to get to profitability or zero money burn. So, you are round for the opposite aspect. So, what are your ideas on that? How a lot room do you’ve? And the way — and I imply it is a actually powerful query and difficult market.

And you have finished a fantastic job lowering bills, nevertheless it looks like extra must be finished to get to the place you may generate at the very least flat free money stream on this market. So, I imply, I believe some coloration on how a lot room you’ve, when — how you are able to do that in this sort of a market. So, you get the advantages when all these high-interest price mortgages are refi-ed a few years from now.

Pat Flanagan — Chief Monetary Officer

It is a good query, Bob. That is Pat. And I believe the very first thing to acknowledge is that our form of prediction of a $1.5 trillion market might be considerably decrease than most different forecasts for the yr. So, we have already began that thought technique of constructing our expense base to have the ability to get again to profitability in — you already know, in a a lot smaller market than even we had final yr.

And we do, you already know, are beginning to see some seasonal pickup in house buy exercise. And we’ll have to look at very carefully to see if that materializes by means of the spring. I believe the opposite — you already know, we’re carrying considerably larger money steadiness as a % of complete property than we’d usually in a extra stabilized market. And we’ll proceed to guard liquidity.

We’ve got a major quantity of unlevered fairness within the MSRs, and we’ll — and so, that enables us entry to further capital ought to we want it. However I believe we have demonstrated over the past yr that we now have the power to give attention to market circumstances and alter our outperformance of expense cuts of greater than 400 million to 519 million is consultant of that. Our unique view was that the market measurement could be near 2 trillion. We adjusted right down to 1.5 trillion and made the required expense cuts alongside the way in which.

And so, I believe we’ll proceed that target the enterprise, and we now have that self-discipline to regulate to, you already know, market cycles. And in my remarks earlier, we did say, effectively, we’ll preserve our present steadiness sheet administration technique and give attention to sustaining liquidity.

Bob Napoli — William Blair and Firm — Analyst

Are you able to get to breakeven from a monetary and web revenue perspective on this market over the following yr?

Frank Martell — President and Chief Govt Officer

Yeah. Look, I believe, as we said, we are going to proceed to drive towards money stream neutrality and working profitability in any market. And as Pat stated, you already know, I believe we plan this yr on a 1.5 trillion, which, you already know, is a really low market quantity. And, you already know, I do not suppose we now have an — you already know, a sure reply.

I do not suppose anyone does. However I believe we’re taking — as you identified, we’re taking the correct actions. And as I stated in my ready remarks, we’re ready to regulate our planning relying on market circumstances. And, you already know, we’re hopeful we’ll see a stable uptick within the promoting season into the spring.

That does not materialize, we’ll be , you already know, continued value administration exercise — aggressive value administration exercise, however attending to the run price profitability continues to be a North Star beneath the Imaginative and prescient 2025. It is only a operate of the market and managing by means of the market. And it is actually the roughest market within the technology, for certain. However I believe we now have liquidity, and we now have a really sound and prudent capital administration technique that can see us by means of the cycle.

Bob Napoli — William Blair and Firm — Analyst

Thanks. Recognize it.

Operator

That does conclude the question-and-answer session. Frank Martell, I flip the decision again over to you for any further or closing remarks.

Frank Martell — President and Chief Govt Officer

Thanks, Lisa. So, look, due to all people for becoming a member of us at this time. You understand, we actually recognize the insightful questions and your time at this time. You understand, on behalf of Jeff and Jeff and Pat and actually the remainder of the Group loanDepot, I need to thank all people to your help and your continued curiosity within the firm.

And we’ll proceed to maintain you all apprised of our persevering with progress, each on a brief time period and a — however a longer-term shareholder worth creation plan that we consider is encapsulated in Imaginative and prescient 2025. So, once more, thanks very a lot, and have a fantastic day.

Operator

[Operator signoff]

Period: 0 minutes

Name contributors:

Gerhard Erdelji — Senior Vice President, Investor Relations

Frank Martell — President and Chief Govt Officer

Pat Flanagan — Chief Monetary Officer

Doug Harter — Credit score Suisse — Analyst

Unknown speaker

Kyle Joseph — Jefferies — Analyst

Jeff Walsh — Chief Income Officer

Blake Netter — Morgan Stanley — Analyst

Jeffrey DerGurahian

Bob Napoli — William Blair and Firm — Analyst

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