Nonbank heavyweight loanDepot reported strong results in the third quarter of 2021, with the lender growing its market share to 3.5%.
Anthony Hsieh, founder and CEO of loanDepot, said that the results are “just a preview of what is to come.”
According to loanDepot’s quarterly earnings report released on Monday, net income jumped to $154.3 million compared to $26.3 million in the second quarter.
The growth was fueled by the lender’s gain-on-sale margins rising to 2.84% from 2.28% the previous quarter. The lender also said in their earnings report that the quarter -over-quarter increase was driven by a rise in rate lock volume and a $20 million decrease in personnel expenses.