Q2 2026 loanDepot Inc Earnings Call Transcript
Key Points
- Revenue increased and net loss narrowed substantially in Q2 2026, with June showing the strongest results of the year.
- Unit volume grew 25% quarter-over-quarter, driven by successful expansion into home equity lending (5x5 HELOC products).
- Purchase market share increased 33% in Q2, supported by growth in builder partners and retail branch locations.
- Gain on sale margin improved to 345 basis points in Q2, up from 271 basis points in Q1, due to product mix shift.
- Operating efficiency improved: marketing return increased 70%, marketing cost per funding decreased 34%, and total cost per funded loan decreased 12% year-over-year.
- Adjusted net loss remained at $29 million in Q2, indicating continued unprofitability.
- Pull-through weighted rate lock volume decreased 20% quarter-over-quarter to $6.6 billion, reflecting the mix shift to HELOC products.
- Cash balance declined by $48 million to $229 million in Q2, though mitigated by post-quarter MSR sale.
- Recapture rate declined sequentially by about 5 points, attributed to higher interest rates and competitive pressures.
- The company faces ongoing challenges from rising interest rates, which suppress traditional refinance and purchase demand, and it continues to address bond maturities and capital structure optimization.
Good afternoon and welcome to loanDepot's second-quarter 2026 earnings call. After today's prepared remarks, we will host a question and answer session.
(Operator Instructions)
I would now like to turn the call over to Gerhard Erdelji, Senior Vice President, Investor Relations. Please go ahead.
Thank you. Good afternoon, everyone, and thank you for joining our second-quarter 2026 earnings call. Before we begin, I would like to remind everyone that this conference call may include forward-looking statements regarding the company's operating and financial performance in future periods. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the earnings release that we issued earlier today, which is available on our website at investors.loandepot.com.
Our presentation today contains certain non-GAAP financial measures that we believe provide additional insight into analysing and
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