After achieving profitability in the third quarter, loanDepot returned to the red in the fourth quarter. And the CEO brought on to turn the nonbank’s fortunes around three years ago is departing, with company founder Anthony Hsieh taking a larger role.
Faced with an average 14% increase in insurance premiums last year, homeowners are electing higher deductibles and switching providers to ease their financial burdens, while others are weighing moving.
For many years, when households couldn’t afford to pay all their bills, they prioritized their auto loan payments. But as home prices have soared, mortgage payments have taken precedence.
Recurring revenue loans are primarily underwritten based on the borrower’s annual recurring revenue rather than on loan cash flows. RRL ABS issuance is expected to reach $14.3 billion this year.
Rocket Mortgage believes the $1.75 billion acquisition will boost its purchase origination volume and lower the cost of customer acquisitions. It will also add new data to Rocket’s artificial intelligence algorithm.
It will be the 11th issuance of its type by loanDepot.
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