loanDepot is a non-bank residential mortgage lender — the fifth largest retail-focused non-bank mortgage originator in the U.S. The company originates mortgages for homebuyers and homeowners across three channels: a consumer-direct digital platform, locally distributed loan officers focused on home purchase, and joint ventures with homebuilders plus a wholesale channel through independent brokers. loanDepot's product suite includes conventional conforming loans, government-backed FHA and VA loans, jumbo loans, and home equity products including HELOCs and closed-end second liens. loanDepot generates revenue in two ways: gain on sale, earned when loans are originated and sold into the secondary market to Fannie Mae, Freddie Mac, and Ginnie Mae; and servicing fee income, earned on the mortgage servicing rights (MSRs) retained after loan sales. As of year-end 2025, loanDepot serviced roughly 448,000 customers with $119B in unpaid principal balance. A key profitability driver is loanDepot's recapture flywheel — its ability to re-engage existing servicing customers when they refinance or purchase again, with a reported recapture rate of roughly 68–71% in 2025, reducing marketing costs relative to new customer acquisition. The two revenue streams naturally hedge each other: falling rates boost origination volumes but pressure MSR values, while rising rates slow originations but extend MSR duration. loanDepot actively hedges its MSR portfolio with derivatives to manage this volatility. The company has been unprofitable during the high-rate environment since 2022 and is focused on growing origination volume and improving per-unit efficiency through AI and automation.