LDI — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-07

• During the first quarter of 2026, mortgage rates remained elevated partly due to geopolitical tensions stemming from the conflict in Iran and higher energy prices driving inflation concerns. The rate environment continued to negatively affect housing affordability and loan qualification of homebuyer…

• long-term interest rates during 2020 and 2021 giving rise to a lack of supply of homes available for sale, and decreased demand for refinancing, taken together resulting in lower demand for mortgage loans.

• In April 2026 we announced our partnership with Figure Technology Solutions (“Figure”) as part of our strategy to meaningfully accelerate our digital transformation and as a component of our planned return to a market leading position. As part of the partnership, we integrated Figure’s proprietary c…

• The increase in net loss of $14.2 million was primarily due to a $21.8 million increase in total expenses, offset by a $12.8 million increase in total net revenues. The increase in total expenses was primarily due an increase in personnel expense driven by an increase in headcount and an increase in…

• Net Interest Income. Net interest income includes interest income earned on LHFS offset by interest expense incurred on amounts borrowed under warehouse lines for loan financing as well as warehouse line commitment fees. These commitment fees are amortized on a straight-line basis over the duration …

Text removed vs the prior filing · source: 10-Q · 2025-11-07

• and spending, which may lead to reduced demand for real estate, or have other negative impacts on the mortgage and real estate markets. Sustained elevated mortgage interest rates adversely impacted mortgage loan origination volumes, reducing demand for refinance mortgages and impacting affordability…

• Vision 2025, launched in July of 2022, was a critical factor in our successful navigation of unprecedented and challenging market conditions. We successfully completed our Vision 2025 strategic plan in 2024. Our current strategy builds on the pillars of Vision 2025 by focusing on our goal of becomin…

• The $11.4 million variance from net income to net loss was primarily due to a $22.6 million increase in total expenses, offset by a $8.7 million increase in total net revenues. The increase in total expenses was driven by an increase in general and administrative expense primarily due to the $20.0 m…

• Net Interest Income. Net interest income primarily represents income earned on LHFS offset by interest expenses on amounts borrowed under warehouse and other lines of credit to finance these loans until sold. Our LHFS are generally tied to longer-term interest rates while our warehouse lines of cred…

• Other Income. Other income includes our pro rata share of net earnings from joint ventures, fee income from title, escrow and settlement services for mortgage loan transactions performed by LDSS, interest income and fair value gains or losses in our trading securities, interest on cash deposits and …

Text added vs the prior filing · source: 10-Q · 2026-05-07

• On May 6, 2026, Anthony Hsieh and the Company entered into an Executive Employment Agreement (the “Hsieh Agreement”), effective as of March 1, 2026, with Mr. Hsieh that provides for at-will employment for his services as Chief Executive Officer and President. The Hsieh Agreement provides for (i) an …

• Pursuant to the Hsieh Agreement, Mr. Hsieh would be entitled to receive certain payments and benefits in connection with certain terminations of employment, as follows:

• •In the event Mr. Hsieh is involuntarily terminated without “cause” or resigns for “good reason” not in connection with a “change in control” (each as defined in the Hsieh Agreement) (together, a “Hsieh Covered Termination”), Mr. Hsieh would be entitled to receive the earned, but unpaid portion of h…

• •Upon a Hsieh Covered Termination during the period beginning 3 months prior to a change in control and ending 24 months after a change in control, Mr. Hsieh would be entitled to receive the earned, but unpaid portion of his annual bonus for the prior fiscal year (if applicable) and, subject to his …

• •Upon a Hsieh Covered Termination during the period beginning 3 months prior to a change in control and ending 24 months after a change in control, Mr. Hsieh would be entitled to receive the earned, but unpaid portion of his annual bonus for the prior fiscal year (if applicable) and, subject to his …