loanDepot executive vice president John Bianchi commented: “Nancy is well known for her success building highly productive teams in the Colorado, Wyoming, Arizona, Utah and New Mexico markets. Equally important, she emphasizes her teams’ growth and development based on the core values of integrity, respect, and accountability, which perfectly align with our company culture. I am tremendously excited to have Nancy join us and take our Colorado and Wyoming teams even further.”
loanDepot’s announcement of Smith’s appointment follows its release of second-quarter 2024 financial results. The company reported a net loss of $66 million, which included $27 million in charges related to a cybersecurity incident in the first quarter and $6 million tied to debt extinguishment.
However, adjusted net loss improved by 56%, decreasing to $16 million compared to the same quarter in 2023.
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“As we approach a return to sustainable profitability, the second quarter was marked by two very significant milestones,” said loanDepot chief financial officer David Hayes. “The first is our successful tender and exchange of $500 million of corporate notes coming due in the fourth quarter of 2025. The net result of the exchange was to reduce the principal balance of our debt by $137 million and extend the maturity to 2027.”
Source: mpamag.com