Summary by Moomoo AI
The digital-first mortgage platform reported a 50% YoY revenue increase to $108.5M in 2024, while significantly reducing its net loss to $206.3M from $536.4M in 2023. The company achieved a 19% YoY growth in funded loan volume to $3.6B, with gain on sale margin improving to 2.17% from 1.95%. Total market share remained stable at 0.2%.Direct-to-consumer loan volume surged 55% YoY to $2.6B, while B2B loan volume decreased 24% to $1.0B. HELOC volume demonstrated remarkable growth, increasing 615% YoY to $479M. The company processed 11,755 total loans with an average loan amount of $305,757, representing a 37% increase in loan count despite a 13% decrease in average loan size.The company's balance sheet showed $211.1M in cash and equivalents, down from $503.6M, while mortgage loans held for sale increased to $399.2M from $170.2M. Total assets stood at $913.1M against total liabilities of $971.2M, resulting in a stockholders' deficit of $58.2M. The company plans to sell several UK entities in 2024 as part of its strategic restructuring.
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