loanDepot on Tuesday reported that its first-quarter 2025 revenue increased by 23% annually to $274 million, while its adjusted revenue was up 21% to $278 million on higher mortgage sales volumes and stronger margins.

Revenues also increased on a quarterly basis, growing from a baseline figure of $257 million and an adjusted figure of $267 million in Q4 2024.

loanDepot‘s origination volume for Q1 2025 was $5.2 billion, an increase of $0.6 billion or 14% annually. Purchase loans accounted for 59% of originations during the first quarter, down from 72% in Q1 2024. The company touted that its preliminary organic refinance consumer-direct recapture rate increased to 65%, compared to 59% in Q1 2024.

The first quarter also saw the return of loanDepot founder and executive chairman Anthony Hsieh to the day-to-day operations at the California-based lender. During the company’s earnings call, it was reiterated that current CEO Frank Martell is set to transition to a board advisory role on June 4, and Hsieh will assume the interim CEO role at that time.

“I would like to thank Team loanDepot for their dedication and support over these past three years,” Martell said. “Together as a team, we addressed the realities of the market while investing in critical systems, products, and processes.

“These investments will allow loanDepot to take advantage of our marketplace differentiators in this and upcoming cycles, as well as to continue to deliver a best-in-class customer experience. I am proud to have been a part of loanDepot and look forward with confidence to the company’s future success.”

Martell characterized Q1 2025 as a “quarter of positive momentum” before turning the call over to Hsieh.

“As we go forward, the team and I will focus on capitalizing upon the things that already make loanDepot great,” Hsieh said. “Our multichannel sales model, proprietary mello tech stack, wide product array, powerful brand muscle and our servicing business are foundational places in which loanDepot can win.

“By leveraging this unique constellation of assets, plus adding to our arsenal with new and emerging technologies and platform refinements, I believe we are well positioned to regain profitable market share and scale our business.”

loanDepot’s first quarter saw solid mortgage revenue growth, which more than overcame the loss of $20 million in revenue tied to 2024 bulk sales of mortgage servicing rights (MSRs). As a result, loanDepot’s net loss of $40.7 million was down 43% compared to its $71.5 million loss in Q1 2024.

Chief financial officer David Hayes said the company is “energized” by Hsieh’s return.

“Our strategy for hedging the servicing portfolio is dynamic, and we adjust our hedged positions in reaction to changing and straight environments,” Hayes said. “Our total expenses for the first quarter of 2025 increased by $12 million, or 4%, from the prior year quarter.

“The primary drivers of the increase were for higher volume-related commission, direct origination and marketing expenses. Our non-volume-related expenses decreased $7 million [during] the same period, … reflecting our ongoing cost management discipline and lower cyber-related costs,” Hayes said.

loanDepot’s expectations for Q2 2025 include an origination volume of $5 billion to $7.5 billion. It estimates a pull-through weighted rate-lock volume of $5.5 billion to $8.0 billion, along with a pull-through weighted gain-on-sale margin of 300 to 350 basis points.

“Because we service loans in-house, we directly interact with our customers, strengthening our brand and awareness loyalty and providing important self-serve opportunities throughout our customer portal,” Hsieh said.

“This improves our recapture rates, which deepens our customer relationships and drives profitability by saving marketing expenses, avoiding much of the customer acquisition costs.”

eXp World Holdings, the parent company of eXp Realty, reported first-quarter 2025 earnings on Tuesday that highlighted modest growth in revenue, an assertive stance on real estate listing transparency and investments in artificial intelligence (AI).

The company reported revenue of $954.9 million for the quarter, an increase of 1% year over year. Adjusted EBITDA was $2.2 million.

Cash and cash equivalents rose to $115.7 million, compared to $109.2 million in the the first quarter of 2024. eXp generated $39.8 million in net cash from operating activities and adjusted operating cash flow of $28.2 million.

The company’s total agent count stood at 81,904 at the end of March, a 5% decrease from one year earlier. But global transaction volume rose 4% to $38.6 billion.

Transaction sides declined 2% to 89,643. And eXp’s agent net promoter score — a key measure of customer satisfaction — increased to 78, up from 73 a year earlier.

Push for real estate listing transparency

eXp Realty CEO Leo Pareja focused his remarks during the earnings call on the company’s response to industry policy shifts, especially the National Association of Realtors’ (NAR) updated Clear Cooperation Policy.

“We believe that delayed marketing will create customer confusion and we are not participating,” Pareja said. “On April 10, we announced our partnership with Zillow, where we committed to launching all eXp listings on the first day of advertising.”

He said the brokerage is making its listings available through advancing programming interfaces (APIs) to all major real estate portals — including Zillow, Redfin, Trulia and Homes.com — to ensure maximum exposure for consumers.

“If the (virtual office website) feeds could have been isolated and kept away from small, independent startup companies like the one Glenn [Sanford] founded, we would not be here today,” Pareja said. “We believe in an open market that allows any startup the ability to compete if they have a valuable proposition for both consumers and agents alike.”

‘A platform business’

Sanford, the founder and CEO of eXp World Holdings, opened his comments by framing eXp as a broader platform comprised of four interconnected businesses: eXp Realty North America; its international brokerage division; Success Enterprises; and its virtual technology platform, Frame VR.

“For us, this isn’t just a collection of business units,” Sanford said. “It’s a platform business made up of four strategic parts, designed to serve agents at every level of their growth journey.”

Sanford stressed that eXp Realty North America remains the company’s “engine of profitability” that gives the company long-term reinvestment capability without the need to raise capital.

That foundation, he said, has made it possible to expand globally, deepen its technology stack and maintain operational flexibility.

“Our North Star remains clear: to build the most agent-centric real estate brokerage on the planet,” Sanford said. “Every decision, every investment, every innovation is filtered through that lens.”

AI investments, long-term productivity

Sanford also emphasized the company’s growing investment in AI and digital infrastructure, calling these long-term bets aimed at reshaping how agents operate.

“We’ve made heavier and intentional investments in technology and AI, particularly in the last few quarters,” he said. “These are not short-term bets. We believe the real returns on AI-driven productivity, automation and platform leverage will show up meaningfully in future periods, and we’re building now for that future.”

He added that Frame VR is part of the long-term strategy to enable a 24/7 globally connected collaboration.

“Frame is how we future-proof our community infrastructure,” Sanford said. “It’s not just virtual meeting space — it’s the architecture of what agent collaboration will look like in the AI era.”

Global experience reinforces data commitment

Pareja noted that eXp’s international footprint has sharpened the company’s perspective on the value of clean, consistent real estate data.

“If you see and experience what we see outside of North America, you have a different appreciation for the complete dataset that we enjoy in this country,” he said. “Outside of the U.S. and Canada, it is a fragmented dataset that is inconsistent, with confusion that leads to longer days on market and much more difficulty in the execution process.”

This contrast, reinforces the importance of maintaining open and accessible listing data, he said.

New co-sponsorship program, looking ahead

To support agent attraction and mentorship, eXp launched a new co-sponsorship program on May 1.

The initiative allows a new agent to be supported by a primary and co-sponsor, both of whom can earn revenue sharing benefits.

“The power of two — that’s one primary sponsor plus a co-sponsor — will help agents reach unlimited potential, double the insights and double the impact,” Pareja said. “This co-sponsorship program was built on a basic framework: Let’s enable more leaders to support and attract agents beyond their direct organization.”

Pareja added that the program introduces stronger incentives for experienced agents to invest in the success of new ones, while preserving the structure and benefits for existing sponsors.

Sanford closed the call by reaffirming the company’s commitment to agents, technology and long-term global growth.

“No other brokerage operates like this,” he said. “Everything we’re doing — whether it’s new market launches, AI co-pilots or digital community tools — is designed to help agents build scalable, sustainable businesses.”

According to a new Redfin report, building permits for multifamily units have plunged 27.1 percent from their pandemic-era highs, with new rentals now hitting the market at the slowest pace on record.

Australia’s housing market is poised for significant change under a newly elected Labor administration that has placed housing affordability at the centre of its policy platform.

The Albanese government’s comprehensive housing package promises billions in new investment, rent and first homebuyer support, crisis accommodation, and a crackdown on foreign investment.

Some experts, however remain cautious, with Labor’s housing plan likely to drive property prices higher in the near term before supply-side measures can take effect.

Here’s a quick breakdown on how Labor plans to tackle Australia’s housing crisis.

100,000 homes for first home buyers

Labor has committed $10 billion to build 100,000 homes over eight years, exclusively for purchase by first home buyers and locked away from property investors. They would be built in partnership with state developers.

Universal 5 per cent deposit

From 2026, income limits under the First Home Buyers Guarantee will be abolished, allowing any first homebuyer to purchase a home with just a 5 per cent deposit without having to pay Lenders Mortgage Insurance. Prices on eligible properties will also be lifted and there will be no income caps or participant limit.

Smaller mortgages through Help to Buy

Labor’s Help to Buy shared equity scheme, where the government covers up to 40 per cent of a home’s cost that first home buyers can buy out at a later date, is said to be expanded later this year. Smaller mortgages mean lower repayments and homebuyers will also be able to gradually buy out the government’s stake over time,

Build to Rent

Property developers can access tax incentives to build apartments with a portion of units rented “affordably” below market rate.

Rent relief

Labor has delivered a 45 per cent increase in Commonwealth Rent Assistance – the biggest back-to-back increase in over 30 years, helping over 1 million households better manage rising rents.

Social and affordable housing push

Through the Housing Australia Future Fund and other programs, Labor plans to deliver 55,000 social and affordable homes (28,000 already in development). The scheme will prioritise housing for vulnerable women, children, veterans, and key workers. The aim is to cut social housing waitlists.

Support for crisis accommodation

Labor is investing a record $1.2b into new crisis and transitional housing-for older women, young Australians, and those escaping family violence-to provide safe, emergency shelter for the most vulnerable.

Apprentice incentive payments

To meet ambitious housing targets, Labor is looking to incentivise more people into trades.

This mean investing $78m to fast track the qualification of 6000 tradies to help build more homes across Australia.

From July 1, 2025, eligible apprentices will also receive $10,000 in incentive payments, on top of their wages, over the life of their apprenticeship to work in housing construction.

Foreign investor ban

From April 1, 2025 to March 31, 2027, foreign investors, including temporary residents and foreign-owned companies, cannot apply to buy an established dwelling in Australia unless an exception applies. These limited exceptions will include investments that significantly increase housing supply or support the availability of housing supply, and for the Pacific Australia Labour Mobility (PALM) scheme.

Australian Labor Prime Minister Anthony Albanese made big promises ahead of his election win – but can he deliver? Picture: Jason Edwards / NewsWire

So what does it all mean? Ray White chief economist Nerida Conisbee provides some further insights.

Deposit scheme expansion: a double-edged sword

Labor’s signature policy – extending the 5 per cent deposit scheme to all first home buyers regardless of income – represents a fundamental shift in housing accessibility.

Under the expanded program, approximately 80,000 Australians are expected to enter the property market annually, up from the current 50,000 who access the income-capped version.

“By removing the substantial barrier of lenders’ mortgage insurance and the need for a 20 per cent deposit, the policy dramatically lowers the entry threshold to homeownership,” Ms Conisbee said.

“For the typical Sydney property, this could mean the difference between needing a $200,000 deposit and requiring just $50,000 – potentially saving years of saving time for aspiring homeowners.”

However, economic fundamentals suggest the policy is likely to drive price growth in the short term, Ms Conisbee ads.

“The Productivity Commission’s research on first homebuyer incentives consistently shows that measures increasing purchasing power, without commensurate supply increases, typically lead to price escalation in targeted market segments,” she said.

“With more buyers able to enter the market simultaneously and competing for the existing housing stock, upward price pressure becomes inevitable.”

Ray White Group chief economist, Nerida Conisbee.

Supply challenges amid construction headwinds

Labor’s ambitious target of building 1.2 million new homes over five years, including the 100,000 dedicated first-buyer properties, also represents an unprecedented construction challenge.

Australia has never achieved this volume in any five-year period, according to Ms Conisbee, who said the closest being approximately 1.1 million homes last decade – a figure achieved with significant foreign capital investment.

As it stands, the current construction environment presents substantial obstacles to meeting these targets,” she said.

These include building costs, which continue to outpace house price growth, making new construction increasingly uneconomical.

Industry insolvencies have also exceed 1200 annually and continue to rise, while Labor productivity remains low compared to historical standards.

Construction time frames, meanwhile, have extended from 6.5 months pre-pandemic to over 10 months today.

“The expanding gap between housing demand and supply – now approaching 500,000 dwellings nationwide – will also likely continue to widen before significant new stock becomes available,” Ms Conisbee said.

More homes are being demolished across Australia to make room for new ones, including apartment complexes and townhouses. Source: Ray White

The paradox: short-term pain for long-term gain

The paradox of Labor’s housing policy is that while it risks exacerbating affordability challenges in the short term through price inflation, it may ultimately create the conditions for improved affordability in the longer term.

Higher property prices, while challenging for new entrants, makes it possible for developers to overcome construction barriers and bring new supply to market.

As values rise, previously marginal development projects become viable, and the industry gains additional capital to expand capacity.

Ms Conisbee said Labor’s complementary policies – including apprentice incentives, Build to Rent tax benefits, and the Housing Australia Future Fund – aimed to address supply-side constraints gradually.

“However, these measures will take time to yield significant results, likely trailing behind the immediate demand stimulus of the deposit guarantee scheme,” she said.

More homes are good news but prices are likely to climb even further – at least in the immediate future.

Outlook: prices rising to meet construction costs

The fundamental economic equation that will drive housing supply recovery is straightforward: house prices need to rise sufficiently to match or exceed construction costs.

One of the key challenges plaguing Australia’s housing supply has been that building costs have outpaced house price growth, making it more affordable in most parts of Australia to buy an existing home than build a new one.

“As house prices accelerate under Labor’s policies, they will inevitably reach levels that make new construction economically viable again,” Ms Conisbee said.

“This price-to-cost equilibrium is the essential mechanism that will stimulate developers to increase supply despite the significant headwinds facing the construction industry.

:As prices rise to match construction costs, developers will respond with increased output, gradually addressing Australia’s critical housing shortage and setting the foundation for more sustainable affordability in the years ahead.”

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