first quarter results. Despite this setback, we are pleased to report a 7% revenue increase in the first quarter of 2024, driven by our focus on first-time homebuyers and improved loan quality. Our cost reduction measures have been effective, with a 2% year-over-year decrease in expenses, even after absorbing $15 million in cyber-related costs. We are also pleased with our strong liquidity position, ending the quarter with over $600 million in cash.
In response to lower interest rate expectations, we have adjusted our 2024 volume estimates to $1.8 trillion, a 10% decrease. We are taking steps to realign our expense base to match the smaller mortgage market and improve operating leverage. Additionally, we are exploring options to manage our unsecured notes due in the fourth quarter of 2025 and aim to de-risk our outlook.
Looking ahead, we remain focused on continuing to invest in revenue-generating capabilities and system upgrades, aligning expenses with the smaller mortgage market, and addressing our upcoming debt obligations. We are optimistic about our future prospects and remain committed to our goal of returning to profitability and sustaining our operational momentum.
Thank you for your continued support and confidence in loanDepot. Now, I will turn it over to Dave to provide more details on our financial performance in the first quarter. Dave?
Dave Hayes: Thank you, Frank. I will now provide a detailed overview of our financial results for the first quarter of 2024. Despite the cyber incident that impacted our operations, we were able to achieve a 7% revenue increase compared to the same period last year. This growth was driven by our focus on first-time homebuyers and improved loan quality.
Expenses were reduced by 2% year-over-year, even after absorbing $15 million in cyber-related costs. Our adjusted expense base is now more aligned with the smaller mortgage market, which will improve our operating leverage moving forward. We ended the quarter with over $600 million in cash, demonstrating our strong liquidity position.
Due to lower interest rate expectations, we have revised our 2024 volume estimate down by 10% to $1.8 trillion. We are actively evaluating capital structure options to manage our unsecured notes due in the fourth quarter of 2025 and are taking steps to de-risk our outlook.
Looking ahead to the second quarter, we forecast origination volume between $5 billion and $7 billion and pull-through weighted lock volume of $4.5 billion to $6.5 billion. We remain focused on returning to profitability and maintaining a strong liquidity position.
In conclusion, despite the challenges we faced in the first quarter, we are pleased with our financial performance and remain optimistic about our future prospects. Thank you for your attention, and we will now open the call for questions. Thank you.