loanDepot announces closing of $597 million securitization of agency-eligible residential investment property mortgages
loanDepot announced the closing of a $597 million securitization of agency-eligible mortgages secured by residential investment properties. This transaction is part of over $3 billion in private label residential mortgage-backed securities issued over the past year. The collateral pool comprises 1,442 prime mortgage loans with a weighted average FICO score of 766 and a combined loan-to-value ratio of 64.74%. The company emphasizes the resilience of its business model, supported by a multi-channel strategy and proprietary technology.
- Successfully closed a $597 million securitization, enhancing capital raising strategy.
- Over $3 billion in private label mortgage-backed securities issued in the past year.
- High-quality collateral with an average FICO score of 766 and low leverage.
- None.
FOOTHILL RANCH, Calif., Jan. 31, 2022 /PRNewswire/ -- loanDepot, Inc. (NYSE: LDI) today announced the closing of Mello Mortgage Capital Acceptance 2022-INV1, a
The collateral pool consists of 1,442 prime, fully amortizing agency-eligible mortgage loans, with original terms of maturity ranging from 20 to 30 years. The loans were made to borrowers with strong credit profiles and low leverage; the pool has a weighted average FICO score of 766 and an original combined loan-to-value ratio of
"Our successful PLS issuance demonstrates our unique and resilient business model, enhanced by the strength of our multi-channel strategy, nationally recognized brand and proprietary mello tech stack," said loanDepot Founder and CEO Anthony Hsieh. "The reliability, consistency and scale of our program allows loanDepot to offer bespoke capital transactions that feature superior pricing of our loans in the secondary market. Our sophisticated capital raising strategy and diversified financing approach continues to provide us operational flexibility as we continue to innovate to help our customers seamlessly navigate one of the most important financial transactions of their lives."
The transaction was a private offering of securities, not registered under the Securities Act of 1933, or any state securities law. All of such securities having been sold, this announcement of their sale appears as a matter of record only.
J.P. Morgan acted as bookrunner for the offering and Placement Agent for certain offered securities. Raymond James acted as co-manager for the offering.
About loanDepot
loanDepot (NYSE: LDI) is a digital commerce company committed to serving its customers throughout the home ownership journey. Since its launch in 2010, loanDepot has revolutionized the mortgage industry with a digital-first approach that makes it easier, faster and less stressful to purchase or refinance a home. Today, as the nation's second largest retail mortgage lender, loanDepot enables customers to achieve the American dream of homeownership through a broad suite of lending and real estate services that simplify one of life's most complex transactions. With headquarters in Southern California and offices nationwide, loanDepot is committed to serving the communities in which its team lives and works through a variety of local, regional and national philanthropic efforts.
Forward-Looking Statements
This press release may contain "forward-looking statements," which reflect loanDepot's current views with respect to, among other things, its business operations and strategy. You can identify these statements by the use of words such as "outlook," "potential," "continue," "may," "seek," "approximately," "predict," "believe," "expect," "plan," "intend," "estimate" or "anticipate" and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as "will," "should," "would" and "could." These forward-looking statements are based on current available operating, financial, economic and other information, and are not guarantees of future performance and are subject to risks, uncertainties and assumptions, including the risks in the "Risk Factors" section of loanDepot, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2020, which are difficult to predict. Therefore, current plans, anticipated actions, financial results, as well as the anticipated development of the industry, may differ materially from what is expressed or forecasted in any forward-looking statement. loanDepot does not undertake any obligation to publicly update or revise any forward-looking statement to reflect future events or circumstances, except as required by applicable law.
Investor Relations Contact:
Gerhard Erdelji
Senior Vice President, Investor Relations
(949) 822-4074
gerdelji@loandepot.com
Media Contact:
Rebecca Anderson
Senior Vice President, Communications & Public Relations
(949) 822-4024
rebeccaanderson@loandepot.com
LDI-IR
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SOURCE loanDepot, Inc.
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