loanDepot Announces Closing of $597 Million Mortgage Securitization of Agency-Eligible Residential Investment Properties
FOOTHILL RANCH, Calif., January 31, 2022 /PRNewswire/ — loanDepot, Inc. (NYSE: LDI) today announced the closing of Mello Mortgage Capital Acceptance 2022-INV1, a $597 million securitization of agency-eligible mortgage loans secured by residential investment properties, issued through its retail and partner channels. Over the past twelve months, LoanDepot entities have sponsored over $3 billion in private label residential mortgage-backed securities (“PLS”) in eight transactions.
The collateral pool consists of 1,442 agency-eligible, fully amortizing, prime mortgages with original maturities ranging from 20 to 30 years. The loans were granted to borrowers with strong credit profiles and low leverage; the pool has a weighted average FICO score of 766 and an initial combined loan-to-value ratio of 64.74%. The pool’s key collateral attributes are generally consistent with other recent agency-eligible investment property transactions.
“Our successful issuance of PLS demonstrates our unique and resilient business model, reinforced by the strength of our multi-channel strategy, our nationally recognized brand and our proprietary mello technology stack,” said loanDepot Founder and CEO. . Anthony Hsieh. “The reliability, consistency and breadth of our program enables loanDepot to offer tailored capital transactions that present superior pricing of our loans in the secondary market. Our sophisticated capital raising strategy and financing approach portfolio continue to provide us with operational flexibility as we continue to innovate to help our clients navigate seamlessly through 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 these titles having been sold, this announcement of their sale appears for information purposes only.
JP Morgan acted as bookrunner for the offering and as placement agent for certain securities offered. Raymond James acted as joint offer manager.
loanDepot (NYSE: LDI) is a digital commerce company committed to serving customers throughout the homeownership journey. Since its launch in 2010, LoanDepot has revolutionized the mortgage industry with a digital approach that makes it easier, faster and less stressful to buy or refinance a home. Today, as the nation’s second-largest retail mortgage lender, loanDepot enables customers to realize the American Dream of homeownership through a wide range of lending and real estate services that simplify one of the most more complex in life. With its headquarters at 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.
This press release may contain “forward-looking statements” that reflect LoanDepot’s current views regarding, 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 of comparable words, as well as future or conditional verbs such as “will “, “should”, “would” and “could”. These forward-looking statements are based on currently available operational, 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” of loanDepot, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2020, which are difficult to predict. Accordingly, actual plans, anticipated actions, financial results, as well as anticipated industry development, may differ materially from what is expressed or anticipated in any forward-looking statement. LoanDepot undertakes no obligation to publicly update or revise any forward-looking statement to reflect future events or circumstances, except as required by applicable law.
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SOURCE LoanDepot, Inc.