loanDepot announces closing of $371 million securitization of agency-eligible residential investment property mortgages
Dec 1, 2021
FOOTHILL RANCH, Calif., Dec. 1, 2021 /PRNewswire/ -- loanDepot, Inc. (NYSE: LDI) today announced the closing of Mello Mortgage Capital Acceptance 2021-INV4, a $371 million securitization of agency-eligible mortgages secured by residential investment properties, originated through its retail and partner channels. Year-to-date, loanDepot entities have sponsored over $2.8 billion in private label residential mortgage-backed securities ("PLS") across seven transactions.
The collateral pool consists of 952 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 767 and an original combined loan-to-value ratio of 64.05%. The key collateral attributes of the pool are generally consistent with other recent agency-eligible investment property transactions.
"Our continued success in PLS issuance is another significant milestone and further support for the continuing strength of our diversified channel strategy, growing brand and proprietary mello tech stack," said loanDepot Founder and CEO Anthony Hsieh. "The repeatability and scale of our program allows loanDepot to leverage its expertise in bespoke capital transactions to facilitate superior pricing of our loans in the secondary market. Our diversified and sophisticated financing approach enables further flexibility as we continue growing our business and driving innovation through which to serve our customers."
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.
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
J.P. Morgan served as lead initial purchasers of the offered securities.
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.
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.
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SOURCE loanDepot, Inc.