loanDepot Enters New Deal, Terminates Old One

TL;DR

loanDepot just signed a new deal and ditched an old one, creating new debt obligations.

AI Summary

On September 25, 2024, loanDepot, Inc. entered into a material definitive agreement and simultaneously terminated another. The company also created a direct financial obligation. Specific details regarding the nature of these agreements, the financial obligations, and the termination are not fully elaborated in the provided text, but they represent significant changes in the company's financial arrangements.

Why It Matters

This filing indicates significant shifts in loanDepot's financial agreements, which could impact its debt structure, operational costs, and overall financial health.

Risk Assessment

Risk Level: medium — The entry into a new material definitive agreement and the creation of a direct financial obligation suggest potential changes in the company's financial leverage and future commitments.

Key Players & Entities

• loanDepot, Inc. (company) — Registrant
• September 25, 2024 (date) — Date of Report

FAQ

Key Financial Figures

• $0.001 — hich registered Class A Common Stock, $0.001 Par Value LDI New York Stock Exchange
• $300 million — uant to the Indenture, the Trust issued $300 million of notes (the "MWST Notes"). The MWST N
• $500 million — Indenture, MWST 2021-3 initially issued $500 million of notes (the "2021-3 MWST Notes"). The

Filing Documents

• ldi-20240925.htm (8-K) — 40KB
• exhibit101indenturemello20.htm (EX-10.1) — 954KB
• exhibit102masterrepurchase.htm (EX-10.2) — 344KB
• exhibit103guarantymello202.htm (EX-10.3) — 36KB
• exhibit104jpm-loandepotxth.htm (EX-10.4) — 11KB
• exhibit105jpmc-loandepotxi.htm (EX-10.5) — 232KB
• exhibit106jpm-loandepotxge.htm (EX-10.6) — 443KB
• image_0a.jpg (GRAPHIC) — 2KB
• 0001831631-24-000248.txt ( ) — 2538KB
• ldi-20240925.xsd (EX-101.SCH) — 2KB
• ldi-20240925_lab.xml (EX-101.LAB) — 21KB
• ldi-20240925_pre.xml (EX-101.PRE) — 12KB
• ldi-20240925_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. Mello Warehouse Securitization Trust 2024-1 On September 27, 2024, Mello Warehouse Securitization Trust 2024-1 (the "Trust") and loanDepot.com, LLC ("loanDepot"), as servicer, both subsidiaries of loanDepot, Inc. (the "Company"), entered into an Indenture with U.S. Bank Trust Company, National Association, as indenture trustee and note calculation agent, and U.S. Bank National Association, as standby servicer and initial securities intermediary (the "Indenture"). Pursuant to the Indenture, the Trust issued $300 million of notes (the "MWST Notes"). The MWST Notes are backed by a revolving warehouse line of credit, secured by newly originated, first-lien, fixed rate or adjustable rate, residential mortgage loans which are originated in accordance with the criteria of Fannie Mae or Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans and other eligibility criteria set forth in the Master Repurchase Agreement, dated as of September 27, 2024 between loanDepot, as seller and the Trust, as buyer (the "MRA"). loanDepot's obligations under the MRA are guaranteed by LD Holdings Group, LLC, a subsidiary of the Company, under a separate guaranty in favor of the Trust, dated as of September 27, 2024 (the "Guaranty"). Each class of MWST Notes bears interest at 30-day Term SOFR plus the applicable margin as defined in the Indenture. The MWST Notes will terminate on the earlier of (i) the two-year anniversary of the initial purchase date, (ii) upon loanDepot exercising its right to optional prepayment in full or (iii) upon an event of default which results in the acceleration of the obligations under the Indenture. The foregoing descriptions of the Indenture, MRA, and Guaranty do not purport to be complete and are qualified in their entirety by reference to the full text of the Indenture, a copy of which is attached hereto a

02 Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement . Termination of Mello Warehouse Securitization Trust 2021-3 On September 25, 2024, in connection with the anticipated consummation of the Mello Warehouse Securitization Trust 2024-1 transaction, loanDepot exercised its right to prepay in full its 2021-3 Securitization Facility (as defined below) and terminated (a) its Master Repurchase Agreement, dated as of October 21, 2021 (the "2021-3 MRA"), between Mello Warehouse Securitization Trust 2021-3 ("MWST 2021-3"), as buyer, and loanDepot, as seller; (b) its Indenture, dated as of October 21, 2021 (the "2021-3 Indenture"), between MWST 2021-3, as issuer, loanDepot, as servicer, and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association, as indenture trustee and note calculation agent, and U.S. Bank National Association, as standby servicer and initial securities intermediary; and (c) certain ancillary agreements (together with the 2021-3 Indenture and the 2021-3 MRA, the "2021-3 Securitization Facility"). Pursuant to the 2021-3 Indenture, MWST 2021-3 initially issued $500 million of notes (the "2021-3 MWST Notes"). The 2021-3 MWST Notes were backed by a revolving warehouse line of credit, secured by newly originated, first-lien, fixed rate or adjustable rate, residential mortgage loans which are originated in accordance with the criteria of Fannie Mae or Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans and other eligibility criteria set forth in the 2021-3 MRA. No borrowings are currently outstanding under the 2021-3 Securitization Facility and loanDepot did not incur any termination penalties as a result of the termination of the 2021-3 Securitization Facility. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. All information

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1# Indenture dated September 27, 2024, by and among Mello Warehouse Securitization Trust 2024-1, loanDepot.com, LLC, U.S. Bank Trust Company, National Association and U.S. Bank National Association. 10.2# Master Repurchase Agreement dated September 27, 2024, by and between loanDepot.com, LLC and Mello Warehouse Securitization Trust 2024-1. 10.3 Guaranty dated as of September 27, 2024, by LD Holdings Group LLC in favor of Mello Warehouse Securitization Trust 2024-1. 10.4 Third Amendment dated September 27, 2024, to the First Amended and Restated Master Repurchase Agreement, dated September 30, 2022, by and between loanDepot.com, LLC and JPMorgan Chase Bank, National Association. 10.5# Amendment No. 6 to Series 2020-VF1 Indenture Supplement, dated September 27, 2024, by and among loanDepot Agency Advance Receivables Trust, as issuer, Citibank, N.A. as indenture trustee, calculation agent, paying agent, custodian and securities intermediary, loanDepot.com, LLC as servicer and administrator, JPMorgan Chase Bank, N.A., as administrative agent, and consented to by JPMorgan Chase Bank, N.A. as noteholder of the Series 2020-VF1 Variable Funding Notes. 10.6# Amendment No. 3 to the Amended and Restated Mortgage Loan Participation Sale Agreement, dated September 27, 2024, by and among loanDepot.com, LLC, as seller, and JPMorgan Chase Bank, National Association, as purchaser. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) # Confidential information has been omitted because it is both (i) not material and (ii) is the type of information that the Company treats as private or confidential pursuant to Item 601(b)(10) of Regulation S-K. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. loanDepot, Inc