loanDepot amends credit deals to release excess yield for securitization; NexBank facility cut to $185M

On April 13, 2023, the Company, as borrower, entered into Amendment Number Two (“Amendment No 2”) to the Credit and Security Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Flagstar Credit Agreement”) with Flagstar Bank, National Association, as purchaser of the rights and obligations of Signature Bank, and as administrative agent on behalf of the lenders and as a lender (“Flagstar”), pursuant to which Flagstar provides the Company with a revolving line of credit of $300 million, with an option to increase up to $500 million upon mutual consent, that is secured by certain of the Company’s mortgage servicing rights under the servicing agreement with Freddie Mac and other collateral listed therein.

On April 13, 2023, loanDepot.com, LLC, a Delaware limited liability company and an indirect subsidiary of loanDepot, Inc. (the “Company”), as borrower, entered into the Seventeenth Amendment (“Amendment No, 17”) to the Credit and Security Agreement, dated as of October 29, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “NexBank Credit Agreement”) with NexBank, as lender (“NexBank”) pursuant to which NexBank has extended a revolving line of credit available to the Company that is secured by certain of the Company’s mortgage servicing rights under the servicing agreement with Freddie Mac and other collateral listed in the NexBank Credit Agreement.