loanDepot extends JPMorgan mortgage loan facility termination dates to Sept 2024; facility becomes uncommitted

On September 29, 2023, the Company, as seller, entered into the Second Amendment (the “Second Amendment”) to the First Amended and Restated Master Repurchase Agreement, dated as of September 30, 2022, with JPMorgan Chase Bank, N.A., as buyer (“JPM”), pursuant to which the Company may sell to, and later repurchase from JPM certain mortgage loans. The primary purposes of the Second Amendment are to extend the termination date until September 27, 2024, and to make certain other revisions in connection with the facility becoming wholly uncommitted.

On September 27, 2023, loanDepot.com, LLC, a Delaware limited liability company and an indirect subsidiary of loanDepot, Inc., as seller (the “Company”), entered into Amendment No. 2 (“Amendment No.2”) to the Amended and Restated Mortgage Loan Participation Sale Agreement, dated as of November 10, 2022, with JPMorgan Chase Bank, National Association, as purchaser (“Purchaser”), pursuant to which the Company may sell to Purchaser participation interests in certain designated pools of fully amortizing first lien residential mortgage loans eligible to back securities and, at a later date, cause such mortgage loans to back a security issued by the Company, which will be delivered to Purchaser. The purpose of Amendment No. 2 is to extend the termination date until September 27, 2024.

On September 29, 2023, the Company, as borrower, entered into the Joinder (the “Joinder”) to the Amended and Restated Security Agreement, dated as of June 30, 2023 with Flagstar Bank, National Association, as administrative agent on behalf of the lenders (the “Lenders”), pursuant to which the Lenders provide the Company with a revolving line of credit that is secured primarily by certain of the Company’s mortgage servicing rights under the servicing agreement with Freddie Mac. The purpose of the Joinder was to add Bank of Hope as a Lender under the credit facility.