loanDepot secures $1M committed sublimit from Bank of America for NY mortgage loans

loanDepot, Inc.

Committed sublimit of $1M for mortgage loans secured by New York properties under existing MRA with Bank of America.
Sublimit required by New York Department of Financial Services regulations for loanDepot's NY origination activity.
Available regardless of whether Bank of America is the ultimate purchaser; supersedes discretionary authority.
Effective October 23, 2023; no Event of Default or Potential Default exists.
No other amendments to the MRA; fees and expenses paid by loanDepot.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

loanDepot, Inc. entered into Addendum to Second Amended and Restated Master Repurchase Agreement with Bank of America, N.A. valued at $1,000,000 (effective 2023-10-23).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A.
Value: $1,000,000
Effective: 2023-10-23

Exact text from the filing

On October 23, 2023, loanDepot.com, LLC, a Delaware limited liability company and an indirect subsidiary of loanDepot, Inc. (the “Company”), as guarantor and pledgor, entered into an Addendum (the “Addendum”) to Second Amended and Restated Master Repurchase Agreement, dated as of August 20, 2021 (the “MRA”), with Bank of America, N.A., as buyer (“Buyer”) and loanDepot BA Warehouse, LLC, as seller (“Seller”).

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Source: SEC EDGAR

accession 0001831631-23-000286

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