loanDepot gets $300 million revolving credit line via Signature Bank

By Marisa Wong

Los Angeles, Dec. 30 – loanDepot.com, LLC, an indirect majority-owned subsidiary of loanDepot, Inc., entered into a credit and security agreement on Dec. 22 with Signature Bank as administrative agent for a $300 million revolving line of credit, according to an 8-K filing with the Securities and Exchange Commission.

The company has the option to increase the credit line to up to $500 million.

The revolver is secured by some of the company’s mortgage servicing rights under a servicing agreement with Freddie Mac and other collateral.

The credit agreement expires on Dec. 22, 2022.

Also on Dec. 22, the company entered into a 13th amendment to its credit agreement dated Oct. 29, 2014 with NexBank as lender that is secured by mortgage servicing rights under the servicing agreement with Freddie Mac and other collateral.

The main purposes of the amendment are to remove references to Fannie Mae from the NexBank credit agreement and change seller/servicer numbers.

loanDepot is a Foothill Ranch, Calif.-based online mortgage platform.

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