loanDepot reduces commitments to $185 million under NexBank loan

Chicago, April 19 – loanDepot.com, LLC, an indirect subsidiary of loanDepot, Inc., amended two credit and security agreements on April 13, according to an 8-K filing with the Securities and Exchange Commission.

The first amendment permanently reduces the maximum facility amount to $185 million on the company’s revolver with NexBank as lender. This is the 17th amendment to the credit agreement from Oct. 29, 2014.

The second part of the amendment was also effected in the company’s credit and security agreement for a $300 million revolver with Flagstar Bank.

Under both credit agreements, the security interest in the excess yield of certain loans has been released to permit the company to effectuate a sale and securitization of the excess yield.

loanDepot is an Irvine, Calif.-based online mortgage platform.

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