loanDepot, Inc. 8-K

What Happened

• On April 27, 2026, subsidiaries of loanDepot filed an 8-K reporting entry into an Indenture and related agreements for Mello Warehouse Securitization Trust 2026-1, which issued $500 million of notes (the “MWST Notes”) to fund a revolving warehouse line of credit for newly originated first‑lien residential mortgage loans.
• The warehouse loans must meet Fannie Mae / Freddie Mac or Ginnie Mae eligibility criteria, or be jumbo loans under loanDepot’s underwriting guidelines. Each class of MWST Notes bears interest at 30‑day Term SOFR plus a margin. The transaction is governed by an Indenture, a Master Repurchase Agreement and a guaranty by LD Holdings Group, LLC.
• Also on April 27, 2026, loanDepot prepaid in full and terminated its 2024-1 securitization facility (originally issued $300 million of notes). No borrowings were outstanding under the 2024-1 facility at termination and no termination penalties were incurred.

Key Details

• Date of agreements and closing: April 27, 2026.
• New issuance: $500 million MWST Notes under Mello Warehouse Securitization Trust 2026-1.
• Pricing/interest: variable — 30‑day Term SOFR plus a margin.
• Prior facility: 2024-1 Securitization Facility (initially $300M) was prepaid and terminated with no outstanding borrowings or termination penalties.
• Guaranty: LoanDepot’s obligations under the Master Repurchase Agreement are guaranteed by LD Holdings Group, LLC.

Why It Matters

• This creates a new secured funding vehicle (a $500M revolving warehouse line) for loanDepot’s mortgage originations, which can provide liquidity to fund loans that may later be sold into agency or other markets.
• Interest cost on this facility is variable and tied to 30‑day Term SOFR, so funding costs will move with short‑term rates; investors should note the interest-rate linkage and the facility term provisions (the MWST Notes terminate no later than April 24, 2029, unless prepaid or accelerated).
• The transaction replaces the prior 2024-1 securitization facility (no outstanding borrowings at termination), and the guaranty by an affiliate means a subsidiary guarantee supports loanDepot’s repurchase obligations under the new repurchase agreement.