loanDepot, Inc 8-K, filed Aug 3, 2022
loanDepot, Inc. (LDI)
8-K
2022-08-03
For: 2022-07-28
View Original
Added on
April 09, 2026
About this 8-K
loanDepot, Inc filed this 8-K on August 3, 2022, reporting on events of July 28, 2022.
Items reported
- Item 1.02: Ended a material agreement
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (or date of earliest event reported): July 28, 2022
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(Exact Name of Registrant as Specified in its Charter)
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(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||||||||
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (888) 337-6888
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 1.02. Termination of a Material Definitive Agreement
On July 28, 2022, loanDepot.com, LLC, a Delaware limited liability company and an indirect majority-owned subsidiary of loanDepot, Inc. (the “Company”), decided to reduce its funding capacity based on current and projected mortgage loan originations by terminating (a) its Master Repurchase Agreement, dated as of August 25, 2020 (as amended through the date hereof, the “MRA”), by and among the Company, as seller and Barclays Bank PLC (“Barclays”), as purchaser and agent, pursuant to which the Company would sell to, and later repurchase from, Barclays, the Company’s beneficial right, title and interest in and to certain residential mortgage loans; (b) its Mortgage Loan Participation Purchase and Sale Agreement, dated as of August 25, 2020 (as amended through the date hereof, the “MLPPSA”), by an among the Seller and Barclays, pursuant to which the Company would sell to Barclays participation interests in certain designated pools of 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 were delivered to Barclays in exchange for the related participation certificate; and (c) certain ancillary agreements (together with the MRA and MLPPSA, the “Barclays Agreements”).
No borrowings are currently outstanding under the Barclays Agreements and the Company did not incur any termination penalties as a result of the termination of the Barclays Agreements.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
loanDepot, Inc. | ||||||||
By: | /s/ Patrick Flanagan | |||||||
Name: Patrick Flanagan | ||||||||
Title: Chief Financial Officer | ||||||||
Date: August 3, 2022