Item 1.01. Entry into a Material Definitive Agreement.
Amendment No. 6 to Credit Suisse Master Repurchase Agreement
On March 1, 2021, loanDepot.com, LLC, a Delaware limited liability company and an indirect, majority-owned subsidiary of loanDepot, Inc. (the “Company”), as seller, entered into Amendment No. 6 (“CS Amendment 6”) to the Master Repurchase Agreement, dated as of March 10, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “CS MRA”) with Credit Suisse First Boston Mortgage Capital LLC, as administrative agent, Credit Suisse AG, a company incorporated in Switzerland, acting through its Cayman Island Branch, as a buyer (“CS AG”), and Alpine Securitization LTD., as a buyer (“Alpine” and together with CS AG, the “Buyers”) pursuant to which the Company may sell to, and later repurchase from, the Buyers certain mortgage loans. The primary purposes of CS Amendment 6 are to (a) add definitions of “GNMA Haircut Amount” and “Simultaneously Funded Early Buyout Loan,” (b) amend certain provisions relating to the initiation of transactions, and remittances, related to Simultaneously Funded Early Buyout Loans, and (c) increase, through March 15, 2021, the maximum facility amount of the CS MRA from $1.5 billion to $2 billion via certain ancillary agreements thereto.
Twenty Third Amendment to TIAA Master Repurchase Agreement and Pricing Letter & Eighth Amendment to the TIAA Sixth Amended and Restated Loan and Security Agreement
On March 2, 2021, the Company entered into (i) as buyer, the Twenty Third Amendment (“TIAA Amendment 23”) to the Master Repurchase Agreement, dated as of March 20, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “TIAA MRA”), and the Pricing Letter, dated as of March 20, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “TIAA” Pricing Letter), in each case with TIAA, FSB, as buyer (“TIAA”) and (ii) as borrower, the Eighth Amendment (“TIAA Amendment 8”) to the Sixth Amended and Restated Loan and Security Agreement, dated November 28, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “TIAA LSA”) with TIAA The primary purpose of TIAA Amendment 23 is to remove references to the TIAA LSA, including to remove amounts borrowed thereunder as a deduction from the Maximum Purchase Amount permitted under the TIAA MRA. The primary purpose of TIAA Amendment 8 is to amend the definition of “Termination Date” to be March 3, 2021.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit
No. | | Description |
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| 10.1 | | Amendment No. 6, dated March 1, 2021, by and among Credit Suisse First Boston Mortgage Capital LLC, Credit Suisse AG, a company incorporated in Switzerland, acting through its Cayman Island Branch, Alpine Securitization LTD., and loanDepot.com, LLC to the Master Repurchase Agreement, dated as of March 10, 2017. |
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| 10.2 | | Twenty Third Amendment, dated as of March 2, 2021, by and between TIAA, FSB and loanDepot.com, LLC to the Master Repurchase and the Pricing Letter, dated as of March 20, 2014. |
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| 10.3 | | Eighth Amendment, dated as of March 2, 2021, by and between TIAA, FSB and loanDepot.com, LLC to the Sixth Amended and Restated Loan and Security Agreement, dated November 28, 2018. |
