LoanDepot finally announces its intention to go public

0

In today’s Daily Download episode, the Digital Team interviews James Kleimann, HousingWire Mortgage Editor, on loan deposit‘s announces that he plans to go public.

After a dramatic false start in 2015, California lender LoanDepot says it’s finally going public.

The company, founded by billionaire entrepreneur Anthony Hsieh, said Wednesday morning that its new subsidiary LoanDepot Inc. had confidentially filed documents with the Security and Trade Commission publish.

“The number of Class A common shares for sale and the price range for the proposed initial public offering have not been determined,” the lender said in a statement.

In September, Bloomberg reported that LoanDepot, which operates in the retail, wholesale and correspondent channels, was considering an IPO that would see it valued between $ 12 billion and $ 15 billion.

LoanDepot, backed by private equity firm Parthenon Capital Partners, first announced its intention to go public in September 2015, but canceled the IPO hours before pricing due to the company described as unfavorable “market conditions“. At the time, LoanDepot was looking for a market value of $ 2.4-2.6 billion. In March 2017, the company relaunched its IPO plans but did not follow through.

LoanDepot, which has a reputation for investing heavily in technology, was the sixth largest mortgage lender in 2019, issuing 146,000 originations. It is at the origin of 52,000 purchase credits and 81,000 refinancings, according to data from the Consumer Financial Protection Bureau.

The Daily Download examines the most compelling articles reported by the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper insight into the stories shared in our newsroom that help Advance markets. Hosted by the HW team and produced by Alcynna Lloyd.

Leave A Reply

Your email address will not be published.