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Mortgage

loanDepot officially files for IPO

Number of shares, price range to be determined

loanDepot announced on Thursday that it has filed for an initial public offering, confirming industry rumors that started at the beginning of September.

According to loanDepot’s press release, it filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its Class A common stock.

The number of shares to be offered and the price range for the proposed offering have not yet been determined.

In connection with this offering, loanDepot, Inc. will become the parent company of loanDepot.com, LLC.

Morgan Stanley (MS), Goldman Sachs (GS), Wells Fargo Securities (WFC), Barclays (BCS) and UBS Investment Bank (UBS) are acting as joint book-running managers for the proposed offering.

BMO Capital Markets is acting as co-manager for the proposed offering.

The IPO filing comes amid the lender making significant strides in the industry this year to try and become the No. 1 nonbank consumer lender.

At the beginning of August, loanDepot closed the hole on its product offerings and announced its plans to offer new home equity products and second mortgages.

"Our vision is to deliver a diversified lending model sustainable in all market conditions. We look forward to leading the development of marketplace lending through the introduction of new products and services that provide credit solutions for borrowers with attractive returns for investors," said Anthony Hsieh, CEO and chairman of loanDepot.

And that was only the latest initiative from the nonbank.

Since the company opened its new co-headquarters in Plano, Texas, just two years ago, it has announced plans to hire 1,000 additional employees to support its growing prominence in the industry.

And shortly after that in May, it broke into the personal loan space, which has already experienced rapid market acceptance, with funding volume in the first two months of launch reaching more than $40 million.

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