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Investments

Sources: loanDepot withdraws Initial Public Offering

Cites "market conditions"

Sources tell HousingWire that loanDepot, the online mortgage lender scheduled to trade on the New York Stock Exchange beginning tomorrow, is withdrawing its Initial Public Offering, cited adverse "market conditions"

The company was scheduled to begin trading under the symbol LDI.

An article in Reuters appears to confirm:

"It could not be determined whether the Foothill Ranch, California-based company will pursue an IPO again in the near term.

The delay comes as unfavorable market conditions have caused several IPOs to discount or delay their offerings amid the volatility that has plagued the market since August."

loanDepot experienced boosted productions and was expanding in several directions when it announced the IPO.

loanDepot announced its plans to offer new home equity products, once again making waves in the industry after breaking the news that it was moving into personal loans earlier this year.  

"As the economy continues to improve and home prices have stabilized, there is a growing reservoir of equity to help borrowers capitalize on their options to manage their credit profiles," said Brian Biglin, chief risk officer with loanDepot.

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