By Claudia Assis
California-based LoanDepot Inc. has filed for an initial public offering, the latest mortgage lender to do so amid record-low mortgage rates and some five years after scrapping similar plans.
The number of shares to be offered and the price range for the proposed IPO have not yet been determined, the company said late Monday. LoanDepot plans to list on the New York Stock Exchange under the symbol LDI. Goldman Sachs, B. of A. Securities, and Credit Suisse are among the underwriters, according to a Monday filing.
LoanDepot was launched in 2010 with a “digital-first approach” and “to disrupt the legacy mortgage industry and make obtaining a mortgage a positive experience for consumers,” the company said in the filing. LoanDepot originated $79.4 billion of loans in the twelve months ended Sept. 30, it said.
It listed revenue of $1.3 billion for all of 2019 and $3.3 billion for the first nine months of 2020. Net income for the first nine months reached $1.47 billion, from $18 million in the same period in 2019.
LoanDepot scrapped plans for an IPO in 2016.