California-based mortgage lender loanDepot terminated a master repurchase agreement (MRA) with J.V.B. Financial Group, reducing its funding capacity amid sharply decreasing originations.
“The maximum amount available for financing of mortgage loans and mortgage-related securities available under the MRA and certain ancillary documents was $750 million,” according to loanDepot’s 8-K filing disclosed on Tuesday.
No borrowings are currently outstanding under the J.V.B. Financial Group, and loanDepot didn’t incur any termination penalties, the SEC filing said.
The MRA termination follows loanDepot’s renegotiation of an MRA it had with Jefferies Funding in late October, reducing the overall borrowing authority by about two-thirds to $1.1 billion.
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