Will loanDepot finally file for IPO?
In today’s Daily Download episode, HousingWire covers a report that states loanDepot is poised to go public later this year.
For some background on the story, here’s a summary of the article:
The California-based mortgage lender headed by Anthony Hsieh could be worth between $12 billion and $15 billion in an IPO, according to Bloomberg‘s sources.
The company has held discussions with potential underwriters for an IPO that could happen as soon as the fourth quarter of this year.
The news comes on the heels of Rocket Mortgage’s successful IPO in August. Since it debuted at $18 a share, Rocket’s stock has surged over 25%, and the nation’s largest mortgage lender now sports a market cap of about $47 billion.
“We are the Lyft to their Uber,” Hsieh told Bloomberg. “The momentum for non-bank lending is here to stay. We’re here to fuel the American dream.”
LoanDepot, backed by Parthenon Capital Partners, announced plans to go public in September 2015, but canceled the IPO hours before pricing due to what the company called adverse “market conditions.” At the time, loanDepot had sought a market value of $2.4 billion to $2.6 billion. In March 2017, the company revived plans for an IPO.
Following the main story, HousingWire discusses a report from Freddie Mac that indicates the average mortgage rates for a 30-year fixed mortgage increased slightly to 2.87%, which is still the second-lowest on record. The team also shares a release from NAHB that indicates the Housing Market Index rose five points this month, the highest score the series has seen since its inception.
The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.
HousingWire articles covered in this episode: