LOANDEPOT, INC., 10-Q filed on 8/11/2021
Quarterly Report
v3.21.2
COVER PAGE - shares
 6 Months Ended
Jun. 30, 2021
Aug. 06, 2021
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2021  
Document Transition Report false  
Entity File Number 001-40003  
Entity Registrant Name loanDepot, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 85-3948939  
Entity Address, Address Line One 26642 Towne Centre Drive,  
Entity Address, City or Town Foothill Ranch,  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 92610  
City Area Code (888)  
Local Phone Number 337-6888  
Title of 12(b) Security Class A Common Stock, $0.001 per value per share  
Trading Symbol LDI  
Security Exchange Name NYSE  
Entity Current Reporting Status No  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Document Fiscal Year Focus 2021  
Current Fiscal Year End Date --12-31  
Entity Central Index Key 0001831631  
Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   16,424,880
Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   0
Class C    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   177,864,669
Class D    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   114,978,644
v3.21.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
ASSETS    
Cash and cash equivalents $ 419,283 $ 284,224
Restricted cash 217,435 204,465
Accounts receivable, net 65,185 138,122
Loans held for sale, at fair value (includes $2,340,714 and $1,595,442 pledged to creditors in securitization trusts at June 30, 2021 and December 31, 2020, respectively) 9,120,653 6,955,424
Derivative assets, at fair value 349,621 647,939
Servicing rights, at fair value (includes $350,885 and $300,465 pledged to creditors in securitization trusts at June 30, 2021 and December 31, 2020, respectively) 1,781,686 1,127,866
Trading securities, at fair value 16,757 0
Property and equipment, net 98,686 85,002
Operating lease right-of-use assets 60,123 66,433
Prepaid expenses and other assets 94,814 77,241
Loans eligible for repurchase 812,431 1,246,158
Investments in joint ventures 18,398 17,528
Goodwill and intangible assets, net 42,571 42,826
Total assets 13,097,643 10,893,228
Liabilities:    
Warehouse and other lines of credit 8,498,365 6,577,429
Accounts payable, accrued expenses and other liabilities 607,767 446,370
Derivative liabilities, at fair value 58,805 168,169
Liability for loans eligible for repurchase 812,431 1,246,158
Operating lease liability 78,132 86,023
Debt obligations, net 1,473,309 712,466
Total liabilities 11,528,809 9,236,615
Commitments and contingencies (Note 16)
Equity:    
Preferred stock, $0.001 par value, 50,000,000 authorized, none issued and outstanding as of June 30, 2021 0  
Additional paid-in capital 562,658 0
Retained deficit (44,821) 0
Noncontrolling interest 1,050,688 1,656,613
Total equity 1,568,834 1,656,613
Total liabilities and equity 13,097,643 $ 10,893,228
Class A    
Equity:    
Common stock, $0.001 par value 13  
Class B    
Equity:    
Common stock, $0.001 par value 0  
Class C    
Equity:    
Common stock, $0.001 par value 181  
Class D    
Equity:    
Common stock, $0.001 par value $ 115  
v3.21.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Loans held for sale, at fair value $ 9,120,653 $ 6,955,424
Servicing rights, at fair value $ 1,781,686 1,127,866
Preferred stock, par value (in usd per share) $ 0.001  
Preferred stock, shares authorized 50,000,000  
Preferred stock, shares issued 0  
Preferred stock, shares outstanding 0  
Class A    
Common stock, par value (in usd per share) $ 0.001  
Common stock, shares authorized 2,500,000,000  
Common stock, shares, issued 12,541,086  
Common stock, shares, outstanding 12,541,086  
Class B    
Common stock, par value (in usd per share) $ 0.001  
Common stock, shares authorized 2,500,000,000  
Common stock, shares, issued 0  
Common stock, shares, outstanding 0  
Class C    
Common stock, par value (in usd per share) $ 0.001  
Common stock, shares authorized 2,500,000,000  
Common stock, shares, issued 181,268,155  
Common stock, shares, outstanding 181,268,155  
Class D    
Common stock, par value (in usd per share) $ 0.001  
Common stock, shares authorized 2,500,000,000  
Common stock, shares, issued 114,978,644  
Common stock, shares, outstanding 114,978,644  
Pledged as Collateral    
Loans held for sale, at fair value $ 2,340,714 1,595,442
Servicing rights, at fair value $ 350,885 $ 300,465
v3.21.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
REVENUES:        
Interest income $ 61,874 $ 31,530 $ 116,605 $ 66,696
Interest expense (54,848) (26,523) (108,346) (59,328)
Net interest income 7,026 5,007 8,259 7,368
Gain on origination and sale of loans, net 692,479 1,076,410 1,826,054 1,515,999
Origination income, net 92,624 57,201 194,223 95,813
Servicing fee income 94,742 36,551 177,309 73,114
Changes in fair value of servicing rights, net (145,098) (33,112) (188,733) (80,503)
Other income 38,141 16,673 78,810 33,059
Total net revenues 779,914 1,158,730 2,095,922 1,644,850
EXPENSES:        
Personnel expense 470,125 340,716 1,073,861 580,915
Marketing and advertising expense 114,133 55,881 223,759 113,193
Direct origination expense 50,017 28,658 96,993 55,161
General and administrative expense 48,654 38,566 99,972 68,195
Occupancy expense 9,283 9,547 19,270 19,440
Depreciation and amortization 8,686 9,165 17,139 18,537
Subservicing expense 27,241 16,087 53,851 29,334
Other interest expense 21,266 10,625 34,438 21,595
Total expenses 749,405 509,245 1,619,283 906,370
Income before income taxes 30,509 649,485 476,639 738,480
Income taxes 4,225 890 22,502 890
Net income 26,284 648,595 454,137 737,590
Net income attributable to noncontrolling interests 17,723 648,595 400,701 737,590
Net income attributable to loanDepot, Inc. $ 8,561 $ 0 $ 53,436 $ 0
Earnings per share:        
Basic (in usd per share) $ 0.07   $ 0.42  
Diluted (in usd per share) $ 0.07   $ 0.42  
Weighted average shares outstanding:        
Basic (in shares) 126,726,876   126,392,949  
Diluted (in shares) 126,726,876   126,392,949  
v3.21.2
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Redeemable I Units
Class X Common Unit
Class A
Class C
Class D
Class A and D
Common shares
Class A
Common shares
Class C
Common shares
Class D
Additional paid-in capital
Retained Earnings (Deficit)
Retained Earnings (Deficit)
Class C
Retained Earnings (Deficit)
Class A and D
Noncontrolling Interests
Noncontrolling Interests
Redeemable I Units
Noncontrolling Interests
Class X Common Unit
Noncontrolling Interests
Class C
Noncontrolling Interests
Class A and D
Balance at beginning of period at Dec. 31, 2019 $ 375,885                           $ 375,885        
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]                                      
Redemptions/Repurchase   $ (65,308) $ (220)                         $ (65,308) $ (220)    
Stock-based compensation 6,698                           6,698        
Dividends (3,421)                           (3,421)        
Net income 737,590                           737,590        
Balance at end of period at Jun. 30, 2020 1,051,224                           1,051,224        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Dividends (3,421)                           (3,421)        
Net income 737,590                                    
Balance at beginning of period at Mar. 31, 2020 462,682                           462,682        
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]                                      
Redemptions/Repurchase (65,308)                           (65,308)        
Stock-based compensation 6,762                           6,762        
Dividends (1,507)                           (1,507)        
Net income 648,595                           648,595        
Balance at end of period at Jun. 30, 2020 1,051,224                           1,051,224        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Dividends (1,507)                           (1,507)        
Net income 648,595                                    
Balance at beginning of period at Dec. 31, 2020 1,656,613                           1,656,613        
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]                                      
Net income 400,701                                    
Balance at end of period at Jun. 30, 2021 1,050,688                                    
Balance at beginning of period (in shares) at Dec. 31, 2020               0 0 0                  
Balance at beginning of period at Dec. 31, 2020 1,656,613             $ 0 $ 0 $ 0 $ 0 $ 0              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Net income 454,137                                    
Balance at end of period (in shares) at Jun. 30, 2021       12,541,086 181,268,155 114,978,644   12,541,086 181,268,155 114,978,644                  
Balance at end of period at Jun. 30, 2021 1,568,834             $ 13 $ 181 $ 115 562,658 (44,821)     1,050,688        
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]                                      
Dividends                                   $ (81,368) $ (51,938)
Net income 17,723                                    
Deferred taxes and other tax adjustments associated with the reorganization and IPO 370                   370                
Balance at end of period at Jun. 30, 2021 1,050,688                                    
Balance at beginning of period (in shares) at Mar. 31, 2021               6,643,187 179,746,190 119,694,200                  
Balance at beginning of period at Mar. 31, 2021 1,773,958             $ 7 $ 180 $ 119 561,494 42,412     1,169,746        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Vested shares (in shares)               17,856 2,686,452                    
Vested shares 0               $ 3   (3)                
Converted shares (in shares)               5,880,043 (1,164,487) (4,715,556)                  
Converted shares 0             $ 6 $ (2) $ (4)                  
Dividends to shareholders         $ (137,865)   $ (88,000)           $ (56,497) $ (36,062)          
Dividends                                   $ (81,368) $ (51,938)
Stock-based compensation 1,935                   797       1,138        
Distributions for state taxes on behalf of shareholders, net (7,848)                     (3,235)     (4,613)        
Net income 26,284                     8,561     17,723        
Balance at end of period (in shares) at Jun. 30, 2021       12,541,086 181,268,155 114,978,644   12,541,086 181,268,155 114,978,644                  
Balance at end of period at Jun. 30, 2021 $ 1,568,834             $ 13 $ 181 $ 115 $ 562,658 $ (44,821)     $ 1,050,688        
v3.21.2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 3 Months Ended 5 Months Ended
Jun. 30, 2021
Jun. 30, 2021
Class A and D    
Dividends declared (in usd per share) $ 0.69 $ 0.69
Class C    
Dividends declared (in usd per share) $ 0.70 $ 0.70
v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 454,137 $ 737,590
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization expense 17,139 18,537
Amortization of operating lease right-of-use asset 11,594 12,265
Amortization of debt issuance costs 6,744 2,870
Gain on origination and sale of loans (2,041,979) (1,225,875)
(Gain) loss on sale of servicing rights (11,478) 96
Provision for loss obligation on sold loans and servicing rights 5,752 8,336
Increase in net deferred tax liabilities 202,871 0
Fair value change in derivative assets 303,639 (398,208)
Fair value change in derivative liabilities (109,364) 58,750
Premium received on derivatives 5,061 5,060
Purchase of options contracts (10,383) 0
Fair value change in loans held for sale 33,191 (61,812)
Fair value change in servicing rights 122,120 179,582
Stock-based compensation expense 61,752 6,698
Change in fair value of contingent consideration 0 12,980
Originations of loans (75,814,894) (36,081,739)
Proceeds from sales of loans 75,281,888 37,507,258
Proceeds from principal payments 66,506 36,486
Payments to investors for loan repurchases (671,166) (110,413)
Disbursements from joint ventures 5,790 3,764
Changes in operating assets and liabilities:    
Other changes in operating assets and liabilities (189,193) (2,202)
Net cash (used in) provided by operating activities (2,270,273) 710,023
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (30,400) (10,417)
Proceeds from sale of servicing rights 176,995 6,733
Investments in joint ventures (1,115) 0
Return of capital from joint ventures 189 300
Net cash flows provided by (used in) investing activities 145,669 (3,384)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings on warehouse lines of credit 85,132,551 38,538,778
Repayment of borrowings on warehouse lines of credit (83,211,614) (38,805,663)
Proceeds from debt obligations 1,044,221 114,100
Payments on debt obligations (276,947) 0
Payments of debt issuance costs (13,913) (1,088)
Payments for contingent consideration 0 (2,185)
Payments on capital lease obligation (1,367) (12,482)
Payments on repurchase of units 0 (220)
Dividend distributions (400,298) (3,796)
Net cash provided by (used in) financing activities 2,272,633 (210,956)
Net change in cash and cash equivalents and restricted cash 148,029 495,683
Cash and cash equivalents and restricted cash at beginning of the period 488,689 117,496
Cash and cash equivalents and restricted cash at end of the period 636,718 613,179
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for interest 126,497 88,640
Cash paid during the period for income taxes 7,628 0
Supplemental disclosure of noncash investing and financing activities    
Operating leases right-of-use assets obtained in exchange for lease liabilities 5,285 5,264
Trading securities retained in securitization 16,757 0
Purchase of equipment under capital leases 168 699
Class I    
CASH FLOWS FROM FINANCING ACTIVITIES    
Payments on repurchase of units $ 0 $ (38,400)
v3.21.2
DESCRIPTION OF BUSINESS, PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS, PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DESCRIPTION OF BUSINESS, PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying unaudited consolidated financial statements were prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation were included. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. For further information, refer to the consolidated financial statements and footnotes thereto included in the Annual Report of loanDepot, Inc. on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”).

Nature of Operations

loanDepot, Inc. was incorporated in Delaware on November 6, 2020 to facilitate the initial public offering (“IPO”) of its Class A common stock and related transactions in order to carry on the business of LD Holdings Group LLC (“LD Holdings”) and its consolidated subsidiaries loanDepot.com, LLC (“LDLLC”), Artemis Management, LLC (“ART”), LD Settlement Services, LLC (“LDSS”), mello Holdings, LLC (“Mello”), and mello Credit Strategies LLC (“MCS”). Unless otherwise noted or indicated by the context, the term the “Company” refers (1) prior to the consummation of the IPO and Reorganization described below, to LD Holdings and its consolidated subsidiaries, and (2) after the IPO and reorganization described below, to loanDepot, Inc. and its consolidated subsidiaries, including LD Holdings.

The Company engages in the originating, financing, selling, securitizing, and servicing of residential mortgage loans, and engages in title, escrow, and settlement services for mortgage loan transactions. The Company derives income primarily from gains on the origination and sale of loans to investors, income from loan servicing, and fees charged for settlement services related to the origination and sale of loans.

Initial Public Offering

The Company's common stock began trading on The New York Stock Exchange on February 11, 2021 under the ticker symbol “LDI.” The IPO consisted of 3,850,000 shares of Class A common stock, $0.001 par value per share, at an offering price of $14.00 per share, pursuant to a Registration Statement on Form S-1.

Prior to the IPO, the Company completed a reorganization by which it changed its equity structure to create a single class of LLC units in LD Holdings. Prior to that transaction, the capital structure consisted of different classes of membership interests held by certain members of LD Holdings (“Continuing LLC Members”). The LLC units were then exchanged on a one-for-one basis for Holdco Units and Class C common stock. The Continuing LLC Members have the right to exchange one Holdco Unit and one share of Class B common stock or Class C common stock, as applicable, together for cash or one share of Class A common stock at the Company’s election, subject to customary conversion rate adjustments for stock splits, stock dividends, and reclassifications.

The reorganization is considered a transaction between entities under common control, therefore, the financial statements for the periods prior to the IPO and reorganization have been adjusted to combine the previously separate entities for presentation. Prior to the reorganization and IPO, the Company had not engaged in any business or other activities, except in connection with its formation.

As a result of the IPO and reorganization:

•loanDepot, Inc. is a holding company and its sole material asset is an equity interest in LD Holdings. LD Holdings continues to be a holding company and has no material assets other than its equity interests in its direct subsidiaries consisting of a 99.99% ownership in LDLLC (the majority asset of the group), and 100% equity ownership in ART, LDSS, Mello, and MCS. loanDepot, Inc. is the sole managing member of LD Holdings, and
indirectly operates and controls all of LD Holdings’ business and affairs and consolidates the financial results of LD Holdings and its subsidiaries. The financial results of LD Holdings and its subsidiaries are consolidated with loanDepot, Inc., and the consolidated net earnings or loss are allocated to the noncontrolling interest to reflect the entitlement of the Continuing LLC Members.

•The Company has entered into a tax receivable agreement (“TRA”) with certain funds managed by Parthenon Capital Partners, (the “Parthenon Stockholders”), Parthenon affiliates owning Holdco Units, and certain Continuing LLC Members, whereby loanDepot, Inc. will be obligated to pay such parties or their permitted assignees, 85% of the amount of cash tax savings, if any, in U.S. federal, state, and local taxes that loanDepot, Inc. realizes, or is deemed to realize as a result of future tax benefits from increases in tax basis. The TRA liability is accounted for as a contingent liability with amounts accrued when deemed probable and estimable.


Summary of Significant Accounting Policies

Our accounting policies are described below and in Note 1- Description of Business, Presentation and Summary of Significant Accounting Policies, of our audited consolidated financial statements included in our 2020 Form 10-K.

Consolidation and Basis of Presentation

The Company's consolidated financial statements are prepared in accordance with GAAP as codified in the Financial Accounting Standards Board's (“FASB”) Accounting Standards Codification (“ASC” or the “Codification”).

ASC 250 requires that a change in the reporting entity or the consummation of a transaction accounted for in a manner similar to a pooling of interests, i.e., a reorganization of entities under common control, be retrospectively applied to the financial statements of all prior periods when the financial statements are issued for a period that includes the date the change in reporting entity or the transaction occurred. The IPO and reorganization were considered transactions between entities under common control, therefore, the financial statements for the periods prior to the IPO and reorganization have been adjusted to combine the previously separate entities for presentation. The financial results of LD Holdings and its subsidiaries were therefore combined with loanDepot, Inc., and the consolidated net earnings or loss has been allocated to the noncontrolling interest to reflect the entitlement of the Continuing LLC Members.

The accompanying consolidated financial statements include all of the assets, liabilities, and results of operations of the Company and consolidated variable interest entities (“VIEs”) in which the Company is the primary beneficiary. VIEs are entities that have a total equity investment at risk that is insufficient to permit the entity to finance its activities without additional subordinated financial support, whose equity investors at risk lack the ability to control the entity's activities, or is structured with non-substantive voting rights. The Company evaluates its associations with VIEs, both at inception and when there is a change in circumstance that requires reconsideration, to determine if the Company is the primary beneficiary and consolidation is required. A primary beneficiary is defined as a variable interest holder that has a controlling financial interest. A controlling financial interest requires both: (a) the power to direct the activities that most significantly impact the VIEs’ economic performance, and (b) the obligation to absorb losses or receive benefits of a VIE that could potentially be significant to the VIE. The Company has not provided financial or other support during the periods presented to any VIE that it was not previously contractually required to provide. Other entities that the Company does not consolidate, but for which it has significant influence over operating and financial policies, are accounted for using the equity method. All intercompany accounts and transactions have been eliminated in consolidation.

Certain items in prior periods were reclassified to conform to the current presentation.

Financing lease obligations are included as part of accounts payable, accrued expenses and other liabilities on the consolidated balance sheets.

Gain on the origination and sale of loans, net was adjusted to exclude the change in fair value of forward sale contracts, including pair offs hedging MSRs, which are now included in the change in fair value of servicing rights, net on the consolidated statements of operations. The Company determined that this change would more appropriately reflect the hedged
item and better align with industry practice. Gain on origination and sale of loans, net and change in fair value of servicing rights, net, in the current and prior periods along with the related financial statement disclosures were adjusted to reflect this reclassification.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Management has made significant estimates in certain areas, including determining the fair value of loans held for sale, servicing rights, derivative assets and derivative liabilities, awards granted under the incentive equity plan, assets acquired and liabilities assumed in business combinations, and determining the loan loss obligation on sold loans. Actual results could differ from those estimates.

Non-controlling interests

loanDepot, Inc. is a holding company and its sole material asset is an equity interest in LD Holdings. LD Holdings continues to be a holding company and has no material assets other than its equity interests in its direct subsidiaries consisting of a 99.99% ownership in LDLLC (the majority asset of the group), and 100% equity ownership in ART, LDSS, Mello, and MCS. loanDepot, Inc. is the sole managing member of LD Holdings, and indirectly operates and controls all of LD Holdings’ business and affairs and consolidates the financial results of LD Holdings and its subsidiaries. The financial results of LD Holdings and its subsidiaries are consolidated with loanDepot, Inc., and the consolidated net earnings or loss will be allocated to the noncontrolling interest to reflect the entitlement of the Continuing LLC Members.

Income Taxes

The Company’s provision for income taxes is made for current and deferred income tax on pretax net income adjusted for permanent and temporary differences based on enacted tax laws and applicable statutory tax rates. The Company accounts for interest and penalties associated with income tax obligations as a component of income tax expense.

Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates for the periods in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the change. Deferred tax assets are recorded in prepaid expenses and other assets on the consolidated balance sheets. Deferred tax liabilities are recorded in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets.

Following the IPO and Reorganization, the Company’s purchase of Holdco Units and any future exchanges of Holdco Units for cash or Class A Common Stock are expected to result in increases to the Company’s allocable tax basis in its assets. These increases in tax basis are expected to increase (for tax purposes) depreciation and amortization deductions allocable to the Company, and therefore reduce the amount of tax that the Company would otherwise be required to pay in the future. As a result, the Company has entered into a TRA with Parthenon Stockholders and certain Continuing LLC Members, whereby loanDepot, Inc. will be obligated to pay such parties or their permitted assignees, 85% of the amount of cash tax savings, if any, in U.S. federal, state, and local taxes that loanDepot, Inc. realizes, or is deemed to realize as a result of future tax benefits from increases in tax basis. The TRA liability is accounted for as a contingent liability within accounts payable, accrued expenses and other liabilities on the consolidated balance sheets with amounts accrued when deemed probable and estimable.

The Company evaluates tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely than-not threshold of being sustained would be recorded as a tax benefit in the current period.

Stock-Based Compensation
Effective upon the completion of the IPO, the Company adopted the loanDepot, Inc. 2021 Omnibus Incentive Plan (the “2021 Plan”). The 2021 Plan allows for the grant of stock options, restricted stock, restricted stock units (“RSUs”), and stock appreciation rights. There are currently only RSUs granted under the 2021 Plan. The Company uses the grant-date fair value of equity awards to determine the compensation cost associated with each award. Compensation cost for service-based equity awards is recognized on a straight-line basis over the requisite service period, which is generally the vesting period. Compensation cost for awards with only service conditions that have graded vesting schedules is recognized on a straight-line basis over the requisite service period for the entire award such that compensation cost recognized at any date is at least equal to the portion of the grant-date value of the award that is vested at that date. Expense is reduced for actual forfeitures as they occur. The cost of stock-based compensation is recorded to personnel expense.

Earnings per share

Basic net income per common share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating security according to dividends declared (distributed earnings) and participation rights in undistributed earnings. Distributed and undistributed earnings are allocated between common and participating security shareholders based on their respective rights to receive dividends. According to the Company’s certificate of incorporation, the holders of Class A common stock and Class D common stock are entitled to share equally, on a per share basis, in dividends and other distributions of cash, property or shares of stock of the Company as may be declared by the board of directors.

Diluted net income per common share is calculated using the more dilutive of either the treasury stock method or the two-class method. The dilutive calculation considers common stock issuable under the assumed conversion of Class C common stock to Class A common stock as well as restricted stock units granted under the Corporation’s stock plans using the treasury stock method, if dilutive.

Concentration of Risk

The Company has concentrated its credit risk for cash by maintaining deposits in several financial institutions, which may at times exceed amounts covered by insurance provided by the Federal Deposit Insurance Corporation (“FDIC”). The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk related to cash.

Due to the nature of the mortgage lending industry, changes in interest rates may significantly impact revenue from originating mortgages and subsequent sales of loans to investors, which are the primary source of income for the Company. The Company originates mortgage loans on property located throughout the United States, with loans originated for property located in California totaling approximately 34% of total loan originations for the three and six months ended June 30, 2021.

The Company sells mortgage loans to various third-party investors. Three investors accounted for 43%, 35%, and 13% of the Company’s loan sales for the six months ended June 30, 2021. No other investors accounted for more than 5% of the loan sales for the three and six months ended June 30, 2021.
The Company funds loans through warehouse lines of credit. As of June 30, 2021, 15% and 14% of the Company's warehouse lines were payable to two separate lenders.
v3.21.2
RECENT ACCOUNTING PRONOUNCEMENTS
 6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
RECENT ACCOUNTING PRONOUNCEMENTS RECENT ACCOUNTING PRONOUNCEMENTS     In September 2018, the FASB issued ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” ASU 2018-15 was issued to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The ASU was effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The adoption of this guidance on January 1, 2020 did not have a significant effect on the Company’s consolidated financial statements given that (1) the changes under the ASU generally align with our existing accounting treatment of implementation
costs incurred in a hosting arrangement that is a service contract and (2) the Company has not incurred a material amount of implementation costs in a hosting arrangement.

In December 2019, FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The amendments in ASU 2019-12 simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740, Income Taxes related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The guidance clarifies that single-member limited liability companies and similar disregarded entities that are not subject to income tax are not required to recognize an allocation of consolidated income tax expense in their separate financial statements, but they could elect to do so. This ASU was effective for public business entities for fiscal years and interim periods beginning after December 15, 2020. The adoption of this guidance on January 1, 2021 did not have a significant effect on the Company’s consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provided optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the benefits of) reference rate reform on financial reporting. The amendments in ASU 2020-04 are elective and apply to all entities, subject to meeting certain criteria, that have contract, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01 to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. This guidance is effective upon issuance and allows application to contract changes as early as January 1, 2020. The Company has added alternative base rate language, which may include the secured overnight financing rate ("SOFR") to agreements for its warehouse and other lines of credit and debt obligations that use LIBOR. The Company is evaluating the potential impact that the adoption of this ASU will have on the consolidated financial statements at the transition of LIBOR.
v3.21.2
FAIR VALUE
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE
The Company's consolidated financial statements include assets and liabilities that are measured based on their estimated fair values. Refer to Note 1 - Description of Business, Presentation and Summary of Significant Accounting Policies in the 2020 Form 10-K for information on the fair value hierarchy, valuation methodologies, and key inputs used to measure financial assets and liabilities recorded at fair value, as well as methods and assumptions used to estimate fair value disclosures for financial instruments not recorded at fair value in their entirety on a recurring basis.

The following tables present the carrying amount and estimated fair value of financial instruments included in the consolidated financial statements.

June 30, 2021
Carrying AmountEstimated Fair Value
Level 1Level 2Level 3
Assets
Cash and cash equivalents$419,283 $419,283 $— $— 
Restricted cash217,435 217,435 — — 
Loans held for sale, at fair value9,120,653 — 9,120,653 — 
Derivative assets, at fair value349,621 10,028 4,776 334,817 
Servicing rights, at fair value1,781,686 — — 1,781,686 
Trading securities16,757 — 16,757 — 
Loans eligible for repurchase812,431 — 812,431 — 
Liabilities
Warehouse and other lines of credit$8,498,365 $— $8,498,365 $— 
Derivative liabilities, at fair value58,805 29,500 27,569 1,736 
Servicing rights, at fair value(1)
5,291 — — 5,291 
Debt obligations:
Secured credit facilities165,016 — 165,016 — 
2020-VF1 Notes10,511 — 10,852 — 
GMSR VFN15,000 — 15,000 — 
Term notes198,885 — 200,000 — 
Senior notes1,083,897 — 1,113,440 — 
Liability for loans eligible for repurchase812,431 — 812,431 — 
(1)Included in accounts payable and accrued expenses on the consolidated balance sheet.
December 31, 2020
Carrying AmountEstimated Fair Value
Level 1Level 2Level 3
Assets
Cash and cash equivalents$284,224 $284,224 $— $— 
Restricted cash204,465 204,465 — — 
Loans held for sale, at fair value6,955,424 — 6,955,424 — 
Derivative assets, at fair value647,939 483 107 647,349 
Servicing rights, at fair value1,127,866 — — 1,127,866 
Loans eligible for repurchase1,246,158 — 1,246,158 — 
Liabilities
Warehouse and other lines of credit$6,577,429 $— $6,577,429 $— 
Derivative liabilities, at fair value168,169 4,299 163,566 304 
Servicing rights, at fair value (1)
3,564 — — 3,564 
Debt obligations:
2020-VF1 Notes7,571 — 8,593 
GMSR VFN15,000 — 15,000 — 
Term notes198,640 — 200,000 — 
Senior notes491,255 518,245 
Liability for loans eligible for repurchase1,246,158 — 1,246,158 — 
(1)Included in accounts payable and accrued expenses on the consolidated balance sheet.
Financial Statement Items Measured at Fair Value on a Recurring Basis

The following tables presents the Company’s assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy as of the dates indicated.
June 30, 2021
Recurring Fair Value Measurements of Assets (Liabilities) Using:
Quoted Market Prices in Active Markets for Identical Assets
 (Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total Fair Value Measurements
Fair value through net income:
Assets:
Loans held for sale$— $9,120,653 $— $9,120,653 
Trading securities— 16,757 — 16,757 
Derivative assets:
Interest rate lock commitments— — 334,817 334,817 
Forward sales contracts— 2,435 — 2,435 
Interest rate swap futures10,028 — — 10,028 
MBS put options— 2,341 — 2,341 
Servicing rights— — 1,781,686 1,781,686 
Total assets at fair value$10,028 $9,142,186 $2,116,503 $11,268,717 
Liabilities:
Derivative liabilities:
Interest rate lock commitments$— $— $1,736 $1,736 
Forward sales contracts— 27,569 — 27,569 
Put options on treasuries29,500 — — 29,500 
Servicing rights(1)
— — 5,291 5,291 
Total liabilities at fair value$29,500 $27,569 $7,027 $64,096 
(1)Included in accounts payable and accrued expenses on the consolidated balance sheets.
December 31, 2020
Recurring Fair Value Measurements of Assets (Liabilities) Using:
Quoted Market Prices in Active Markets for Identical Assets
 (Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total Fair Value Measurements
Fair value through net income:
Assets:
Loans held for sale$— $6,955,424 $— $6,955,424 
Derivative assets:
Interest rate lock commitments— — 647,349 647,349 
Forward sales contracts— 107 — 107 
Interest rate swap futures483 — — 483 
Servicing rights— — 1,127,866 1,127,866 
Total assets at fair value$483 $6,955,531 $1,775,215 $8,731,229 
Liabilities:
Derivative liabilities:
Interest rate lock commitments$— $— $304 $304 
Forward sales contracts— 163,566 — 163,566 
Put options on treasuries4,299 — — 4,299 
Servicing rights (1)
— — 3,564 3,564 
Total liabilities at fair value$4,299 $163,566 $3,868 $171,733 
(1)Included in accounts payable and accrued expenses on the consolidated balance sheet.

The following presents the changes in the Company’s assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Three Months Ended June 30, 2021Six Months Ended June 30, 2021
Interest Rate Lock Commitments(1)
Servicing
Rights, net(2)
Interest Rate Lock Commitments(1)
Servicing
Rights, net(2)
Balance at beginning of period$246,778 $1,766,088 $647,045 $1,124,302 
Total net gains included in earnings (realized and unrealized)720,422 203,937 1,108,970 846,359 
Sales and settlements
Purchases— — — — 
Sales— (193,630)— (194,266)
Settlements(432,748)— (1,026,450)— 
Transfers of IRLCs to closed loans(201,371)— (396,484)— 
Balance at end of period$333,081 $1,776,395 $333,081 $1,776,395 

(1) Interest rate lock commitments include both assets and liabilities and are shown net.
(2) Balance is net of $5.3 million servicing liability at June 30, 2021.
Three Months Ended June 30, 2020Six Months Ended June 30, 2020
Interest Rate Lock Commitments(1)
Servicing
Rights, net(2)
Contingent Consideration
Interest Rate Lock Commitments(1)
Servicing
Rights, net (2)
Contingent Consideration
Balance at beginning of period$314,737 $431,864 $(4,881)$128,208 $444,443 $(2,374)
Total net gains (losses) included in earnings (realized and unrealized)900,060 137,989 (10,473)1,455,127 132,689 (12,980)
Sales and settlements
Purchases— — — — — — 
Sales— 74 — — (7,205)— 
Settlements(553,742)— 2,185 (813,197)— 2,185 
Transfers of IRLCs to closed loans(141,541)— — (250,624)— — 
Balance at end of period$519,514 $569,927 $(13,169)$519,514 $569,927 $(13,169)

(1)Interest rate lock commitments include both assets and liabilities and are shown net.
(2)Balance is net of $2.6 million servicing rights liability at June 30, 2020.

The following presents the gains and losses included in earnings for the three and six months ended June 30, 2021 and 2020 relating to the Company’s assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Three Months Ended June 30, 2021Six Months Ended June 30, 2021
Interest Rate Lock Commitments(1)
Servicing
Rights, net(2)
Interest Rate Lock Commitments(1)
Servicing
Rights, net(3)
Total net gains (losses) included in earnings$86,303 $203,937 $(313,964)$846,359 
Change in unrealized gains relating to assets and liabilities still held at period end$333,081 $296,555 $333,081 $1,038,347 

(1)Gains (losses) included in gain on origination and sale of loans, net.
(2)Includes $427.5 million in gains included in gain on origination and sale of loans, net and $223.5 million of losses included in change in fair value of servicing rights, net, for the three months ended June 30, 2021.
(3)Includes $957.0 million in gains included in gain on origination and sale of loans, net and $110.6 million of losses included in change in fair value of servicing rights, net, for the six months ended June 30, 2021
Three Months Ended June 30, 2020Six Months Ended June 30, 2020
Interest Rate Lock Commitments(1)
Servicing
Rights, net(2)
Contingent Consideration(4)
Interest Rate Lock Commitments(1)
Servicing
Rights, net(3)
Contingent Consideration(4)
Total net gains (losses) included in earnings$204,777 $137,989 $(10,473)$391,306 $132,689 $(12,980)
Change in unrealized gains relating to assets and liabilities still held at period end$519,514 $179,778 $(10,473)$519,514 $199,580 $(12,980)
(1)Gains (losses) included in gain on origination and sale of loans, net.
(2)Includes $198.2 million in gains included in gain on origination and sale of loans, net and $60.3 million in losses included in change in fair value of servicing rights, net, for the three months ended June 30, 2020.
(3)Includes $312.4 million in gains included in gain on origination and sale of loans, net and $179.7 million in losses included in change in fair value of servicing rights, net, for the six months ended June 30, 2020
(4)Losses included in general and administrative expense.

The following table presents quantitative information about the valuation techniques and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring basis:
June 30, 2021December 31, 2020
Unobservable InputRange of inputsWeighted AverageRange of inputsWeighted Average
IRLCs:
  Pull-through rate1.9%-99.9%77.4%2.8%-99.9%70.5%
Servicing rights
  Discount rate(1)
4.9%-9.2%6.0%5.0%-10.0%6.2%
  Prepayment rate(1)
9.2%-20.7%10.2%13.4%-34.8%14.0%
  Cost to service (per loan)$70-$137$84$71-$139$89
(1)The Company estimates the fair value of MSRs using an option-adjusted spread (“OAS”) model, which projects MSR cash flows over multiple interest rate scenarios in conjunction with the Company’s prepayment model, and then discounts these cash flows at risk-adjusted rates.

Financial Statement Items Measured at Fair Value on a Nonrecurring Basis

The Company did not have any material assets or liabilities that were recorded at fair value on a non-recurring basis as of June 30, 2021 or December 31, 2020.

Financial Statement Items Measured at Amortized Cost

Warehouse lines - The Company’s warehouse lines of credit bear interest at a rate that is periodically adjusted based on a market index. The carrying value of warehouse lines of credit approximates fair value.

Debt obligations, net - Debt consists of secured credit facilities, term notes, and senior notes. The Company’s secured credit facilities and term notes accrue interest at a stated rate of 30-day LIBOR or 90-day LIBOR plus a margin, they are highly liquid and short-term in nature and as a result, their carrying value approximated fair value as of June 30, 2021 and December 31, 2020. Fair value of the Company’s Senior Notes issued in October 2020 and March 2021 were estimated using the quoted market prices at June 30, 2021. The Senior Notes are classified as Level 2 in the fair value hierarchy.
v3.21.2
BALANCE SHEET NETTING
 6 Months Ended
Jun. 30, 2021
Offsetting [Abstract]  
BALANCE SHEET NETTING BALANCE SHEET NETTING
Certain derivatives, loan warehouse and repurchase agreements are subject to master netting arrangements or similar agreements. In certain circumstances the Company may elect to present certain financial assets, liabilities, and related collateral subject to master netting arrangements in a net position on the consolidated balance sheets. The Company has elected to present net derivative assets and liabilities obtained from (or posted to) its counterparties when subject to a master netting arrangement that is legally enforceable on all counterparties in the event of default.

The table below represents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged. Warehouse lines and secured debt obligations were secured by sufficient collateral with fair value that exceeded the liability amount recorded on the consolidated balance sheets as of June 30, 2021 and December 31, 2020, respectively.
June 30, 2021
Gross amounts recognizedGross amounts offset in consolidated balance sheetNet amounts presented in consolidated balance sheetGross amounts not offset in consolidated balance sheetNet amount
Financial instrumentsCash collateral
Assets:
Forward delivery contracts$26,188 $(23,753)$2,435 $— $— $2,435 
Put options on treasuries— — — — — — 
MBS put options2,341 2,341 — — 2,341 
Interest rate swap futures10,028 — 10,028 — — 10,028 
Total Assets$38,557 $(23,753)$14,804 $— $— $14,804 
Liabilities:
Forward delivery contracts$51,322 $(23,753)$27,569 $— $— $27,569 
Put options on treasuries29,500 — 29,500 — — 29,500 
Interest rate swap futures— — — — — — 
Warehouse lines of credit8,498,365 — 8,498,365 (8,498,365)— — 
Secured debt obligations (1)
390,868 — 390,868 (390,868)— — 
Total Liabilities$8,970,055 $(23,753)$8,946,302 $(8,889,233)$— $57,069 
(1)Secured debt obligations as of June 30, 2021 included the Secured Credit Facilities, GMSR VFN, Term Notes, and 2020-VF1 Notes.
December 31, 2020
Gross amounts recognizedGross amounts offset in consolidated balance sheetNet amounts presented in consolidated balance sheetGross amounts not offset in consolidated balance sheetNet amount
Financial instrumentsCash collateral
Assets:
Forward delivery contracts$71,029 $(70,922)$107 $— $— $107 
Interest rate swap futures483 — 483 — — 483 
Total Assets$71,512 $(70,922)$590 $— $— $590 
Liabilities:
Forward delivery contracts$234,488 $(70,922)$163,566 $— $— $163,566 
Put options on treasuries4,299 — 4,299 — — 4,299 
Warehouse lines of credit6,577,429 — 6,577,429 (6,577,429)— — 
Secured debt obligations (1)
223,593 — 223,593 (223,593)— — 
Total Liabilities$7,039,809 $(70,922)$6,968,887 $(6,801,022)$— $167,865 
(1)Secured debt obligations as of December 31, 2020 included the GMSR VFN, Term Notes, and 2020-VF1 Notes.
The Company has entered into agreements with counterparties, which include netting arrangements whereby the counterparties are entitled to settle their positions on a net basis. In certain circumstances, the Company is required to provide certain counterparties financial instruments and cash collateral against derivative financial instruments, warehouse lines of credit or debt obligations. Cash collateral is held in margin accounts and included in restricted cash on the Company's consolidated balance sheets.
v3.21.2
LOANS HELD FOR SALE, AT FAIR VALUE
 6 Months Ended
Jun. 30, 2021
Receivables [Abstract]  
LOANS HELD FOR SALE, AT FAIR VALUE LOANS HELD FOR SALE, AT FAIR VALUE
The following table represents the unpaid principal balance of LHFS by product type as of June 30, 2021 and December 31, 2020:
June 30,
2021		December 31,
2020
Amount%Amount%
Conforming - fixed$6,164,883 69%$5,223,177 78%
Conforming - ARM348,470 4260 —
Government - fixed 1,046,432 121,108,936 16
Government - ARM89,457 145,243 1
Other - residential mortgage loans1,240,140 14312,954 5
Consumer loans2,150 —2,541 —
8,891,532 100%6,693,111 100%
Fair value adjustment229,121 262,313 
  Total$9,120,653 $6,955,424 
A summary of the changes in the balance of loans held for sale is as follows:

Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Balance at beginning of period$8,787,756 $3,542,329 $6,955,424 $3,681,840 
Origination and purchase of loans34,413,319 20,975,280 75,814,894 36,081,739 
Sales(34,294,254)(21,286,239)(74,213,668)(36,593,749)
Repurchases111,386 98,261 663,700 108,282 
Principal payments(43,206)(33,486)(66,506)(36,486)
Fair value gain (loss)145,652 7,293 (33,191)61,812 
Balance at end of period$9,120,653 $3,303,438 $9,120,653 $3,303,438 

Gain on origination and sale of loans, net is comprised of the following components:

Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Premium from loan sales$407,314 $780,352 $877,887 $1,157,181 
Servicing rights427,458 198,248 957,002 312,367 
Unrealized (losses) gains from derivative assets and liabilities(510,788)323,225 (182,467)302,706 
Realized gains (losses) from derivative assets and liabilities250,912 (215,350)350,548 (272,108)
Discount points, rebates and lender paid costs(28,603)(14,962)(143,458)(33,833)
Fair value gain (loss)145,653 7,293 (33,191)61,812 
Reversal of (provision for) loan loss obligations for loans sold533 (2,396)(267)(12,126)
Total gain on origination and sale of loans, net$692,479 $1,076,410 $1,826,054 $1,515,999 

The Company had $34.4 million and $25.8 million of loans held for sale on non-accrual status as of June 30, 2021 and December 31, 2020, respectively.
v3.21.2
SERVICING RIGHTS, AT FAIR VALUE
 6 Months Ended
Jun. 30, 2021
Transfers and Servicing [Abstract]  
SERVICING RIGHTS, AT FAIR VALUE SERVICING RIGHTS, AT FAIR VALUE
The outstanding principal balance of the servicing portfolio was comprised of the following:
June 30,
2021		December 31,
2020
Conventional$107,825,718 $74,459,448 
Government30,942,142 28,471,810 
Total servicing portfolio$138,767,860 $102,931,258 
A summary of the unpaid principal balance underlying servicing rights is as follows:
June 30,
2021		December 31,
2020
Current loans$136,505,175 $100,358,713 
Loans 30 - 89 days delinquent457,607 709,946 
Loans 90 or more days delinquent or in foreclosure1,805,078 1,862,599 
Total servicing portfolio (1)
$138,767,860 $102,931,258 

(1)At June 30, 2021 and December 31, 2020, 1.4% and 2.4%, respectively, of the servicing portfolio was in forbearance as a result of payment relief efforts afforded to borrowers under the Coronavirus Aid, Relief, and Economic Security Act and other regulatory guidance.


A summary of the changes in the balance of servicing rights is as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Balance at beginning of period$1,766,088 $431,864 $1,124,302 $444,443 
Additions427,458 198,249 957,001 312,367 
Sales proceeds, net(182,113)41 (182,788)(7,301)
Changes in fair value:
Due to changes in valuation inputs or assumptions(129,267)(22,736)101,757 (109,050)
Other changes in fair value (1)
(105,771)(37,491)(223,877)(70,532)
Balance at end of period (2)
$1,776,395 $569,927 $1,776,395 $569,927 

(1)Other changes in fair value include fall out and decay from loan payoffs and principal amortization.
(2)Balance is net of $5.3 million and $2.6 million of servicing rights liability at June 30, 2021 and 2020, respectively.

The following is a summary of the components of servicing fee income as reported in the Company’s consolidated statements of operations:
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Contractual servicing fees$92,164 $35,242 $171,734 $66,683 
Late, ancillary and other fees2,578 1,309 5,575 6,431 
Total servicing fee income$94,742 $36,551 $177,309 $73,114 
The following is a summary of the components of changes in fair value of servicing rights, net as reported in the Company’s consolidated statements of operations:
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Changes in fair value:
Due to changes in valuation inputs or assumptions$(129,267)$(22,736)$101,757 $(109,050)
Other changes in fair value (1)
(105,771)(37,491)(223,877)(70,532)
Realized gains on sales of servicing rights6,089 161 5,992 58 
Net gain (loss) from derivatives hedging servicing rights83,851 26,954 (72,605)99,021 
Changes in fair value of servicing rights, net$(145,098)$(33,112)$(188,733)$(80,503)
(1) Other changes in fair value include fall out and decay from loan payoffs and principal amortization.

The table below illustrates hypothetical changes in fair values of servicing rights, caused by assumed immediate changes to key assumptions that are used to determine fair value.

Servicing Rights Sensitivity Analysis
June 30,
2021		December 31,
2020
Fair Value of Servicing Rights, net$1,776,395 $1,124,302 
Change in Fair Value from adverse changes:
Discount Rate:
Increase 100 basis points(77,174)(45,745)
Increase 200 basis points(148,195)(87,800)
Cost of Servicing:
Increase 10%(17,818)(11,556)
Increase 20%(35,673)(23,112)
Prepayment Speed:
Increase 10%(69,123)(63,351)
Increase 20%(134,451)(122,294)

Sensitivities are hypothetical changes in fair value and cannot be extrapolated because the relationship of changes in assumptions to changes in fair value may not be linear. Also, the effect of a variation in a particular assumption is calculated without changing any other assumption, whereas a change in one factor may result in changes to another. Accordingly, no assurance can be given that actual results would be consistent with the results of these estimates. As a result, actual future changes in servicing rights values may differ significantly from those displayed above.
v3.21.2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
 6 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIESDerivatives instruments utilized by the Company primarily include interest rate lock commitments, forward sales contracts, MBS put options, put options on treasuries, and interest rate swap futures. Derivative financial instruments are recognized as assets or liabilities and are measured at fair value. The Company accounts for derivatives as free-standing derivatives and does not designate any derivative financial instruments for hedge accounting. All derivative financial instruments are recognized on the consolidated balance sheets at fair value with changes in the fair values being reported in current period earnings. The Company does not use derivative financial instruments for purposes other than in support of its risk management activities. Refer to Note 1- Description of Business, Presentation and Summary of Significant Accounting Policies and Note 3- Fair Value for further details on derivatives in the 2020 Form 10-K.
The following summarizes the Company’s outstanding derivative instruments:
Fair Value
NotionalBalance Sheet LocationAssetLiability
June 30, 2021:
Interest rate lock commitments $18,806,918 Derivative asset, at fair value$334,817 $— 
Interest rate lock commitments 580,770 Derivative liabilities, at fair value— 1,736 
Forward sales contracts 6,911,918 Derivative asset, at fair value2,435 — 
Forward sales contracts 27,299,199 Derivative liabilities, at fair value— 27,569 
Put options on treasuries Derivative asset, at fair value— — 
Put options on treasuries 21,848 Derivative liabilities, at fair value— 29,500 
MBS put options 800,000 Derivative asset, at fair value2,341 — 
MBS put options Derivative liabilities, at fair value— — 
Interest rate swap futures 5,497 Derivative asset, at fair value10,028 — 
Interest rate swap futures — Derivative liabilities, at fair value— — 
Total derivative financial instruments$349,621 $58,805 

Fair Value
NotionalBalance Sheet LocationAssetLiability
December 31, 2020:
Interest rate lock commitments $31,365,494 Derivative asset, at fair value$647,349 $— 
Interest rate lock commitments 99,635 Derivative liabilities, at fair value— 304 
Forward sales contracts 44,694 Derivative asset, at fair value107 — 
Forward sales contracts 54,397,834 Derivative liabilities, at fair value— 163,566 
Put options on treasuries — Derivative asset, at fair value— — 
Put options on treasuries 27,803 Derivative liabilities, at fair value— 4,299 
Interest rate swap futures 2,350 Derivative asset, at fair value483 — 
Interest rate swap futures — Derivative liabilities, at fair value— — 
Total derivative financial instruments$647,939 $168,169 

Because many of the Company’s current derivative agreements are not exchange-traded, the Company is exposed to credit loss in the event of nonperformance by the counterparty to the agreements. The Company controls this risk through credit monitoring procedures including financial analysis, dollar limits and other monitoring procedures. The notional amount of the contracts does not represent the Company’s exposure to credit loss.
The following summarizes the realized and unrealized net gains and (losses) on derivative financial instruments and the consolidated statements of operations line items where such gains and losses are included:
Three Months Ended
June 30,		Six Months Ended
June 30,
Derivative instrumentStatements of Operations Location2021202020212020
Interest rate lock commitments, netGain on origination and sale of loans, net$86,303 $204,777 $(313,964)$391,306 
Forward sales contracts (1)
Gain on origination and sale of loans, net(317,263)(92,200)507,082 (348,506)
Interest rate swap futuresGain on origination and sale of loans, net(22,217)125 (52,208)(6,273)
Put optionsGain on origination and sale of loans, net(6,699)(4,827)27,171 (5,930)
Forward sales contracts (1)
Change in fair value of servicing rights, net33,925 25,129 (79,004)78,025 
Interest rate swap futuresChange in fair value of servicing rights, net48,194 1,888 7,178 21,623 
Put optionsChange in fair value of servicing rights, net1,732 (63)(779)(627)
Total realized and unrealized (losses) gains on derivative financial instruments$(176,025)$134,829 $95,476 $129,618 
(1)Amounts include pair-off settlements.
v3.21.2
VARIABLE INTEREST ENTITIES
 6 Months Ended
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
VARIABLE INTEREST ENTITIES VARIABLE INTEREST ENTITIES
The determination of whether the assets and liabilities of the VIEs are consolidated in the consolidated balance sheets or not consolidated in the consolidated balance sheets depends on the terms of the related transaction and the Company’s continuing involvement, if any, with the VIE. The Company is deemed the primary beneficiary and therefore consolidates VIEs for which it has both (a) the power, through voting rights or similar rights, to direct the activities that most significantly impact the VIE's economic performance, and (b) benefits, as defined, from the VIE. The Company determines whether it holds a significant variable interest in a VIE based on a consideration of both qualitative and quantitative factors regarding the nature, size, and form of its involvement with the VIE. The Company assesses whether it is the primary beneficiary of a VIE on an ongoing basis. The Company did not provide any non-contractual financial support to VIEs for both the six months ended June 30, 2021 and year ended December 31, 2020.

Consolidated VIEs

The Company’s consolidated VIEs currently include VIEs established for its securitization activities. The table below presents a summary of the carrying value and balance sheet classification of assets and liabilities in the Company’s consolidated VIEs.
June 30,
2021		December 31,
2020
Assets
Loans held for sale, at fair value$2,340,714 $1,595,442 
Restricted cash133,130 170,413 
Servicing rights, at fair value350,885 300,465 
$2,824,729 $2,066,320 
Liabilities
Warehouse and other lines of credit$2,399,771 $1,699,803 
Debt obligations, net213,885 213,640 
$2,613,656 $1,913,443 

The Company’s economic exposure to loss from outstanding third-party financing related to consolidated VIEs is limited to the carrying value of the consolidated VIE assets.

The Company executes private-label securitizations to finance mortgage loans and mortgage servicing rights. In executing a securitization transaction, the Company sells assets to the securitization trusts. The securitization facility is funded through the issuance of beneficial interests in the securitized assets. The beneficial interests take the form of either notes and/or trust certificates, which are sold to investors. These beneficial interests are collateralized by the transferred assets and entitle the investors to specified cash flows generated from the underlying assets.

The Company’s exposure to these entities is primarily through its role as seller, servicer, and administrator of these entities.

The Company has retained risks in the securitizations including customary representations and warranties. Additionally, the Company holds certain conditional repurchase options specific to securitizations that allow it to repurchase assets from the securitization entity. The Company, as seller, has an option to prepay and to redeem outstanding classes of issued notes at the Company’s discretion after a set time period has elapsed. The Company generally has discretion regarding when or if it will exercise these options, but would do so only when it was in the Company’s best interest.

Servicing functions include, but are not limited to, general collection activity on current and noncurrent accounts, loss mitigation efforts including repossession and sale of collateral, as well as preparing and furnishing statements summarizing the asset and beneficial interest performance. These servicing responsibilities constitute the Company’s continued involvement in the transferred assets.

Non-Consolidated VIEs

The nature, purpose, and activities of non-consolidated VIEs currently encompass the Company’s investments in retained interests from securitizations and joint ventures. The table below presents a summary of the nonconsolidated VIEs for which the Company holds variable interests.
June 30, 2021
Carrying value of variable interestsMaximum
exposure to loss in non-consolidated VIEs		Total assets in VIEs
AssetsLiabilities
Retained interests(1)
$16,757 $— $16,757 $324,160 
Investments in joint ventures18,398 — 18,398 12,462 
$35,155 $— $35,155 
December 31, 2020
Carrying value of variable interestsMaximum
exposure to loss in non-consolidated VIEs		Total assets in VIEs
AssetsLiabilities
Investments in joint ventures$17,528 $— $17,528 $15,342 
(1)Carrying value of variable interests is included within trading securities on the consolidated balance sheet.


Retained interests

During the second quarter of 2021, the Company completed the securitization of non-owner occupied residential mortgage loans. Pursuant to the credit risk retention requirements, the Company, as sponsor, is required to retain at least a 5% economic interest in the credit risk of the assets collateralizing the securitization transaction. The trading securities retained represent a variable interest in the securitization. The Company determined it was not the primary beneficiary of this VIE. The Company’s continuing involvement in this securitization is limited to customary servicing obligations as servicing administrator associated with retained servicing rights and the receipt of principal and interest associated with the trading securities.

Investments in joint ventures
The Company’s joint ventures include investments with home builders, real estate brokers, and commercial real estate companies to provide loan origination services and real estate settlement services to customers referred by the Company’s joint venture partners. The Company is generally not determined to be the primary beneficiary in its joint venture VIEs because it does not have the power, through voting rights or similar rights, to direct the activities that most significantly impact the economic performance of the VIE. The Company’s pro rata share of net earnings of joint ventures was $2.9 million and $5.1 million for the three and six months ended June 30, 2021, respectively and $2.4 million and $3.7 million for the three and six months ended June 30, 2020, respectively.
v3.21.2
WAREHOUSE AND OTHER LINES OF CREDIT
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
WAREHOUSE AND OTHER LINES OF CREDIT WAREHOUSE AND OTHER LINES OF CREDIT
At June 30, 2021, the Company is a party to 14 lines of credit with lenders providing $9.5 billion of warehouse and revolving credit facilities. The warehouse and revolving credit facilities are used to fund, and are secured by, residential mortgage loans held for sale. Interest expense on warehouse and revolving lines of credit is recorded to interest expense on the consolidated statements of operations.

The warehouse and revolving lines of credit are repaid using proceeds from the sale of loans. The base interest rates on the Company’s warehouse lines bear interest at 30-day LIBOR plus a margin. Some of the lines carry additional fees in the form of annual facility fees charged on the total line amount, commitment fees charged on the committed portion of the line and non-usage fees charged when monthly usage falls below a certain utilization percentage. The weighted average interest rate at
June 30, 2021 totaled 2.06%. The Company’s warehouse lines are scheduled to expire through 2023 under one or two year terms and all lines are subject to renewal based on an annual credit review conducted by the lender. The Company’s securitization facilities’ notes have two to three year terms and are due October 2021, October 2022, December 2023 and February 2024, and April 2024.

The base interest rates for all warehouse lines of credit are subject to increase based upon the characteristics of the underlying loans collateralizing the lines of credit, including, but not limited to product type and number of days held for sale.  Certain of the warehouse line lenders require the Company, at all times, to maintain cash accounts with minimum required balances.  As of June 30, 2021 and December 31, 2020, there was $5.8 million and $6.7 million, respectively, held in these accounts which are recorded as a component of restricted cash on the consolidated balance sheets.

Under the terms of these warehouse lines, the Company is required to maintain various financial and other covenants. These financial covenants include, but are not limited to, maintaining (i) minimum tangible net worth, (ii) minimum liquidity, (iii) a minimum current ratio, (iv) a maximum distribution requirement, (v) a maximum leverage ratio, (vi) pre-tax net income requirements and (vii) a maximum warehouse capacity ratio. As of June 30, 2021, the Company was in compliance with all warehouse lending related covenants.

Securitization Facilities

In May 2019, the Company issued notes through a new securitization facility (“2019-1 Securitization Facility”) backed by a revolving warehouse line of credit. The 2019-1 Securitization Facility is secured by newly originated, first-lien, fixed rate or adjustable rate, residential mortgage loans which are originated in accordance with the criteria of Fannie Mae or Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2019-1 Securitization Facility issued $300.0 million in notes and certificates that bear interest at 30-day LIBOR plus a margin. The 2019-1 Securitization Facility will terminate on the earlier of (i) the two-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full and (iii) the date of the occurrence and continuance of an event of default. In May 2021, the Company fully repaid the notes and certificates of the 2019-1 Securitization Facility.

In October 2019, the Company issued notes through an additional securitization facility (“2019-2 Securitization Facility”) backed by a revolving warehouse line of credit. The 2019-2 Securitization Facility is secured by newly originated, first-lien, fixed rate or adjustable rate, residential mortgage loans which are originated in accordance with the criteria of Fannie Mae or Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2019-2 Securitization Facility issued $300.0 million in notes and certificates that bear interest at 30-day LIBOR plus a margin. The 2019-2 Securitization Facility will terminate on the earlier of (i) the two-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full and (iii) the date of the occurrence and continuance of an event of default.

In October 2020, the Company issued notes through an additional securitization facility (“2020-1 Securitization Facility”) backed by a revolving warehouse line of credit. The 2020-1 Securitization Facility is secured by newly originated, first-lien, residential mortgage loans eligible for purchase by Fannie Mae and Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2020-1 Securitization Facility issued $600.0 million in notes and certificates that bear interest at 30-day LIBOR plus a margin. The 2020-1 Securitization Facility will terminate on the earlier of (i) the two-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full and (iii) the date of the occurrence and continuance of an event
of default.

In December 2020, the Company issued notes through a new securitization facility (“2020-2 Securitization Facility”) backed by a revolving warehouse line of credit. The 2020-2 Securitization Facility is secured by newly originated, first-lien, fixed rate residential mortgage loans eligible for purchase by the GSEs or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2020-2 Securitization Facility issued $500.0 million in notes and certificates that bear interest at 30-day LIBOR plus a margin. The 2020-2 Securitization Facility will terminate on the earlier of (i) the three year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full and (iii) the date of the occurrence and continuance of an event of default.
In February 2021, the Company issued notes and a class of owner trust certificates through an additional securitization facility (“2021-1 Securitization Facility”) backed by a revolving warehouse line of credit. The 2021-1 Securitization Facility is secured by newly originated, first-lien, fixed-rate or adjustable-rate, residential mortgage loans which are originated in accordance with the criteria of Fannie Mae and Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2021-1 Securitization Facility issued $500.0 million in notes that bear interest at 30-day LIBOR plus a margin. The 2021-1 Securitization Facility will terminate on the earlier of (i) the three-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full and (iii) the date of the occurrence and continuance of an event of default.

In April 2021, the Company issued notes and a class of owner trust certificates through an additional securitization facility (“2021-2 Securitization Facility”) backed by a revolving warehouse line of credit. The 2021-2 Securitization Facility is secured by newly originated, first-lien, fixed-rate or adjustable-rate, residential mortgage loans which are originated in accordance with the criteria of Fannie Mae and Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2021-2 Securitization Facility issued $500.0 million in notes that bear interest at 30-day LIBOR plus a margin. The 2021-2 Securitization Facility will terminate on the earlier of (i) the three-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full and (iii) the date of the occurrence and continuance of an event of default.

The following table presents certain information on warehouse borrowings:
Outstanding Balance
Committed
Amount		Uncommitted
Amount		Total
Facility
Amount		Expiration
Date		June 30,
2021		December 31,
2020
Facility 1(1)
$1,000,000 $300,000 $1,300,000 10/29/2021$1,226,151 $1,665,005 
Facility 2(2)
— 600,000 600,000 9/27/2021567,304 226,891 
Facility 3(3)
— 500,000 500,000 7/28/2021484,260 206,863 
Facility 4(4)
100,000 300,000 400,000 8/8/2021393,803 335,096 
Facility 5(5)
— 200,000 200,000 N/A— — 
Facility 6(5)
100,000 1,000,000 1,100,000 10/11/20211,084,042 626,741 
Facility 7(6)
750,000 750,000 1,500,000 5/5/20231,274,245 919,068 
Facility 8(7)
— — — 5/14/2021— 300,000 
Facility 9(8)
300,000 — 300,000 10/23/2021300,000 299,803 
Facility 10— 850,000 850,000 N/A591,036 358,761 
Facility 11(8)
600,000 — 600,000 10/25/2022600,000 600,000 
Facility 12(8)
500,000 — 500,000 12/17/2023500,000 500,000 
Facility 13— 600,000 600,000 8/25/2021477,753 259,247 
Facility 14(7)
— — — 2/10/2021— 279,954 
Facility 15500,000 — 500,000 2/2/2024500,000 — 
Facility 16500,000 — 500,000 4/23/2024499,771 — 
Total $4,350,000 $5,100,000 $9,450,000 $8,498,365 $6,577,429 
(1)The total facility is available both to fund loan originations and also provide liquidity under a gestation facility to finance recently sold MBS up to the MBS settlement date.
(2)In addition to the warehouse line, the lender provides a separate gestation facility to finance recently sold MBS up to the MBS settlement date.
(3)In July 2021, this facility was extended to mature in August 2021.
(4)In August 2021, this facility was extended to mature in September 2021.
(5)In addition to the warehouse line, the lender provides a separate gestation facility to finance recently sold MBS up to the MBS settlement date.
(6)In addition to the outstanding balance secured by mortgage loans, the Company has $15.0 million outstanding to finance servicing rights included within debt obligations in the consolidated balance sheets.
(7)The Company did not renew this facility.
(8)Securitization backed by a revolving warehouse facility to finance newly originated first-lien fixed and adjustable rate mortgage loans.


The following table presents certain information on warehouse borrowings:
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Maximum outstanding balance during the period$9,180,276 $3,798,602 $9,180,276 $3,846,596 
Average balance outstanding during the period8,164,737 3,375,718 7,838,140 3,332,154 
Collateral pledged (loans held for sale)8,919,427 3,098,403 8,919,427 3,098,403 
Weighted average interest rate during the period2.21 %2.35 %2.27 %2.79 %
DEBT OBLIGATIONS
The following table presents certain information on outstanding debt.
Outstanding Balance
June 30,
2021		December 31,
2020
Secured debt obligations, net:
Secured credit facilities$165,016 $— 
2020-VF1 Notes10,511 7,571 
GMSR VFN15,000 15,000 
Term notes198,885 198,640 
Total secured debt obligations, net389,412 221,211 
Unsecured debt obligations, net:
Senior notes1,083,897 491,255 
Total unsecured debt obligations, net1,083,897 491,255 
Total debt obligations, net$1,473,309 $712,466 


Secured Credit Facilities

Original Secured Credit Facility. The Company entered into a $25.0 million revolving secured credit facility (the “Original Secured Credit Facility”) in October 2014 to finance servicing rights and for other working capital needs and general corporate purposes. The Company has entered into subsequent amendments with the lender to increase and decrease the size of the facility and extend the maturity date. The Original Secured Credit Facility is secured by servicing rights and accrues interest at a base rate per annum of 30-day LIBOR plus a margin. As of June 30, 2021, there was $150.0 million outstanding on the Original Secured Credit Facility with a maturity of June 2022. At June 30, 2021, capacity under the facility was $248.0 million and the Company had pledged $808.0 million in fair value of servicing rights as collateral to secure the outstanding advances. Advances for servicing rights are determined using a borrowing base formula calculated against the fair market value of the pledged servicing rights. Under the Original Secured Credit Facility, the Company is required to satisfy certain financial covenants, including minimum tangible net worth, minimum liquidity, maximum leverage and debt service coverage. As of June 30, 2021, the Company was in compliance with all such covenants.

Second Secured Credit Facility. The Company amended one of its warehouse line facilities to provide a $50.0 million sub-limit to finance servicing rights and for other working capital needs and general corporate purposes (the “Second Secured Credit Facility”) in May 2015. In March 2021, we terminated the sub-limit on this facility.
Securities Financing. The Company entered into a master repurchase agreement to finance securities retained in the Mello Mortgage Capital Acceptance 2021-INV1 securitization ("Securities Financing") in June 2021. The Securities Financing has an advance rate between 60% and 90% based on the class of security and accrues interest at a rate of 90-day LIBOR plus a margin. At June 30, 2021, there was $15.0 million in the Securities Financing outstanding.


2020-VF1 Notes

In September 2020, the Company, through its indirect-wholly owned subsidiary loanDepot Agency Advance Receivables Trust (the “Advance Receivables Trust”), entered into a variable funding note facility for the financing of servicing advance receivables with respect to residential mortgage loans serviced by it on behalf of Fannie Mae and Freddie Mac. Pursuant to an indenture, the Advance Receivables Trust issued up to $130.0 million in variable funding notes (the “2020-VF1 Notes”). The 2020-VF1 Notes accrue interest at 30-day LIBOR plus a margin per annum and mature in September 2021 (unless earlier redeemed in accordance with their terms). The 2020-VF1 Notes are secured by LDLLC's rights to reimbursement for advances made pursuant to Fannie Mae and Freddie Mac requirements. At June 30, 2021, there was $10.5 million in the Advance Receivables Trust outstanding, net of $0.3 million in deferred financing costs. Under this facility, the Company is required to satisfy certain financial covenants including minimum levels of tangible net worth and liquidity and maximum levels of consolidated leverage. As of June 30, 2021, the Company was in compliance with all such covenants.

GMSR VFN

The Company entered into a master repurchase agreement with one of its wholly-owned subsidiaries, loanDepot GMSR Master Trust (“GMSR Trust”) in August 2017 to finance Ginnie Mae mortgage servicing rights (the “GNMA MSRs”) owned by the Company (the “GNMA MSR Facility”) pursuant to the terms of a base indenture (the “GNMA MSR Indenture”). The Company pledged participation certificates representing beneficial interests in GNMA MSRs to the GMSR Trust. The Company is party to an acknowledgment agreement with Ginnie Mae whereby we may, from time to time pursuant to the terms of any supplemental indenture, issue to institutional investors variable funding notes or one or more series of term notes, in each case secured by the participation certificates relating to the GNMA MSRs held by the GMSR Trust. In August 2017, the Company, through the GMSR Trust, issued a variable funding note (the “GMSR VFN”) in the initial amount of $65.0 million. The maximum amount of the GMSR VFN is $150.0 million. The GMSR VFN is secured by GNMA MSRs and bears interest at 30-day LIBOR plus a margin per annum. The Company has entered into subsequent agreements to amend certain terms of the GMSR VFN and extend the maturity date. As of June 30, 2021, there was $15.0 million in GMSR VFN outstanding with a maturity of October 2021. Under this facility, the Company is required to satisfy certain financial covenants. As of June 30, 2021, the Company was in compliance with all such covenants.

Term Notes

In November 2017, the Company, through the GMSR Trust, issued an aggregate principal amount of $110.0 million in secured term notes (the “Term Notes”). The Term Notes were secured by certain participation certificates relating to GNMA MSRs pursuant to the GNMA MSR Facility. In October 2018, the GMSR Trust was amended and restated for the purpose of issuing the Series 2018-GT1 Term Notes. The Term Notes accrue interest at 30-day LIBOR plus a margin per annum and mature in October 2023 or, if extended pursuant to the terms of the related indenture supplement, October 2025 (unless earlier redeemed in accordance with their terms). The Company issued $200.0 million in Term Notes and used the proceeds to pay off $110.0 million in outstanding GMSR Term Notes. At June 30, 2021, there was $198.9 million in Term Notes outstanding, net of $1.1 million in deferred financing costs. Under this facility, the Company is required to satisfy certain financial covenants. As of June 30, 2021, the Company was in compliance with all such covenants.

Senior Notes

In October 2020, the Company issued $500.0 million in aggregate principal amount of 6.50% senior unsecured notes due 2025, (the “2025 Senior Notes”). The 2025 Senior Notes will mature on November 1, 2025. Interest on the 2025 Senior Notes accrues at a rate of 6.50% per annum, payable semi-annually in arrears on May 1 and November 1 of each year. At any time prior to November 1, 2022, we may redeem some or all of the 2025 Senior Notes at a price equal to 100% of the principal amount of the 2025 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of redemption plus a
make-whole premium. We may also redeem the 2025 Senior Notes at our option, in whole or in part, at any time on or after November 1, 2022 at various redemption prices. In addition, subject to certain conditions at any time prior to November 1, 2022, we may redeem up to 40% of the principal amount of the 2025 Senior Notes with the proceeds of certain equity offerings at a redemption price of 106.50% of the principal amount of the 2025 Senior Notes, together with accrued and unpaid interest, if any, to, but not including, the date of redemption. At June 30, 2021, there was $492.3 million in 2025 Senior Notes outstanding, net of $7.7 million in deferred financing costs.

In March 2021, the Company issued $600.0 million in aggregate principal amount of 6.125% senior unsecured notes due 2028 (the “2028 Senior Notes” and together with the 2025 Senior Notes, the "Senior Notes"). The 2028 Senior Notes will mature on April 1, 2028. Interest on the 2028 Senior Notes accrues at a rate of 6.125% per annum, payable semi-annually in arrears on April 1 and October 1 of each year. At any time prior to April 1, 2024, we may redeem some or all of the 2028 Senior Notes at a price equal to 100% of the principal amount of the 2028 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of redemption plus a make-whole premium. We may also redeem the 2028 Senior Notes at our option, in whole or in part, at any time on or after April 1, 2024 at various redemption prices. In addition, subject to certain conditions at any time prior to April 1, 2024, we may redeem up to 40% of the principal amount of the 2028 Senior Notes with the proceeds of certain equity offerings at a redemption price of 106.125% of the principal amount of the 2028 Senior Notes, together with accrued and unpaid interest, if any, to, but not including, the date of redemption. At June 30, 2021, there was $591.6 million in 2028 Senior Notes outstanding, net of $8.4 million in deferred financing costs.

Interest Expense
Interest expense on all outstanding debt obligations with variable rates is paid based on 30-day or 90-day LIBOR plus a margin ranging from 0.45% - 4.75%.
v3.21.2
DEBT OBLIGATIONS
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS WAREHOUSE AND OTHER LINES OF CREDIT
At June 30, 2021, the Company is a party to 14 lines of credit with lenders providing $9.5 billion of warehouse and revolving credit facilities. The warehouse and revolving credit facilities are used to fund, and are secured by, residential mortgage loans held for sale. Interest expense on warehouse and revolving lines of credit is recorded to interest expense on the consolidated statements of operations.

The warehouse and revolving lines of credit are repaid using proceeds from the sale of loans. The base interest rates on the Company’s warehouse lines bear interest at 30-day LIBOR plus a margin. Some of the lines carry additional fees in the form of annual facility fees charged on the total line amount, commitment fees charged on the committed portion of the line and non-usage fees charged when monthly usage falls below a certain utilization percentage. The weighted average interest rate at
June 30, 2021 totaled 2.06%. The Company’s warehouse lines are scheduled to expire through 2023 under one or two year terms and all lines are subject to renewal based on an annual credit review conducted by the lender. The Company’s securitization facilities’ notes have two to three year terms and are due October 2021, October 2022, December 2023 and February 2024, and April 2024.

The base interest rates for all warehouse lines of credit are subject to increase based upon the characteristics of the underlying loans collateralizing the lines of credit, including, but not limited to product type and number of days held for sale.  Certain of the warehouse line lenders require the Company, at all times, to maintain cash accounts with minimum required balances.  As of June 30, 2021 and December 31, 2020, there was $5.8 million and $6.7 million, respectively, held in these accounts which are recorded as a component of restricted cash on the consolidated balance sheets.

Under the terms of these warehouse lines, the Company is required to maintain various financial and other covenants. These financial covenants include, but are not limited to, maintaining (i) minimum tangible net worth, (ii) minimum liquidity, (iii) a minimum current ratio, (iv) a maximum distribution requirement, (v) a maximum leverage ratio, (vi) pre-tax net income requirements and (vii) a maximum warehouse capacity ratio. As of June 30, 2021, the Company was in compliance with all warehouse lending related covenants.

Securitization Facilities

In May 2019, the Company issued notes through a new securitization facility (“2019-1 Securitization Facility”) backed by a revolving warehouse line of credit. The 2019-1 Securitization Facility is secured by newly originated, first-lien, fixed rate or adjustable rate, residential mortgage loans which are originated in accordance with the criteria of Fannie Mae or Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2019-1 Securitization Facility issued $300.0 million in notes and certificates that bear interest at 30-day LIBOR plus a margin. The 2019-1 Securitization Facility will terminate on the earlier of (i) the two-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full and (iii) the date of the occurrence and continuance of an event of default. In May 2021, the Company fully repaid the notes and certificates of the 2019-1 Securitization Facility.

In October 2019, the Company issued notes through an additional securitization facility (“2019-2 Securitization Facility”) backed by a revolving warehouse line of credit. The 2019-2 Securitization Facility is secured by newly originated, first-lien, fixed rate or adjustable rate, residential mortgage loans which are originated in accordance with the criteria of Fannie Mae or Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2019-2 Securitization Facility issued $300.0 million in notes and certificates that bear interest at 30-day LIBOR plus a margin. The 2019-2 Securitization Facility will terminate on the earlier of (i) the two-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full and (iii) the date of the occurrence and continuance of an event of default.

In October 2020, the Company issued notes through an additional securitization facility (“2020-1 Securitization Facility”) backed by a revolving warehouse line of credit. The 2020-1 Securitization Facility is secured by newly originated, first-lien, residential mortgage loans eligible for purchase by Fannie Mae and Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2020-1 Securitization Facility issued $600.0 million in notes and certificates that bear interest at 30-day LIBOR plus a margin. The 2020-1 Securitization Facility will terminate on the earlier of (i) the two-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full and (iii) the date of the occurrence and continuance of an event
of default.

In December 2020, the Company issued notes through a new securitization facility (“2020-2 Securitization Facility”) backed by a revolving warehouse line of credit. The 2020-2 Securitization Facility is secured by newly originated, first-lien, fixed rate residential mortgage loans eligible for purchase by the GSEs or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2020-2 Securitization Facility issued $500.0 million in notes and certificates that bear interest at 30-day LIBOR plus a margin. The 2020-2 Securitization Facility will terminate on the earlier of (i) the three year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full and (iii) the date of the occurrence and continuance of an event of default.
In February 2021, the Company issued notes and a class of owner trust certificates through an additional securitization facility (“2021-1 Securitization Facility”) backed by a revolving warehouse line of credit. The 2021-1 Securitization Facility is secured by newly originated, first-lien, fixed-rate or adjustable-rate, residential mortgage loans which are originated in accordance with the criteria of Fannie Mae and Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2021-1 Securitization Facility issued $500.0 million in notes that bear interest at 30-day LIBOR plus a margin. The 2021-1 Securitization Facility will terminate on the earlier of (i) the three-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full and (iii) the date of the occurrence and continuance of an event of default.

In April 2021, the Company issued notes and a class of owner trust certificates through an additional securitization facility (“2021-2 Securitization Facility”) backed by a revolving warehouse line of credit. The 2021-2 Securitization Facility is secured by newly originated, first-lien, fixed-rate or adjustable-rate, residential mortgage loans which are originated in accordance with the criteria of Fannie Mae and Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2021-2 Securitization Facility issued $500.0 million in notes that bear interest at 30-day LIBOR plus a margin. The 2021-2 Securitization Facility will terminate on the earlier of (i) the three-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full and (iii) the date of the occurrence and continuance of an event of default.

The following table presents certain information on warehouse borrowings:
Outstanding Balance
Committed
Amount		Uncommitted
Amount		Total
Facility
Amount		Expiration
Date		June 30,
2021		December 31,
2020
Facility 1(1)
$1,000,000 $300,000 $1,300,000 10/29/2021$1,226,151 $1,665,005 
Facility 2(2)
— 600,000 600,000 9/27/2021567,304 226,891 
Facility 3(3)
— 500,000 500,000 7/28/2021484,260 206,863 
Facility 4(4)
100,000 300,000 400,000 8/8/2021393,803 335,096 
Facility 5(5)
— 200,000 200,000 N/A— — 
Facility 6(5)
100,000 1,000,000 1,100,000 10/11/20211,084,042 626,741 
Facility 7(6)
750,000 750,000 1,500,000 5/5/20231,274,245 919,068 
Facility 8(7)
— — — 5/14/2021— 300,000 
Facility 9(8)
300,000 — 300,000 10/23/2021300,000 299,803 
Facility 10— 850,000 850,000 N/A591,036 358,761 
Facility 11(8)
600,000 — 600,000 10/25/2022600,000 600,000 
Facility 12(8)
500,000 — 500,000 12/17/2023500,000 500,000 
Facility 13— 600,000 600,000 8/25/2021477,753 259,247 
Facility 14(7)
— — — 2/10/2021— 279,954 
Facility 15500,000 — 500,000 2/2/2024500,000 — 
Facility 16500,000 — 500,000 4/23/2024499,771 — 
Total $4,350,000 $5,100,000 $9,450,000 $8,498,365 $6,577,429 
(1)The total facility is available both to fund loan originations and also provide liquidity under a gestation facility to finance recently sold MBS up to the MBS settlement date.
(2)In addition to the warehouse line, the lender provides a separate gestation facility to finance recently sold MBS up to the MBS settlement date.
(3)In July 2021, this facility was extended to mature in August 2021.
(4)In August 2021, this facility was extended to mature in September 2021.
(5)In addition to the warehouse line, the lender provides a separate gestation facility to finance recently sold MBS up to the MBS settlement date.
(6)In addition to the outstanding balance secured by mortgage loans, the Company has $15.0 million outstanding to finance servicing rights included within debt obligations in the consolidated balance sheets.
(7)The Company did not renew this facility.
(8)Securitization backed by a revolving warehouse facility to finance newly originated first-lien fixed and adjustable rate mortgage loans.


The following table presents certain information on warehouse borrowings:
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Maximum outstanding balance during the period$9,180,276 $3,798,602 $9,180,276 $3,846,596 
Average balance outstanding during the period8,164,737 3,375,718 7,838,140 3,332,154 
Collateral pledged (loans held for sale)8,919,427 3,098,403 8,919,427 3,098,403 
Weighted average interest rate during the period2.21 %2.35 %2.27 %2.79 %
DEBT OBLIGATIONS
The following table presents certain information on outstanding debt.
Outstanding Balance
June 30,
2021		December 31,
2020
Secured debt obligations, net:
Secured credit facilities$165,016 $— 
2020-VF1 Notes10,511 7,571 
GMSR VFN15,000 15,000 
Term notes198,885 198,640 
Total secured debt obligations, net389,412 221,211 
Unsecured debt obligations, net:
Senior notes1,083,897 491,255 
Total unsecured debt obligations, net1,083,897 491,255 
Total debt obligations, net$1,473,309 $712,466 


Secured Credit Facilities

Original Secured Credit Facility. The Company entered into a $25.0 million revolving secured credit facility (the “Original Secured Credit Facility”) in October 2014 to finance servicing rights and for other working capital needs and general corporate purposes. The Company has entered into subsequent amendments with the lender to increase and decrease the size of the facility and extend the maturity date. The Original Secured Credit Facility is secured by servicing rights and accrues interest at a base rate per annum of 30-day LIBOR plus a margin. As of June 30, 2021, there was $150.0 million outstanding on the Original Secured Credit Facility with a maturity of June 2022. At June 30, 2021, capacity under the facility was $248.0 million and the Company had pledged $808.0 million in fair value of servicing rights as collateral to secure the outstanding advances. Advances for servicing rights are determined using a borrowing base formula calculated against the fair market value of the pledged servicing rights. Under the Original Secured Credit Facility, the Company is required to satisfy certain financial covenants, including minimum tangible net worth, minimum liquidity, maximum leverage and debt service coverage. As of June 30, 2021, the Company was in compliance with all such covenants.

Second Secured Credit Facility. The Company amended one of its warehouse line facilities to provide a $50.0 million sub-limit to finance servicing rights and for other working capital needs and general corporate purposes (the “Second Secured Credit Facility”) in May 2015. In March 2021, we terminated the sub-limit on this facility.
Securities Financing. The Company entered into a master repurchase agreement to finance securities retained in the Mello Mortgage Capital Acceptance 2021-INV1 securitization ("Securities Financing") in June 2021. The Securities Financing has an advance rate between 60% and 90% based on the class of security and accrues interest at a rate of 90-day LIBOR plus a margin. At June 30, 2021, there was $15.0 million in the Securities Financing outstanding.


2020-VF1 Notes

In September 2020, the Company, through its indirect-wholly owned subsidiary loanDepot Agency Advance Receivables Trust (the “Advance Receivables Trust”), entered into a variable funding note facility for the financing of servicing advance receivables with respect to residential mortgage loans serviced by it on behalf of Fannie Mae and Freddie Mac. Pursuant to an indenture, the Advance Receivables Trust issued up to $130.0 million in variable funding notes (the “2020-VF1 Notes”). The 2020-VF1 Notes accrue interest at 30-day LIBOR plus a margin per annum and mature in September 2021 (unless earlier redeemed in accordance with their terms). The 2020-VF1 Notes are secured by LDLLC's rights to reimbursement for advances made pursuant to Fannie Mae and Freddie Mac requirements. At June 30, 2021, there was $10.5 million in the Advance Receivables Trust outstanding, net of $0.3 million in deferred financing costs. Under this facility, the Company is required to satisfy certain financial covenants including minimum levels of tangible net worth and liquidity and maximum levels of consolidated leverage. As of June 30, 2021, the Company was in compliance with all such covenants.

GMSR VFN

The Company entered into a master repurchase agreement with one of its wholly-owned subsidiaries, loanDepot GMSR Master Trust (“GMSR Trust”) in August 2017 to finance Ginnie Mae mortgage servicing rights (the “GNMA MSRs”) owned by the Company (the “GNMA MSR Facility”) pursuant to the terms of a base indenture (the “GNMA MSR Indenture”). The Company pledged participation certificates representing beneficial interests in GNMA MSRs to the GMSR Trust. The Company is party to an acknowledgment agreement with Ginnie Mae whereby we may, from time to time pursuant to the terms of any supplemental indenture, issue to institutional investors variable funding notes or one or more series of term notes, in each case secured by the participation certificates relating to the GNMA MSRs held by the GMSR Trust. In August 2017, the Company, through the GMSR Trust, issued a variable funding note (the “GMSR VFN”) in the initial amount of $65.0 million. The maximum amount of the GMSR VFN is $150.0 million. The GMSR VFN is secured by GNMA MSRs and bears interest at 30-day LIBOR plus a margin per annum. The Company has entered into subsequent agreements to amend certain terms of the GMSR VFN and extend the maturity date. As of June 30, 2021, there was $15.0 million in GMSR VFN outstanding with a maturity of October 2021. Under this facility, the Company is required to satisfy certain financial covenants. As of June 30, 2021, the Company was in compliance with all such covenants.

Term Notes

In November 2017, the Company, through the GMSR Trust, issued an aggregate principal amount of $110.0 million in secured term notes (the “Term Notes”). The Term Notes were secured by certain participation certificates relating to GNMA MSRs pursuant to the GNMA MSR Facility. In October 2018, the GMSR Trust was amended and restated for the purpose of issuing the Series 2018-GT1 Term Notes. The Term Notes accrue interest at 30-day LIBOR plus a margin per annum and mature in October 2023 or, if extended pursuant to the terms of the related indenture supplement, October 2025 (unless earlier redeemed in accordance with their terms). The Company issued $200.0 million in Term Notes and used the proceeds to pay off $110.0 million in outstanding GMSR Term Notes. At June 30, 2021, there was $198.9 million in Term Notes outstanding, net of $1.1 million in deferred financing costs. Under this facility, the Company is required to satisfy certain financial covenants. As of June 30, 2021, the Company was in compliance with all such covenants.

Senior Notes

In October 2020, the Company issued $500.0 million in aggregate principal amount of 6.50% senior unsecured notes due 2025, (the “2025 Senior Notes”). The 2025 Senior Notes will mature on November 1, 2025. Interest on the 2025 Senior Notes accrues at a rate of 6.50% per annum, payable semi-annually in arrears on May 1 and November 1 of each year. At any time prior to November 1, 2022, we may redeem some or all of the 2025 Senior Notes at a price equal to 100% of the principal amount of the 2025 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of redemption plus a
make-whole premium. We may also redeem the 2025 Senior Notes at our option, in whole or in part, at any time on or after November 1, 2022 at various redemption prices. In addition, subject to certain conditions at any time prior to November 1, 2022, we may redeem up to 40% of the principal amount of the 2025 Senior Notes with the proceeds of certain equity offerings at a redemption price of 106.50% of the principal amount of the 2025 Senior Notes, together with accrued and unpaid interest, if any, to, but not including, the date of redemption. At June 30, 2021, there was $492.3 million in 2025 Senior Notes outstanding, net of $7.7 million in deferred financing costs.

In March 2021, the Company issued $600.0 million in aggregate principal amount of 6.125% senior unsecured notes due 2028 (the “2028 Senior Notes” and together with the 2025 Senior Notes, the "Senior Notes"). The 2028 Senior Notes will mature on April 1, 2028. Interest on the 2028 Senior Notes accrues at a rate of 6.125% per annum, payable semi-annually in arrears on April 1 and October 1 of each year. At any time prior to April 1, 2024, we may redeem some or all of the 2028 Senior Notes at a price equal to 100% of the principal amount of the 2028 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of redemption plus a make-whole premium. We may also redeem the 2028 Senior Notes at our option, in whole or in part, at any time on or after April 1, 2024 at various redemption prices. In addition, subject to certain conditions at any time prior to April 1, 2024, we may redeem up to 40% of the principal amount of the 2028 Senior Notes with the proceeds of certain equity offerings at a redemption price of 106.125% of the principal amount of the 2028 Senior Notes, together with accrued and unpaid interest, if any, to, but not including, the date of redemption. At June 30, 2021, there was $591.6 million in 2028 Senior Notes outstanding, net of $8.4 million in deferred financing costs.

Interest Expense
Interest expense on all outstanding debt obligations with variable rates is paid based on 30-day or 90-day LIBOR plus a margin ranging from 0.45% - 4.75%.
v3.21.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The components of the provision for income taxes are summarized below.
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Total income before income taxes and non-controlling interest$30,509 $649,485 476,639 738,480 
Provision for income taxes4,225 890 22,502 890 
Effective tax provision rate13.8 %0.1 %4.7 %0.1 %


The Company’s income tax expense varies from the expense that would be expected based on statutory rates due principally to its organizational structure. Prior to the IPO, income taxes for LD Holdings at the consolidated level were primarily federal, state, and local taxes for ACT, a C Corporation. As part of the completion of the IPO, the Company became a C Corporation subject to federal, state, and local income taxes with respect to its share of net taxable income of LD Holdings.

As of June 30, 2021, the Company had a deferred tax asset before any valuation allowance of $56,000 and a deferred tax liability of $202.9 million. Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. The deferred tax liability as of June 30, 2021 relates to temporary differences in the book basis as compared to the tax basis of loanDepot, Inc.’s investment in LD Holdings, net of tax benefits from future deductions for payments made under the TRA as a result of the offering transaction. Changes in tax laws and rates may affect recorded deferred tax assets and liabilities and the Company’s effective tax rate in the future. Deferred income taxes are measured using the applicable tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on the tax rates that have been enacted at the reporting date. The Company measured its deferred tax assets and liabilities at June 30, 2021 and December 31, 2020 using the combined federal and state rate (less federal benefit) of 26%. The Company establishes a valuation allowance when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. As of June 30, 2021, the Company did not have a valuation allowance on any deferred tax assets as the Company believes it is more-likely-than-not that the Company will realize the benefits of the deferred tax assets. The Company recognized a TRA liability of $12.9 million as of June 30,
2021, which represents the Company’s estimate of the aggregate amount that it will pay under the TRA as a result of the offering transaction, refer to Note 16- Commitments and Contingencies, for further information on the TRA liability.
v3.21.2
RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
In conjunction with its joint ventures, the Company entered into agreements to provide services to the joint ventures for which it receives and pays fees. Services for which the Company earns fees comprise loan processing and administrative services (legal, accounting, human resources, data processing and management information, assignment processing, post-closing, underwriting, facilities management, quality control, management consulting, risk management, promotions, public relations, advertising and compliance with credit agreements). The Company also originates eligible mortgage loans referred to it by the joint ventures for which the Company pays the joint ventures a broker fee.

Fees earned, costs incurred, and amounts payable to or receivable from joint ventures were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Loan processing and administrative services fee income$3,754 $3,572 $7,107 $6,182 
Loan origination broker fees expense22,258 19,921 40,708 33,867 
June 30,
2021		December 31,
2020
Amounts (payable) receivable from joint ventures$(2,934)$2,196 

The Company paid management fees to a Unitholder of the Company of $215,000 during the six months ended June 30, 2021 and $239,000 and $531,000 during the three and six months ended June 30, 2020, respectively. The Company paid consulting fees to a Unitholder of the Company of $41,000 during the three months ended June 30, 2021. The Company employed certain individuals who provided services to a Unitholder whose salaries totaled $76,000 and $227,000 during the three and six months ended June 30, 2021 and $13,000 and $113,000 during three and six months ended June 30, 2020, respectively.
v3.21.2
EQUITY
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
EQUITY EQUITY
As a result of the IPO and reorganization discussed in Note 1- Description of Business, Presentation and Summary of Significant Accounting Policies, the financial statements for the periods prior to the IPO were adjusted to combine the previously separate entities for presentation.

Prior to the IPO, the Company completed a reorganization by which it changed its equity structure to create a single class of LLC Units in LD Holdings. Prior to that transaction, the capital structure consisted of different classes of membership interests held by Continuing LLC Members. The LLC Units were then exchanged on a one-for-one basis for Holdco Units and Class C common stock. The Continuing LLC Members have the right to exchange one Holdco Unit and one share of Class B common stock or Class C common stock, as applicable, together for cash or one share of Class A common stock at the Company’s election, subject to customary conversion rate adjustments for stock splits, stock dividends, and reclassifications.
The Company consolidates the financial results of LD Holdings and reports noncontrolling interest related to the interests held by the Continuing LLC Members.

The noncontrolling interest of $1.1 billion and $1.7 billion as of June 30, 2021 and December 31, 2020, respectively, represented the economic interest in LD Holdings held by the Continuing LLC Members. The following table summarizes the ownership of LD Holdings as of June 30, 2021.

Holding Member Interests:Holdco UnitsOwnership Percentage
loanDepot, Inc.127,519,73041.30%
Continuing LLC Members181,268,15558.70%
Total308,787,885100.00%
v3.21.2
STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The stock-based compensation expense recognized on all share-based awards was $1.9 million and $61.8 million for the three and six months ended June 30, 2021 and $6.8 million and $6.7 million for the three and six months ended June 30, 2020. As of June 30, 2021, there was $29.4 million of unrecognized compensation related to all unvested awards.

LDI Awards

Effective upon the completion of the IPO, the Company adopted the 2021 Plan. The 2021 Plan allows for the grant of stock options, restricted stock, RSUs, and stock appreciation rights. The Company reserved a total of 16,250,000 shares of common stock for issuance pursuant to the 2021 Plan, which amount shall be increased on the first day of each fiscal year during the term of the 2021 Plan commencing with the 2022 fiscal year by (1) 2% of the total number of shares of common stock outstanding on the last day of the immediately preceding fiscal year, or (ii) a lesser amount determined by the Company's board of directors. There are currently only RSUs granted under the 2021 Plan. The following is a summary of RSU activity for the three and six months ended June 30, 2021.

Three Months Ended
June 30,		Six Months Ended
June 30,
20212021
Weighted AverageWeighted Average
Grant DateGrant Date
SharesFair ValueSharesFair Value
Unvested - beginning of period709,313 $26.45 — $— 
Granted443,116 15.37 3,368,116 24.99 
Vested(17,856)17.01 (2,233,543)26.37 
Forfeited/Cancelled(65,000)26.45 (65,000)26.45 
Unvested - end of period1,069,573 22.02 1,069,573 22.02 

Total compensation expense for the LDI awards was $1.3 million and $60.4 million for the three and six months ended ended June 30, 2021, respectively. Unrecognized compensation expense related to these RSUs was $22.1 million and is expected to be recognized over a weighted average period of 4.07 years.

Holdco Units
Prior to the IPO, the Company’s 2009 Incentive Equity Plan, 2012 Incentive Equity Plan, and 2015 Incentive Equity Plan (collectively, the “Plans”) provided for the granting of Class Z, Class Y, Class X, and Class W Common Units of LD Holdings to employees, managers, consultants, and advisors of the Company and its subsidiaries. Participants that received grants or purchased Class Z, Class Y, Class X, or Class W Common Units of LD Holdings pursuant to the Plans were required to become a party to the Limited Liability Company Agreement.

As part of the IPO and reorganization discussed in Note 1- Description of Business, Presentation, and Summary of Significant Accounting Policies, any outstanding units were equitably adjusted and replaced with a single new class of LLC Units that were exchanged on a one-for-one basis for Class A Holdco Units. No further awards will be granted under the Plans as both the Plans and LLC Agreement were terminated.

The following table presents a summary of the changes in awards subsequent to the conversion into Class A Holdco Units for the three and six months ended ended June 30, 2021:
Three Months Ended
June 30,		Six Months Ended
June 30,
20212021
SharesWeighted Average Grant Date Fair ValueSharesWeighted Average Grant Date Fair Value
Unvested - beginning of period18,922,922 $0.49 19,632,883 $0.50 
Granted— — — — 
Vested(2,686,449)0.47 (3,396,410)0.54 
Forfeited/Cancelled(1,585,678)0.51 (1,585,678)0.51 
Unvested - end of period14,650,795 0.50 14,650,795 0.50 

The following table presents a summary of the changes in Class Z, Class Y, Class X, Class W and Class V Common Units for the period January 1, 2021 through February 10, 2021 prior to the conversion to Class A Holdco Units described above and for the three and six months ended June 30, 2020.

January 1, 2021
through
February 10, 2021
SharesWeighted Average Grant Date Fair Value
Unvested - beginning of period610,497,758 $0.016 
Vested(12,656,379)0.016 
Forfeited/Cancelled(3,552,286)0.016 
Unvested - end of period594,289,093 0.016 
Three Months Ended
June 30,		Six Months Ended
June 30,
20202020
SharesWeighted Average Grant Date Fair ValueSharesWeighted Average Grant Date Fair Value
Unvested - beginning of period89,541,592 $0.005 100,679,480 $0.006 
Granted1,227,342,174 0.016 1,227,342,174 0.016 
Vested(505,480,737)0.016 (506,610,385)0.016 
Forfeited/Cancelled(65,662,679)0.007 (75,670,919)0.007 
Unvested - end of period745,740,350 0.016 745,740,350 0.016 

The following assumptions were used for the grants during the three and six months ended June 30, 2020:

Risk-free interest rate0.30 %
Expected life1.7 years
Expected volatility
160.0 - 175.0%

Total compensation expense associated with the Holdco Units was $0.6 million and $1.4 million for the three and six months ended June 30, 2021 and $6.8 million and $6.7 million for the three and six months ended June 30, 2020, respectively.

At June 30, 2021 and December 31, 2020, the total unrecognized compensation cost related to unvested Holdco unit grants was $7.3 million and $9.5 million, respectively. This cost is expected to be recognized over the next 3.18 years.
v3.21.2
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
EARNINGS PER SHARE Earnings per Share
Basic earnings per share of Class A common stock and Class D common stock is computed by dividing net income attributable to loanDepot, Inc. by the weighted-average number of shares of Class A common stock and Class D common stock, respectively, outstanding during the period. Diluted earnings per share of Class A common stock and Class D common stock is computed by dividing net income attributable to loanDepot, Inc. by the weighted-average number of shares of Class A common stock and Class D common stock respectively, outstanding adjusted to give effect to potentially dilutive securities.
Earnings per share information has not been presented for the three and six months ended June 30, 2020. The basic and diluted earnings per share period for the three and six months ended June 30, 2021 represents the period after February 11, 2021, wherein the Company had outstanding Class A common stock and Class D common stock. There was no Class B common stock outstanding as of June 30, 2021.

The following table sets forth the calculation of basic and diluted earnings per share for the periods following the reorganization and IPO for Class A common stock and Class D common stock:
Three Months EndedSix Months Ended
June 30, 2021June 30, 2021
Class AClass DTotalClass AClass DTotal
Net income attributable to loanDepot, Inc.$678 $7,883 $8,561 $3,633 $49,803 $53,436 
Weighted average shares - basic10,038,195 116,688,681 126,726,876 8,592,536 117,800,413 126,392,949 
Earnings per share - basic$0.07 $0.07 $0.07 $0.42 $0.42 $0.42 
Net income allocated to common stockholders - diluted$678 $7,883 $8,561 $3,633 $49,803 $53,436 
Weighted average shares - diluted10,038,195 116,688,681 126,726,876 8,592,536 117,800,413 126,392,949 
Earnings per share - diluted$0.07 $0.07 $0.07 $0.42 $0.42 $0.42 

For the period from February 11, 2021 to June 30, 2021, 197,366,213 shares of Class C common stock were evaluated for the assumed exchange of noncontrolling interests and determined to be anti-dilutive, and thus were excluded from the computation of diluted earnings per share. For the three months ended June 30, 2021, 196,741,703 shares of Class C common stock were evaluated for the assumed exchange of noncontrolling interests and determined to be anti-dilutive, and thus were excluded from the computation of diluted earnings per share.
For the period from February 11, 2021 to June 30, 2021, 748,185 of RSUs were determined to be anti-dilutive, and thus excluded from the computation of diluted earnings per share. For the three months ended June 30, 2021, 808,090 of RSUs were determined to be anti-dilutive, and thus excluded from the computation of diluted earnings per share.
v3.21.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Escrow Services

In conducting its operations, the Company, through its wholly-owned subsidiaries, LDSS and ACT, routinely hold customers' assets in escrow pending completion of real estate financing transactions. These amounts are maintained in segregated bank accounts and are offset with the related liabilities resulting in no amounts reported in the accompanying consolidated balance sheets. The balances held for the Company’s customers totaled $190.3 million and $377.3 million at June 30, 2021 and December 31, 2020, respectively.

Legal Proceedings

The Company is a defendant in, or a party to, legal actions and proceedings that arise in the ordinary course of business. In some of these actions and proceedings, claims for monetary damages are asserted against the Company. These matters include actions alleging improper lending practices, improper servicing, quiet title actions, improper foreclosure practices, violations of consumer protection laws, etc. and on account of consumer bankruptcies. In many of these actions, the Company may not be the real party of interest (because the Company is not the servicer of the loan or the holder of the note) but it may appear in the pleadings because it is in the chain of title to property over which there may be a dispute. Such matters may be indemnified and managed by the appropriate party, which is generally the Company’s subservicer. In other cases, such as lien avoidance cases brought in bankruptcy, the Company is insured by title insurance, and the case is turned over to the title insurer who tenders the Company’s defense. In some of these actions and proceedings, claims for monetary damages are asserted against the Company. In view of the inherent difficulty of predicting the outcome of such legal actions and
proceedings, the Company generally cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss related to each pending matter may be, if any.

The Company seeks to resolve all litigation and regulatory matters in the manner management believes is in the best interest of the Company and contests liability, allegations of wrongdoing, and, where applicable, the amount of damages or scope of any penalties or other relief sought as appropriate in each pending matter. On at least a quarterly basis, the Company assesses its liabilities and contingencies in connection with outstanding legal and regulatory proceedings utilizing the latest information available. Any estimated loss is subject to significant judgment and is based upon currently available information, a variety of assumptions, and known and unknown uncertainties. Where available information indicates that it is probable a liability has been incurred and the Company can reasonably estimate the amount of the loss, an accrued liability is established. The actual costs of resolving these proceedings may be substantially higher or lower than the amounts accrued.

During the second quarter of 2021, the Company settled, on an individual basis, a putative Telephone Consumer Protection Act (“TCPA”) class action for a nominal amount. The Company previously disclosed a second putative TCPA class action where (i) the Company filed dispositive motions to dismiss the claims, (ii) the court granted the Company’s motion to stay the matter pending the outcome of a circuit court’s decision in a TCPA mater in which the Company is not a party, and (iii) the Company has determined that the legal action will not have a material adverse effect on the financial condition of the Company.

On December 24, 2020, the Company received a demand letter from one of the senior members of its operations team alleging, among other things, loan origination noncompliance and various employment related claims, including hostile work environment and gender discrimination, with unspecified damages. The executive has since resigned her position with the Company. The parties participated in pre-litigation mediation in May 2021. The parties did not resolve the matter at mediation, but negotiations are ongoing. While the Company’s management does not believe these allegations have merit, should the executive file a formal lawsuit against the Company, it could result in substantial costs and a diversion of management’s attention and resources.

The ultimate outcome of the other legal proceedings is uncertain, and the amount of any future potential loss is not considered probable or estimable. The Company will incur defense costs and other expenses in connection with these legal proceedings. If the final resolution of any legal proceedings is unfavorable, it could have a material adverse effect on the Company’s business and financial condition.

Based on the Company’s current understanding of these pending legal actions and proceedings, management does not believe that judgments or settlements arising from pending or threatened legal matters, individually or in the aggregate, will have a material adverse effect on the consolidated financial position, operating results or cash flows of the Company. However, unfavorable resolutions could affect the consolidated financial position, results of operations or cash flows for the years in which they are resolved.

Compliance Matters

During the fourth quarter of 2019, an increase in mortgage originations resulted in an increase in title orders and loan settlements, creating personnel and operational pressures within the Company. The Company increased staffing, adjusted schedules, and enhanced processes, but still experienced constraints in order to meet settlement timelines. Specifically, there was an increase in the number of days between receipt of funds from the originating lender and disbursement of those funds to pay off those loan transactions. In 2019, the Company initiated a review to refund consumers for any overage in per diem charges due to delays based on loan program and state property requirements. The Company established an accrual of $4.8 million as of December 31, 2019 for its estimate of the remaining refunds. As of January 2021, the Company had completed its review and processed refunds that totaled $4.2 million of which $3.9 million were completed throughout 2020 and the remaining $0.3 million in January 2021. As a result of this event and in order to prevent recurrence, the Company has decreased the number of states in which they accept orders in order to manage pipelines and routinely review key performance indicators along with pipeline estimates from their customers.

Regulatory Requirements
The Company is subject to various capital requirements by the U.S. Department of Housing and Urban Development (“HUD”); lenders of the warehouse lines of credit; and secondary markets investors. Failure to maintain minimum capital requirements could result in the inability to participate in HUD-assisted mortgage insurance programs, to borrow funds from warehouse line lenders or to sell or service mortgage loans. As of June 30, 2021, the Company was in compliance with its selling and servicing capital requirements.

Commitments to Extend Credit

The Company enters into IRLCs with customers who have applied for residential mortgage loans and meet certain credit and underwriting criteria. These commitments expose the Company to market risk if interest rates change and the loan is not economically hedged or committed to an investor. The Company is also exposed to credit loss if the loan is originated and not sold to an investor and the customer does not perform. The collateral upon extension of credit typically consists of a first deed of trust in the mortgagor’s residential property. Commitments to originate loans do not necessarily reflect future cash requirements as some commitments are expected to expire without being drawn upon. Total commitments to originate loans as of June 30, 2021 and December 31, 2020 approximated $19.4 billion and $31.5 billion, respectively. These loan commitments are treated as derivatives and are carried at fair value, refer to Note 7- Derivative Financial Instruments and Hedging Activities for further information on derivatives.

Loan Repurchase Reserve

When the Company sells mortgage loans, it makes customary representations and warranties to the purchasers about various characteristics of each loan such as the origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law. The Company’s whole loan sale agreements generally require it to repurchase loans if the Company breached a representation or warranty given to the loan purchaser. Additionally, the Company has repurchase obligations for personal loans facilitated through its banking relationship in the case where personal identification fraud is discovered at the inception of the loan.

The Company’s loan repurchase reserve for sold loans is reflected in accounts payable and accrued expenses. There have been charge-offs associated with early payoffs, early payment defaults and losses related to representations, warranties and other provisions for the three and six months ended June 30, 2021 and 2020.

The activity related to the loan loss obligation for sold loans is as follows:

Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Balance at beginning of period$30,052 $25,729 $33,591 $17,677 
(Reversal of) provision for loan losses(533)2,396 267 12,126 
Payments, realized losses and other(2,893)(2,695)(7,232)(4,373)
Balance at end of period$26,626 $25,430 $26,626 $25,430 

TRA Liability
The Company has entered into a TRA with Parthenon Stockholders and certain Continuing LLC Members, whereby loanDepot, Inc. will be obligated to pay such parties or their permitted assignees, 85% of the amount of cash tax savings, if any, in U.S. federal, state, and local taxes that loanDepot, Inc. realizes, or is deemed to realize as a result of future tax benefits from increases in tax basis. The TRA liability is accounted for as a contingent liability with amounts accrued when deemed probable and estimable. The Company recognized a TRA liability of $12.9 million as of June 30, 2021, which represents the Company’s estimate of the aggregate amount that it will pay under the TRA as a result of the offering transaction. The amounts payable under the TRA will vary depending on a number of factors, such as the amount and timing of taxable income attributable to loanDepot, Inc.
v3.21.2
REGULATORY CAPITAL AND LIQUIDITY REQUIREMENTS
 6 Months Ended
Jun. 30, 2021
Mortgage Banking [Abstract]  
REGULATORY CAPITAL AND LIQUIDITY REQUIREMENTS REGULATORY CAPITAL AND LIQUIDITY REQUIREMENTS
The Company, through certain subsidiaries, is required to maintain minimum net worth, liquidity and other financial requirements specified in certain of its selling and servicing agreements, including:

•Ginnie Mae single-family issuers. The eligibility requirements include net worth of $2.5 million plus 0.35% of outstanding Ginnie Mae single-family obligations and a liquidity requirement equal to the greater of $1.0 million or 0.10% of outstanding Ginnie Mae single-family securities.

•Fannie Mae and Freddie Mac. The eligibility requirements for seller/servicers include tangible net worth of $2.5 million plus 0.25% of the Company’s total single-family servicing portfolio, excluding loans subserviced for others and a liquidity requirement equal to 0.35% of the aggregate UPB serviced for the agencies plus 2.0% of total nonperforming agency servicing UPB in excess of 6%.
•HUD. The eligibility requirements include a minimum adjusted net worth of $1,000,000 plus 1% of the total volume in excess of $25,000,000 of FHA Single Family Mortgages originated, underwritten, serviced, and/or purchased during the prior fiscal year, up to a maximum required adjusted net worth of $2,500,000.
•Fannie Mae, Freddie Mac and Ginnie Mae. The Company is also required to hold a ratio of Adjusted/Tangible Net Worth to Total Assets greater than 6%.

To the extent that these requirements are not met, the Company may be subject to a variety of regulatory actions which could have a material adverse impact on our results of operations and financial condition. The most restrictive of the minimum net worth and capital requirements require the Company to maintain a minimum adjusted net worth balance of $106.2 million as of June 30, 2021. As of June 30, 2021, the Company was in compliance with the net worth, liquidity and other financial requirements of its selling and servicing requirements.
v3.21.2
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTSIn preparation of the consolidated financial statements, the Company evaluated events and transactions for potential recognition or disclosure through August 10, 2021. Refer to Note 9- Warehouse and Other Lines of Credit for updates to warehouse line facilities that occurred subsequent to June 30, 2021.
v3.21.2
DESCRIPTION OF BUSINESS, PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidation and Non-controlling interests
Consolidation and Basis of Presentation

The Company's consolidated financial statements are prepared in accordance with GAAP as codified in the Financial Accounting Standards Board's (“FASB”) Accounting Standards Codification (“ASC” or the “Codification”).

ASC 250 requires that a change in the reporting entity or the consummation of a transaction accounted for in a manner similar to a pooling of interests, i.e., a reorganization of entities under common control, be retrospectively applied to the financial statements of all prior periods when the financial statements are issued for a period that includes the date the change in reporting entity or the transaction occurred. The IPO and reorganization were considered transactions between entities under common control, therefore, the financial statements for the periods prior to the IPO and reorganization have been adjusted to combine the previously separate entities for presentation. The financial results of LD Holdings and its subsidiaries were therefore combined with loanDepot, Inc., and the consolidated net earnings or loss has been allocated to the noncontrolling interest to reflect the entitlement of the Continuing LLC Members.

The accompanying consolidated financial statements include all of the assets, liabilities, and results of operations of the Company and consolidated variable interest entities (“VIEs”) in which the Company is the primary beneficiary. VIEs are entities that have a total equity investment at risk that is insufficient to permit the entity to finance its activities without additional subordinated financial support, whose equity investors at risk lack the ability to control the entity's activities, or is structured with non-substantive voting rights. The Company evaluates its associations with VIEs, both at inception and when there is a change in circumstance that requires reconsideration, to determine if the Company is the primary beneficiary and consolidation is required. A primary beneficiary is defined as a variable interest holder that has a controlling financial interest. A controlling financial interest requires both: (a) the power to direct the activities that most significantly impact the VIEs’ economic performance, and (b) the obligation to absorb losses or receive benefits of a VIE that could potentially be significant to the VIE. The Company has not provided financial or other support during the periods presented to any VIE that it was not previously contractually required to provide. Other entities that the Company does not consolidate, but for which it has significant influence over operating and financial policies, are accounted for using the equity method. All intercompany accounts and transactions have been eliminated in consolidation.

Certain items in prior periods were reclassified to conform to the current presentation.

Financing lease obligations are included as part of accounts payable, accrued expenses and other liabilities on the consolidated balance sheets.

Gain on the origination and sale of loans, net was adjusted to exclude the change in fair value of forward sale contracts, including pair offs hedging MSRs, which are now included in the change in fair value of servicing rights, net on the consolidated statements of operations. The Company determined that this change would more appropriately reflect the hedged
item and better align with industry practice. Gain on origination and sale of loans, net and change in fair value of servicing rights, net, in the current and prior periods along with the related financial statement disclosures were adjusted to reflect this reclassification. Non-controlling interestsloanDepot, Inc. is a holding company and its sole material asset is an equity interest in LD Holdings. LD Holdings continues to be a holding company and has no material assets other than its equity interests in its direct subsidiaries consisting of a 99.99% ownership in LDLLC (the majority asset of the group), and 100% equity ownership in ART, LDSS, Mello, and MCS. loanDepot, Inc. is the sole managing member of LD Holdings, and indirectly operates and controls all of LD Holdings’ business and affairs and consolidates the financial results of LD Holdings and its subsidiaries. The financial results of LD Holdings and its subsidiaries are consolidated with loanDepot, Inc., and the consolidated net earnings or loss will be allocated to the noncontrolling interest to reflect the entitlement of the Continuing LLC Members.
Basis of Presentation
Consolidation and Basis of Presentation

The Company's consolidated financial statements are prepared in accordance with GAAP as codified in the Financial Accounting Standards Board's (“FASB”) Accounting Standards Codification (“ASC” or the “Codification”).

ASC 250 requires that a change in the reporting entity or the consummation of a transaction accounted for in a manner similar to a pooling of interests, i.e., a reorganization of entities under common control, be retrospectively applied to the financial statements of all prior periods when the financial statements are issued for a period that includes the date the change in reporting entity or the transaction occurred. The IPO and reorganization were considered transactions between entities under common control, therefore, the financial statements for the periods prior to the IPO and reorganization have been adjusted to combine the previously separate entities for presentation. The financial results of LD Holdings and its subsidiaries were therefore combined with loanDepot, Inc., and the consolidated net earnings or loss has been allocated to the noncontrolling interest to reflect the entitlement of the Continuing LLC Members.

The accompanying consolidated financial statements include all of the assets, liabilities, and results of operations of the Company and consolidated variable interest entities (“VIEs”) in which the Company is the primary beneficiary. VIEs are entities that have a total equity investment at risk that is insufficient to permit the entity to finance its activities without additional subordinated financial support, whose equity investors at risk lack the ability to control the entity's activities, or is structured with non-substantive voting rights. The Company evaluates its associations with VIEs, both at inception and when there is a change in circumstance that requires reconsideration, to determine if the Company is the primary beneficiary and consolidation is required. A primary beneficiary is defined as a variable interest holder that has a controlling financial interest. A controlling financial interest requires both: (a) the power to direct the activities that most significantly impact the VIEs’ economic performance, and (b) the obligation to absorb losses or receive benefits of a VIE that could potentially be significant to the VIE. The Company has not provided financial or other support during the periods presented to any VIE that it was not previously contractually required to provide. Other entities that the Company does not consolidate, but for which it has significant influence over operating and financial policies, are accounted for using the equity method. All intercompany accounts and transactions have been eliminated in consolidation.

Certain items in prior periods were reclassified to conform to the current presentation.

Financing lease obligations are included as part of accounts payable, accrued expenses and other liabilities on the consolidated balance sheets.

Gain on the origination and sale of loans, net was adjusted to exclude the change in fair value of forward sale contracts, including pair offs hedging MSRs, which are now included in the change in fair value of servicing rights, net on the consolidated statements of operations. The Company determined that this change would more appropriately reflect the hedged
item and better align with industry practice. Gain on origination and sale of loans, net and change in fair value of servicing rights, net, in the current and prior periods along with the related financial statement disclosures were adjusted to reflect this reclassification.
Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Management has made significant estimates in certain areas, including determining the fair value of loans held for sale, servicing rights, derivative assets and derivative liabilities, awards granted under the incentive equity plan, assets acquired and liabilities assumed in business combinations, and determining the loan loss obligation on sold loans. Actual results could differ from those estimates.
Income Taxes
Income Taxes

The Company’s provision for income taxes is made for current and deferred income tax on pretax net income adjusted for permanent and temporary differences based on enacted tax laws and applicable statutory tax rates. The Company accounts for interest and penalties associated with income tax obligations as a component of income tax expense.

Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates for the periods in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the change. Deferred tax assets are recorded in prepaid expenses and other assets on the consolidated balance sheets. Deferred tax liabilities are recorded in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets.

Following the IPO and Reorganization, the Company’s purchase of Holdco Units and any future exchanges of Holdco Units for cash or Class A Common Stock are expected to result in increases to the Company’s allocable tax basis in its assets. These increases in tax basis are expected to increase (for tax purposes) depreciation and amortization deductions allocable to the Company, and therefore reduce the amount of tax that the Company would otherwise be required to pay in the future. As a result, the Company has entered into a TRA with Parthenon Stockholders and certain Continuing LLC Members, whereby loanDepot, Inc. will be obligated to pay such parties or their permitted assignees, 85% of the amount of cash tax savings, if any, in U.S. federal, state, and local taxes that loanDepot, Inc. realizes, or is deemed to realize as a result of future tax benefits from increases in tax basis. The TRA liability is accounted for as a contingent liability within accounts payable, accrued expenses and other liabilities on the consolidated balance sheets with amounts accrued when deemed probable and estimable.
The Company evaluates tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely than-not threshold of being sustained would be recorded as a tax benefit in the current period.
Stock-Based Compensation Stock-Based CompensationEffective upon the completion of the IPO, the Company adopted the loanDepot, Inc. 2021 Omnibus Incentive Plan (the “2021 Plan”). The 2021 Plan allows for the grant of stock options, restricted stock, restricted stock units (“RSUs”), and stock appreciation rights. There are currently only RSUs granted under the 2021 Plan. The Company uses the grant-date fair value of equity awards to determine the compensation cost associated with each award. Compensation cost for service-based equity awards is recognized on a straight-line basis over the requisite service period, which is generally the vesting period. Compensation cost for awards with only service conditions that have graded vesting schedules is recognized on a straight-line basis over the requisite service period for the entire award such that compensation cost recognized at any date is at least equal to the portion of the grant-date value of the award that is vested at that date. Expense is reduced for actual forfeitures as they occur. The cost of stock-based compensation is recorded to personnel expense.
Earnings per share
Earnings per share

Basic net income per common share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating security according to dividends declared (distributed earnings) and participation rights in undistributed earnings. Distributed and undistributed earnings are allocated between common and participating security shareholders based on their respective rights to receive dividends. According to the Company’s certificate of incorporation, the holders of Class A common stock and Class D common stock are entitled to share equally, on a per share basis, in dividends and other distributions of cash, property or shares of stock of the Company as may be declared by the board of directors.
Diluted net income per common share is calculated using the more dilutive of either the treasury stock method or the two-class method. The dilutive calculation considers common stock issuable under the assumed conversion of Class C common stock to Class A common stock as well as restricted stock units granted under the Corporation’s stock plans using the treasury stock method, if dilutive.
Concentration of Risk
Concentration of Risk

The Company has concentrated its credit risk for cash by maintaining deposits in several financial institutions, which may at times exceed amounts covered by insurance provided by the Federal Deposit Insurance Corporation (“FDIC”). The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk related to cash.

Due to the nature of the mortgage lending industry, changes in interest rates may significantly impact revenue from originating mortgages and subsequent sales of loans to investors, which are the primary source of income for the Company. The Company originates mortgage loans on property located throughout the United States, with loans originated for property located in California totaling approximately 34% of total loan originations for the three and six months ended June 30, 2021.

The Company sells mortgage loans to various third-party investors. Three investors accounted for 43%, 35%, and 13% of the Company’s loan sales for the six months ended June 30, 2021. No other investors accounted for more than 5% of the loan sales for the three and six months ended June 30, 2021.
The Company funds loans through warehouse lines of credit. As of June 30, 2021, 15% and 14% of the Company's warehouse lines were payable to two separate lenders.
Recent Accounting Pronouncements RECENT ACCOUNTING PRONOUNCEMENTS     In September 2018, the FASB issued ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” ASU 2018-15 was issued to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The ASU was effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The adoption of this guidance on January 1, 2020 did not have a significant effect on the Company’s consolidated financial statements given that (1) the changes under the ASU generally align with our existing accounting treatment of implementation
costs incurred in a hosting arrangement that is a service contract and (2) the Company has not incurred a material amount of implementation costs in a hosting arrangement.

In December 2019, FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The amendments in ASU 2019-12 simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740, Income Taxes related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The guidance clarifies that single-member limited liability companies and similar disregarded entities that are not subject to income tax are not required to recognize an allocation of consolidated income tax expense in their separate financial statements, but they could elect to do so. This ASU was effective for public business entities for fiscal years and interim periods beginning after December 15, 2020. The adoption of this guidance on January 1, 2021 did not have a significant effect on the Company’s consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provided optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the benefits of) reference rate reform on financial reporting. The amendments in ASU 2020-04 are elective and apply to all entities, subject to meeting certain criteria, that have contract, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01 to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. This guidance is effective upon issuance and allows application to contract changes as early as January 1, 2020. The Company has added alternative base rate language, which may include the secured overnight financing rate ("SOFR") to agreements for its warehouse and other lines of credit and debt obligations that use LIBOR. The Company is evaluating the potential impact that the adoption of this ASU will have on the consolidated financial statements at the transition of LIBOR.
v3.21.2
FAIR VALUE (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present the carrying amount and estimated fair value of financial instruments included in the consolidated financial statements.

June 30, 2021
Carrying AmountEstimated Fair Value
Level 1Level 2Level 3
Assets
Cash and cash equivalents$419,283 $419,283 $— $— 
Restricted cash217,435 217,435 — — 
Loans held for sale, at fair value9,120,653 — 9,120,653 — 
Derivative assets, at fair value349,621 10,028 4,776 334,817 
Servicing rights, at fair value1,781,686 — — 1,781,686 
Trading securities16,757 — 16,757 — 
Loans eligible for repurchase812,431 — 812,431 — 
Liabilities
Warehouse and other lines of credit$8,498,365 $— $8,498,365 $— 
Derivative liabilities, at fair value58,805 29,500 27,569 1,736 
Servicing rights, at fair value(1)
5,291 — — 5,291 
Debt obligations:
Secured credit facilities165,016 — 165,016 — 
2020-VF1 Notes10,511 — 10,852 — 
GMSR VFN15,000 — 15,000 — 
Term notes198,885 — 200,000 — 
Senior notes1,083,897 — 1,113,440 — 
Liability for loans eligible for repurchase812,431 — 812,431 — 
(1)Included in accounts payable and accrued expenses on the consolidated balance sheet.
December 31, 2020
Carrying AmountEstimated Fair Value
Level 1Level 2Level 3
Assets
Cash and cash equivalents$284,224 $284,224 $— $— 
Restricted cash204,465 204,465 — — 
Loans held for sale, at fair value6,955,424 — 6,955,424 — 
Derivative assets, at fair value647,939 483 107 647,349 
Servicing rights, at fair value1,127,866 — — 1,127,866 
Loans eligible for repurchase1,246,158 — 1,246,158 — 
Liabilities
Warehouse and other lines of credit$6,577,429 $— $6,577,429 $— 
Derivative liabilities, at fair value168,169 4,299 163,566 304 
Servicing rights, at fair value (1)
3,564 — — 3,564 
Debt obligations:
2020-VF1 Notes7,571 — 8,593 
GMSR VFN15,000 — 15,000 — 
Term notes198,640 — 200,000 — 
Senior notes491,255 518,245 
Liability for loans eligible for repurchase1,246,158 — 1,246,158 — 
(1)Included in accounts payable and accrued expenses on the consolidated balance sheet.
Financial Statement Items Measured at Fair Value on a Recurring Basis

The following tables presents the Company’s assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy as of the dates indicated.
June 30, 2021
Recurring Fair Value Measurements of Assets (Liabilities) Using:
Quoted Market Prices in Active Markets for Identical Assets
 (Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total Fair Value Measurements
Fair value through net income:
Assets:
Loans held for sale$— $9,120,653 $— $9,120,653 
Trading securities— 16,757 — 16,757 
Derivative assets:
Interest rate lock commitments— — 334,817 334,817 
Forward sales contracts— 2,435 — 2,435 
Interest rate swap futures10,028 — — 10,028 
MBS put options— 2,341 — 2,341 
Servicing rights— — 1,781,686 1,781,686 
Total assets at fair value$10,028 $9,142,186 $2,116,503 $11,268,717 
Liabilities:
Derivative liabilities:
Interest rate lock commitments$— $— $1,736 $1,736 
Forward sales contracts— 27,569 — 27,569 
Put options on treasuries29,500 — — 29,500 
Servicing rights(1)
— — 5,291 5,291 
Total liabilities at fair value$29,500 $27,569 $7,027 $64,096 
(1)Included in accounts payable and accrued expenses on the consolidated balance sheets.
December 31, 2020
Recurring Fair Value Measurements of Assets (Liabilities) Using:
Quoted Market Prices in Active Markets for Identical Assets
 (Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total Fair Value Measurements
Fair value through net income:
Assets:
Loans held for sale$— $6,955,424 $— $6,955,424 
Derivative assets:
Interest rate lock commitments— — 647,349 647,349 
Forward sales contracts— 107 — 107 
Interest rate swap futures483 — — 483 
Servicing rights— — 1,127,866 1,127,866 
Total assets at fair value$483 $6,955,531 $1,775,215 $8,731,229 
Liabilities:
Derivative liabilities:
Interest rate lock commitments$— $— $304 $304 
Forward sales contracts— 163,566 — 163,566 
Put options on treasuries4,299 — — 4,299 
Servicing rights (1)
— — 3,564 3,564 
Total liabilities at fair value$4,299 $163,566 $3,868 $171,733 
(1)Included in accounts payable and accrued expenses on the consolidated balance sheet.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following presents the changes in the Company’s assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Three Months Ended June 30, 2021Six Months Ended June 30, 2021
Interest Rate Lock Commitments(1)
Servicing
Rights, net(2)
Interest Rate Lock Commitments(1)
Servicing
Rights, net(2)
Balance at beginning of period$246,778 $1,766,088 $647,045 $1,124,302 
Total net gains included in earnings (realized and unrealized)720,422 203,937 1,108,970 846,359 
Sales and settlements
Purchases— — — — 
Sales— (193,630)— (194,266)
Settlements(432,748)— (1,026,450)— 
Transfers of IRLCs to closed loans(201,371)— (396,484)— 
Balance at end of period$333,081 $1,776,395 $333,081 $1,776,395 

(1) Interest rate lock commitments include both assets and liabilities and are shown net.
(2) Balance is net of $5.3 million servicing liability at June 30, 2021.
Three Months Ended June 30, 2020Six Months Ended June 30, 2020
Interest Rate Lock Commitments(1)
Servicing
Rights, net(2)
Contingent Consideration
Interest Rate Lock Commitments(1)
Servicing
Rights, net (2)
Contingent Consideration
Balance at beginning of period$314,737 $431,864 $(4,881)$128,208 $444,443 $(2,374)
Total net gains (losses) included in earnings (realized and unrealized)900,060 137,989 (10,473)1,455,127 132,689 (12,980)
Sales and settlements
Purchases— — — — — — 
Sales— 74 — — (7,205)— 
Settlements(553,742)— 2,185 (813,197)— 2,185 
Transfers of IRLCs to closed loans(141,541)— — (250,624)— — 
Balance at end of period$519,514 $569,927 $(13,169)$519,514 $569,927 $(13,169)

(1)Interest rate lock commitments include both assets and liabilities and are shown net.
(2)Balance is net of $2.6 million servicing rights liability at June 30, 2020.

The following presents the gains and losses included in earnings for the three and six months ended June 30, 2021 and 2020 relating to the Company’s assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Three Months Ended June 30, 2021Six Months Ended June 30, 2021
Interest Rate Lock Commitments(1)
Servicing
Rights, net(2)
Interest Rate Lock Commitments(1)
Servicing
Rights, net(3)
Total net gains (losses) included in earnings$86,303 $203,937 $(313,964)$846,359 
Change in unrealized gains relating to assets and liabilities still held at period end$333,081 $296,555 $333,081 $1,038,347 

(1)Gains (losses) included in gain on origination and sale of loans, net.
(2)Includes $427.5 million in gains included in gain on origination and sale of loans, net and $223.5 million of losses included in change in fair value of servicing rights, net, for the three months ended June 30, 2021.
(3)Includes $957.0 million in gains included in gain on origination and sale of loans, net and $110.6 million of losses included in change in fair value of servicing rights, net, for the six months ended June 30, 2021
Three Months Ended June 30, 2020Six Months Ended June 30, 2020
Interest Rate Lock Commitments(1)
Servicing
Rights, net(2)
Contingent Consideration(4)
Interest Rate Lock Commitments(1)
Servicing
Rights, net(3)
Contingent Consideration(4)
Total net gains (losses) included in earnings$204,777 $137,989 $(10,473)$391,306 $132,689 $(12,980)
Change in unrealized gains relating to assets and liabilities still held at period end$519,514 $179,778 $(10,473)$519,514 $199,580 $(12,980)
(1)Gains (losses) included in gain on origination and sale of loans, net.
(2)Includes $198.2 million in gains included in gain on origination and sale of loans, net and $60.3 million in losses included in change in fair value of servicing rights, net, for the three months ended June 30, 2020.
(3)Includes $312.4 million in gains included in gain on origination and sale of loans, net and $179.7 million in losses included in change in fair value of servicing rights, net, for the six months ended June 30, 2020
(4)Losses included in general and administrative expense.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following presents the changes in the Company’s assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Three Months Ended June 30, 2021Six Months Ended June 30, 2021
Interest Rate Lock Commitments(1)
Servicing
Rights, net(2)
Interest Rate Lock Commitments(1)
Servicing
Rights, net(2)
Balance at beginning of period$246,778 $1,766,088 $647,045 $1,124,302 
Total net gains included in earnings (realized and unrealized)720,422 203,937 1,108,970 846,359 
Sales and settlements
Purchases— — — — 
Sales— (193,630)— (194,266)
Settlements(432,748)— (1,026,450)— 
Transfers of IRLCs to closed loans(201,371)— (396,484)— 
Balance at end of period$333,081 $1,776,395 $333,081 $1,776,395 

(1) Interest rate lock commitments include both assets and liabilities and are shown net.
(2) Balance is net of $5.3 million servicing liability at June 30, 2021.
Three Months Ended June 30, 2020Six Months Ended June 30, 2020
Interest Rate Lock Commitments(1)
Servicing
Rights, net(2)
Contingent Consideration
Interest Rate Lock Commitments(1)
Servicing
Rights, net (2)
Contingent Consideration
Balance at beginning of period$314,737 $431,864 $(4,881)$128,208 $444,443 $(2,374)
Total net gains (losses) included in earnings (realized and unrealized)900,060 137,989 (10,473)1,455,127 132,689 (12,980)
Sales and settlements
Purchases— — — — — — 
Sales— 74 — — (7,205)— 
Settlements(553,742)— 2,185 (813,197)— 2,185 
Transfers of IRLCs to closed loans(141,541)— — (250,624)— — 
Balance at end of period$519,514 $569,927 $(13,169)$519,514 $569,927 $(13,169)

(1)Interest rate lock commitments include both assets and liabilities and are shown net.
(2)Balance is net of $2.6 million servicing rights liability at June 30, 2020.

The following presents the gains and losses included in earnings for the three and six months ended June 30, 2021 and 2020 relating to the Company’s assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Three Months Ended June 30, 2021Six Months Ended June 30, 2021
Interest Rate Lock Commitments(1)
Servicing
Rights, net(2)
Interest Rate Lock Commitments(1)
Servicing
Rights, net(3)
Total net gains (losses) included in earnings$86,303 $203,937 $(313,964)$846,359 
Change in unrealized gains relating to assets and liabilities still held at period end$333,081 $296,555 $333,081 $1,038,347 

(1)Gains (losses) included in gain on origination and sale of loans, net.
(2)Includes $427.5 million in gains included in gain on origination and sale of loans, net and $223.5 million of losses included in change in fair value of servicing rights, net, for the three months ended June 30, 2021.
(3)Includes $957.0 million in gains included in gain on origination and sale of loans, net and $110.6 million of losses included in change in fair value of servicing rights, net, for the six months ended June 30, 2021
Three Months Ended June 30, 2020Six Months Ended June 30, 2020
Interest Rate Lock Commitments(1)
Servicing
Rights, net(2)
Contingent Consideration(4)
Interest Rate Lock Commitments(1)
Servicing
Rights, net(3)
Contingent Consideration(4)
Total net gains (losses) included in earnings$204,777 $137,989 $(10,473)$391,306 $132,689 $(12,980)
Change in unrealized gains relating to assets and liabilities still held at period end$519,514 $179,778 $(10,473)$519,514 $199,580 $(12,980)
(1)Gains (losses) included in gain on origination and sale of loans, net.
(2)Includes $198.2 million in gains included in gain on origination and sale of loans, net and $60.3 million in losses included in change in fair value of servicing rights, net, for the three months ended June 30, 2020.
(3)Includes $312.4 million in gains included in gain on origination and sale of loans, net and $179.7 million in losses included in change in fair value of servicing rights, net, for the six months ended June 30, 2020
(4)Losses included in general and administrative expense.
Fair Value Measurement Inputs and Valuation Techniques
The following table presents quantitative information about the valuation techniques and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring basis:
June 30, 2021December 31, 2020
Unobservable InputRange of inputsWeighted AverageRange of inputsWeighted Average
IRLCs:
  Pull-through rate1.9%-99.9%77.4%2.8%-99.9%70.5%
Servicing rights
  Discount rate(1)
4.9%-9.2%6.0%5.0%-10.0%6.2%
  Prepayment rate(1)
9.2%-20.7%10.2%13.4%-34.8%14.0%
  Cost to service (per loan)$70-$137$84$71-$139$89
(1)The Company estimates the fair value of MSRs using an option-adjusted spread (“OAS”) model, which projects MSR cash flows over multiple interest rate scenarios in conjunction with the Company’s prepayment model, and then discounts these cash flows at risk-adjusted rates.
v3.21.2
BALANCE SHEET NETTING (Tables)
 6 Months Ended
Jun. 30, 2021
Offsetting [Abstract]  
Offsetting Assets
The table below represents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged. Warehouse lines and secured debt obligations were secured by sufficient collateral with fair value that exceeded the liability amount recorded on the consolidated balance sheets as of June 30, 2021 and December 31, 2020, respectively.
June 30, 2021
Gross amounts recognizedGross amounts offset in consolidated balance sheetNet amounts presented in consolidated balance sheetGross amounts not offset in consolidated balance sheetNet amount
Financial instrumentsCash collateral
Assets:
Forward delivery contracts$26,188 $(23,753)$2,435 $— $— $2,435 
Put options on treasuries— — — — — — 
MBS put options2,341 2,341 — — 2,341 
Interest rate swap futures10,028 — 10,028 — — 10,028 
Total Assets$38,557 $(23,753)$14,804 $— $— $14,804 
Liabilities:
Forward delivery contracts$51,322 $(23,753)$27,569 $— $— $27,569 
Put options on treasuries29,500 — 29,500 — — 29,500 
Interest rate swap futures— — — — — — 
Warehouse lines of credit8,498,365 — 8,498,365 (8,498,365)— — 
Secured debt obligations (1)
390,868 — 390,868 (390,868)— — 
Total Liabilities$8,970,055 $(23,753)$8,946,302 $(8,889,233)$— $57,069 
(1)Secured debt obligations as of June 30, 2021 included the Secured Credit Facilities, GMSR VFN, Term Notes, and 2020-VF1 Notes.
December 31, 2020
Gross amounts recognizedGross amounts offset in consolidated balance sheetNet amounts presented in consolidated balance sheetGross amounts not offset in consolidated balance sheetNet amount
Financial instrumentsCash collateral
Assets:
Forward delivery contracts$71,029 $(70,922)$107 $— $— $107 
Interest rate swap futures483 — 483 — — 483 
Total Assets$71,512 $(70,922)$590 $— $— $590 
Liabilities:
Forward delivery contracts$234,488 $(70,922)$163,566 $— $— $163,566 
Put options on treasuries4,299 — 4,299 — — 4,299 
Warehouse lines of credit6,577,429 — 6,577,429 (6,577,429)— — 
Secured debt obligations (1)
223,593 — 223,593 (223,593)— — 
Total Liabilities$7,039,809 $(70,922)$6,968,887 $(6,801,022)$— $167,865 
(1)Secured debt obligations as of December 31, 2020 included the GMSR VFN, Term Notes, and 2020-VF1 Notes.
Offsetting Liabilities
The table below represents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged. Warehouse lines and secured debt obligations were secured by sufficient collateral with fair value that exceeded the liability amount recorded on the consolidated balance sheets as of June 30, 2021 and December 31, 2020, respectively.
June 30, 2021
Gross amounts recognizedGross amounts offset in consolidated balance sheetNet amounts presented in consolidated balance sheetGross amounts not offset in consolidated balance sheetNet amount
Financial instrumentsCash collateral
Assets:
Forward delivery contracts$26,188 $(23,753)$2,435 $— $— $2,435 
Put options on treasuries— — — — — — 
MBS put options2,341 2,341 — — 2,341 
Interest rate swap futures10,028 — 10,028 — — 10,028 
Total Assets$38,557 $(23,753)$14,804 $— $— $14,804 
Liabilities:
Forward delivery contracts$51,322 $(23,753)$27,569 $— $— $27,569 
Put options on treasuries29,500 — 29,500 — — 29,500 
Interest rate swap futures— — — — — — 
Warehouse lines of credit8,498,365 — 8,498,365 (8,498,365)— — 
Secured debt obligations (1)
390,868 — 390,868 (390,868)— — 
Total Liabilities$8,970,055 $(23,753)$8,946,302 $(8,889,233)$— $57,069 
(1)Secured debt obligations as of June 30, 2021 included the Secured Credit Facilities, GMSR VFN, Term Notes, and 2020-VF1 Notes.
December 31, 2020
Gross amounts recognizedGross amounts offset in consolidated balance sheetNet amounts presented in consolidated balance sheetGross amounts not offset in consolidated balance sheetNet amount
Financial instrumentsCash collateral
Assets:
Forward delivery contracts$71,029 $(70,922)$107 $— $— $107 
Interest rate swap futures483 — 483 — — 483 
Total Assets$71,512 $(70,922)$590 $— $— $590 
Liabilities:
Forward delivery contracts$234,488 $(70,922)$163,566 $— $— $163,566 
Put options on treasuries4,299 — 4,299 — — 4,299 
Warehouse lines of credit6,577,429 — 6,577,429 (6,577,429)— — 
Secured debt obligations (1)
223,593 — 223,593 (223,593)— — 
Total Liabilities$7,039,809 $(70,922)$6,968,887 $(6,801,022)$— $167,865 
(1)Secured debt obligations as of December 31, 2020 included the GMSR VFN, Term Notes, and 2020-VF1 Notes.
v3.21.2
LOANS HELD FOR SALE, AT FAIR VALUE (Tables)
 6 Months Ended
Jun. 30, 2021
Receivables [Abstract]  
Schedule of Unpaid Principal Balance of LHFS by Type of Loan
The following table represents the unpaid principal balance of LHFS by product type as of June 30, 2021 and December 31, 2020:
June 30,
2021		December 31,
2020
Amount%Amount%
Conforming - fixed$6,164,883 69%$5,223,177 78%
Conforming - ARM348,470 4260 —
Government - fixed 1,046,432 121,108,936 16
Government - ARM89,457 145,243 1
Other - residential mortgage loans1,240,140 14312,954 5
Consumer loans2,150 —2,541 —
8,891,532 100%6,693,111 100%
Fair value adjustment229,121 262,313 
  Total$9,120,653 $6,955,424 
Summary of Changes in Balance of Loans Held For Sale
A summary of the changes in the balance of loans held for sale is as follows:

Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Balance at beginning of period$8,787,756 $3,542,329 $6,955,424 $3,681,840 
Origination and purchase of loans34,413,319 20,975,280 75,814,894 36,081,739 
Sales(34,294,254)(21,286,239)(74,213,668)(36,593,749)
Repurchases111,386 98,261 663,700 108,282 
Principal payments(43,206)(33,486)(66,506)(36,486)
Fair value gain (loss)145,652 7,293 (33,191)61,812 
Balance at end of period$9,120,653 $3,303,438 $9,120,653 $3,303,438 
Components of Gain on Origination and Sale of Loans, Net
Gain on origination and sale of loans, net is comprised of the following components:

Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Premium from loan sales$407,314 $780,352 $877,887 $1,157,181 
Servicing rights427,458 198,248 957,002 312,367 
Unrealized (losses) gains from derivative assets and liabilities(510,788)323,225 (182,467)302,706 
Realized gains (losses) from derivative assets and liabilities250,912 (215,350)350,548 (272,108)
Discount points, rebates and lender paid costs(28,603)(14,962)(143,458)(33,833)
Fair value gain (loss)145,653 7,293 (33,191)61,812 
Reversal of (provision for) loan loss obligations for loans sold533 (2,396)(267)(12,126)
Total gain on origination and sale of loans, net$692,479 $1,076,410 $1,826,054 $1,515,999 
v3.21.2
SERVICING RIGHTS, AT FAIR VALUE (Tables)
 6 Months Ended
Jun. 30, 2021
Transfers and Servicing [Abstract]  
Summary of Outstanding Principal Balance of Servicing Rights
The outstanding principal balance of the servicing portfolio was comprised of the following:
June 30,
2021		December 31,
2020
Conventional$107,825,718 $74,459,448 
Government30,942,142 28,471,810 
Total servicing portfolio$138,767,860 $102,931,258 
Summary of Unpaid Principal Balance Underlying Servicing Rights
A summary of the unpaid principal balance underlying servicing rights is as follows:
June 30,
2021		December 31,
2020
Current loans$136,505,175 $100,358,713 
Loans 30 - 89 days delinquent457,607 709,946 
Loans 90 or more days delinquent or in foreclosure1,805,078 1,862,599 
Total servicing portfolio (1)
$138,767,860 $102,931,258 
(1)At June 30, 2021 and December 31, 2020, 1.4% and 2.4%, respectively, of the servicing portfolio was in forbearance as a result of payment relief efforts afforded to borrowers under the Coronavirus Aid, Relief, and Economic Security Act and other regulatory guidance.
Summary of Changes in Servicing Rights
A summary of the changes in the balance of servicing rights is as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Balance at beginning of period$1,766,088 $431,864 $1,124,302 $444,443 
Additions427,458 198,249 957,001 312,367 
Sales proceeds, net(182,113)41 (182,788)(7,301)
Changes in fair value:
Due to changes in valuation inputs or assumptions(129,267)(22,736)101,757 (109,050)
Other changes in fair value (1)
(105,771)(37,491)(223,877)(70,532)
Balance at end of period (2)
$1,776,395 $569,927 $1,776,395 $569,927 

(1)Other changes in fair value include fall out and decay from loan payoffs and principal amortization.
(2)Balance is net of $5.3 million and $2.6 million of servicing rights liability at June 30, 2021 and 2020, respectively.
Summary of Components of Loan Servicing Fee Income The following is a summary of the components of servicing fee income as reported in the Company’s consolidated statements of operations:
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Contractual servicing fees$92,164 $35,242 $171,734 $66,683 
Late, ancillary and other fees2,578 1,309 5,575 6,431 
Total servicing fee income$94,742 $36,551 $177,309 $73,114 
Summary of Components of Changes in Fair Value of Servicing Rights The following is a summary of the components of changes in fair value of servicing rights, net as reported in the Company’s consolidated statements of operations:
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Changes in fair value:
Due to changes in valuation inputs or assumptions$(129,267)$(22,736)$101,757 $(109,050)
Other changes in fair value (1)
(105,771)(37,491)(223,877)(70,532)
Realized gains on sales of servicing rights6,089 161 5,992 58 
Net gain (loss) from derivatives hedging servicing rights83,851 26,954 (72,605)99,021 
Changes in fair value of servicing rights, net$(145,098)$(33,112)$(188,733)$(80,503)
(1) Other changes in fair value include fall out and decay from loan payoffs and principal amortization.
Servicing Rights Sensitivity Analysis
The table below illustrates hypothetical changes in fair values of servicing rights, caused by assumed immediate changes to key assumptions that are used to determine fair value.

Servicing Rights Sensitivity Analysis
June 30,
2021		December 31,
2020
Fair Value of Servicing Rights, net$1,776,395 $1,124,302 
Change in Fair Value from adverse changes:
Discount Rate:
Increase 100 basis points(77,174)(45,745)
Increase 200 basis points(148,195)(87,800)
Cost of Servicing:
Increase 10%(17,818)(11,556)
Increase 20%(35,673)(23,112)
Prepayment Speed:
Increase 10%(69,123)(63,351)
Increase 20%(134,451)(122,294)
v3.21.2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following summarizes the Company’s outstanding derivative instruments:
Fair Value
NotionalBalance Sheet LocationAssetLiability
June 30, 2021:
Interest rate lock commitments $18,806,918 Derivative asset, at fair value$334,817 $— 
Interest rate lock commitments 580,770 Derivative liabilities, at fair value— 1,736 
Forward sales contracts 6,911,918 Derivative asset, at fair value2,435 — 
Forward sales contracts 27,299,199 Derivative liabilities, at fair value— 27,569 
Put options on treasuries Derivative asset, at fair value— — 
Put options on treasuries 21,848 Derivative liabilities, at fair value— 29,500 
MBS put options 800,000 Derivative asset, at fair value2,341 — 
MBS put options Derivative liabilities, at fair value— — 
Interest rate swap futures 5,497 Derivative asset, at fair value10,028 — 
Interest rate swap futures — Derivative liabilities, at fair value— — 
Total derivative financial instruments$349,621 $58,805 

Fair Value
NotionalBalance Sheet LocationAssetLiability
December 31, 2020:
Interest rate lock commitments $31,365,494 Derivative asset, at fair value$647,349 $— 
Interest rate lock commitments 99,635 Derivative liabilities, at fair value— 304 
Forward sales contracts 44,694 Derivative asset, at fair value107 — 
Forward sales contracts 54,397,834 Derivative liabilities, at fair value— 163,566 
Put options on treasuries — Derivative asset, at fair value— — 
Put options on treasuries 27,803 Derivative liabilities, at fair value— 4,299 
Interest rate swap futures 2,350 Derivative asset, at fair value483 — 
Interest rate swap futures — Derivative liabilities, at fair value— — 
Total derivative financial instruments$647,939 $168,169 
Net Gains (Losses) on Derivative Financial Instruments
The following summarizes the realized and unrealized net gains and (losses) on derivative financial instruments and the consolidated statements of operations line items where such gains and losses are included:
Three Months Ended
June 30,		Six Months Ended
June 30,
Derivative instrumentStatements of Operations Location2021202020212020
Interest rate lock commitments, netGain on origination and sale of loans, net$86,303 $204,777 $(313,964)$391,306 
Forward sales contracts (1)
Gain on origination and sale of loans, net(317,263)(92,200)507,082 (348,506)
Interest rate swap futuresGain on origination and sale of loans, net(22,217)125 (52,208)(6,273)
Put optionsGain on origination and sale of loans, net(6,699)(4,827)27,171 (5,930)
Forward sales contracts (1)
Change in fair value of servicing rights, net33,925 25,129 (79,004)78,025 
Interest rate swap futuresChange in fair value of servicing rights, net48,194 1,888 7,178 21,623 
Put optionsChange in fair value of servicing rights, net1,732 (63)(779)(627)
Total realized and unrealized (losses) gains on derivative financial instruments$(176,025)$134,829 $95,476 $129,618 
(1)Amounts include pair-off settlements.
v3.21.2
VARIABLE INTEREST ENTITIES (Tables)
 6 Months Ended
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Investment in VIEs The table below presents a summary of the carrying value and balance sheet classification of assets and liabilities in the Company’s consolidated VIEs.
June 30,
2021		December 31,
2020
Assets
Loans held for sale, at fair value$2,340,714 $1,595,442 
Restricted cash133,130 170,413 
Servicing rights, at fair value350,885 300,465 
$2,824,729 $2,066,320 
Liabilities
Warehouse and other lines of credit$2,399,771 $1,699,803 
Debt obligations, net213,885 213,640 
$2,613,656 $1,913,443 
The table below presents a summary of the nonconsolidated VIEs for which the Company holds variable interests.
June 30, 2021
Carrying value of variable interestsMaximum
exposure to loss in non-consolidated VIEs		Total assets in VIEs
AssetsLiabilities
Retained interests(1)
$16,757 $— $16,757 $324,160 
Investments in joint ventures18,398 — 18,398 12,462 
$35,155 $— $35,155 
December 31, 2020
Carrying value of variable interestsMaximum
exposure to loss in non-consolidated VIEs		Total assets in VIEs
AssetsLiabilities
Investments in joint ventures$17,528 $— $17,528 $15,342 
(1)Carrying value of variable interests is included within trading securities on the consolidated balance sheet.
v3.21.2
WAREHOUSE AND OTHER LINES OF CREDIT (Tables)
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Debt
The following table presents certain information on warehouse borrowings:
Outstanding Balance
Committed
Amount		Uncommitted
Amount		Total
Facility
Amount		Expiration
Date		June 30,
2021		December 31,
2020
Facility 1(1)
$1,000,000 $300,000 $1,300,000 10/29/2021$1,226,151 $1,665,005 
Facility 2(2)
— 600,000 600,000 9/27/2021567,304 226,891 
Facility 3(3)
— 500,000 500,000 7/28/2021484,260 206,863 
Facility 4(4)
100,000 300,000 400,000 8/8/2021393,803 335,096 
Facility 5(5)
— 200,000 200,000 N/A— — 
Facility 6(5)
100,000 1,000,000 1,100,000 10/11/20211,084,042 626,741 
Facility 7(6)
750,000 750,000 1,500,000 5/5/20231,274,245 919,068 
Facility 8(7)
— — — 5/14/2021— 300,000 
Facility 9(8)
300,000 — 300,000 10/23/2021300,000 299,803 
Facility 10— 850,000 850,000 N/A591,036 358,761 
Facility 11(8)
600,000 — 600,000 10/25/2022600,000 600,000 
Facility 12(8)
500,000 — 500,000 12/17/2023500,000 500,000 
Facility 13— 600,000 600,000 8/25/2021477,753 259,247 
Facility 14(7)
— — — 2/10/2021— 279,954 
Facility 15500,000 — 500,000 2/2/2024500,000 — 
Facility 16500,000 — 500,000 4/23/2024499,771 — 
Total $4,350,000 $5,100,000 $9,450,000 $8,498,365 $6,577,429 
(1)The total facility is available both to fund loan originations and also provide liquidity under a gestation facility to finance recently sold MBS up to the MBS settlement date.
(2)In addition to the warehouse line, the lender provides a separate gestation facility to finance recently sold MBS up to the MBS settlement date.
(3)In July 2021, this facility was extended to mature in August 2021.
(4)In August 2021, this facility was extended to mature in September 2021.
(5)In addition to the warehouse line, the lender provides a separate gestation facility to finance recently sold MBS up to the MBS settlement date.
(6)In addition to the outstanding balance secured by mortgage loans, the Company has $15.0 million outstanding to finance servicing rights included within debt obligations in the consolidated balance sheets.
(7)The Company did not renew this facility.
(8)Securitization backed by a revolving warehouse facility to finance newly originated first-lien fixed and adjustable rate mortgage loans.


The following table presents certain information on warehouse borrowings:
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Maximum outstanding balance during the period$9,180,276 $3,798,602 $9,180,276 $3,846,596 
Average balance outstanding during the period8,164,737 3,375,718 7,838,140 3,332,154 
Collateral pledged (loans held for sale)8,919,427 3,098,403 8,919,427 3,098,403 
Weighted average interest rate during the period2.21 %2.35 %2.27 %2.79 %
v3.21.2
DEBT OBLIGATIONS (Tables)
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Information on Outstanding Debt
The following table presents certain information on outstanding debt.
Outstanding Balance
June 30,
2021		December 31,
2020
Secured debt obligations, net:
Secured credit facilities$165,016 $— 
2020-VF1 Notes10,511 7,571 
GMSR VFN15,000 15,000 
Term notes198,885 198,640 
Total secured debt obligations, net389,412 221,211 
Unsecured debt obligations, net:
Senior notes1,083,897 491,255 
Total unsecured debt obligations, net1,083,897 491,255 
Total debt obligations, net$1,473,309 $712,466 
v3.21.2
INCOME TAXES (Tables)
 6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
Components of Provision for Income Taxes
The components of the provision for income taxes are summarized below.
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Total income before income taxes and non-controlling interest$30,509 $649,485 476,639 738,480 
Provision for income taxes4,225 890 22,502 890 
Effective tax provision rate13.8 %0.1 %4.7 %0.1 %
v3.21.2
RELATED PARTY TRANSACTIONS (Tables)
 6 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
Fees earned, costs incurred, and amounts payable to or receivable from joint ventures were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Loan processing and administrative services fee income$3,754 $3,572 $7,107 $6,182 
Loan origination broker fees expense22,258 19,921 40,708 33,867 
June 30,
2021		December 31,
2020
Amounts (payable) receivable from joint ventures$(2,934)$2,196 
v3.21.2
EQUITY (Tables)
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Summary of Ownership of LD Holdings The following table summarizes the ownership of LD Holdings as of June 30, 2021.
Holding Member Interests:Holdco UnitsOwnership Percentage
loanDepot, Inc.127,519,73041.30%
Continuing LLC Members181,268,15558.70%
Total308,787,885100.00%
v3.21.2
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
Summary of RSU Activity The following is a summary of RSU activity for the three and six months ended June 30, 2021.
Three Months Ended
June 30,		Six Months Ended
June 30,
20212021
Weighted AverageWeighted Average
Grant DateGrant Date
SharesFair ValueSharesFair Value
Unvested - beginning of period709,313 $26.45 — $— 
Granted443,116 15.37 3,368,116 24.99 
Vested(17,856)17.01 (2,233,543)26.37 
Forfeited/Cancelled(65,000)26.45 (65,000)26.45 
Unvested - end of period1,069,573 22.02 1,069,573 22.02 
Summary of Units Activity
The following table presents a summary of the changes in awards subsequent to the conversion into Class A Holdco Units for the three and six months ended ended June 30, 2021:
Three Months Ended
June 30,		Six Months Ended
June 30,
20212021
SharesWeighted Average Grant Date Fair ValueSharesWeighted Average Grant Date Fair Value
Unvested - beginning of period18,922,922 $0.49 19,632,883 $0.50 
Granted— — — — 
Vested(2,686,449)0.47 (3,396,410)0.54 
Forfeited/Cancelled(1,585,678)0.51 (1,585,678)0.51 
Unvested - end of period14,650,795 0.50 14,650,795 0.50 

The following table presents a summary of the changes in Class Z, Class Y, Class X, Class W and Class V Common Units for the period January 1, 2021 through February 10, 2021 prior to the conversion to Class A Holdco Units described above and for the three and six months ended June 30, 2020.

January 1, 2021
through
February 10, 2021
SharesWeighted Average Grant Date Fair Value
Unvested - beginning of period610,497,758 $0.016 
Vested(12,656,379)0.016 
Forfeited/Cancelled(3,552,286)0.016 
Unvested - end of period594,289,093 0.016 
Three Months Ended
June 30,		Six Months Ended
June 30,
20202020
SharesWeighted Average Grant Date Fair ValueSharesWeighted Average Grant Date Fair Value
Unvested - beginning of period89,541,592 $0.005 100,679,480 $0.006 
Granted1,227,342,174 0.016 1,227,342,174 0.016 
Vested(505,480,737)0.016 (506,610,385)0.016 
Forfeited/Cancelled(65,662,679)0.007 (75,670,919)0.007 
Unvested - end of period745,740,350 0.016 745,740,350 0.016 
Schedule Of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions
The following assumptions were used for the grants during the three and six months ended June 30, 2020:

Risk-free interest rate0.30 %
Expected life1.7 years
Expected volatility
160.0 - 175.0%
v3.21.2
EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted The following table sets forth the calculation of basic and diluted earnings per share for the periods following the reorganization and IPO for Class A common stock and Class D common stock:
Three Months EndedSix Months Ended
June 30, 2021June 30, 2021
Class AClass DTotalClass AClass DTotal
Net income attributable to loanDepot, Inc.$678 $7,883 $8,561 $3,633 $49,803 $53,436 
Weighted average shares - basic10,038,195 116,688,681 126,726,876 8,592,536 117,800,413 126,392,949 
Earnings per share - basic$0.07 $0.07 $0.07 $0.42 $0.42 $0.42 
Net income allocated to common stockholders - diluted$678 $7,883 $8,561 $3,633 $49,803 $53,436 
Weighted average shares - diluted10,038,195 116,688,681 126,726,876 8,592,536 117,800,413 126,392,949 
Earnings per share - diluted$0.07 $0.07 $0.07 $0.42 $0.42 $0.42 
v3.21.2
COMMITMENTS AND CONTINGENCIES (Tables)
 6 Months Ended
Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Loan Loss Obligation
The activity related to the loan loss obligation for sold loans is as follows:

Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Balance at beginning of period$30,052 $25,729 $33,591 $17,677 
(Reversal of) provision for loan losses(533)2,396 267 12,126 
Payments, realized losses and other(2,893)(2,695)(7,232)(4,373)
Balance at end of period$26,626 $25,430 $26,626 $25,430 
v3.21.2
DESCRIPTION OF BUSINESS, PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Initial Public Offering (Details)
Feb. 11, 2021
$ / shares
shares
Jun. 30, 2021
$ / shares
Subsidiary, Sale of Stock [Line Items]    
Stock, exchange ratio 1  
LD Holdings | LDLLC    
Subsidiary, Sale of Stock [Line Items]    
Ownership percentage   99.99%
LD Holdings | ART    
Subsidiary, Sale of Stock [Line Items]    
Ownership percentage   100.00%
LD Holdings | LDSS    
Subsidiary, Sale of Stock [Line Items]    
Ownership percentage   100.00%
LD Holdings | Mello    
Subsidiary, Sale of Stock [Line Items]    
Ownership percentage   100.00%
LD Holdings | MCS    
Subsidiary, Sale of Stock [Line Items]    
Ownership percentage   100.00%
Class A    
Subsidiary, Sale of Stock [Line Items]    
Common stock, par value (in usd per share)   $ 0.001
IPO | Class A    
Subsidiary, Sale of Stock [Line Items]    
Number of shares sold | shares 3,850,000  
Common stock, par value (in usd per share) $ 0.001  
Offering price (in usd per share) $ 14.00  
v3.21.2
DESCRIPTION OF BUSINESS, PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Non-controlling Interests (Details) - LD Holdings
Jun. 30, 2021
LDLLC  
Noncontrolling Interest [Line Items]  
Ownership percentage 99.99%
ART  
Noncontrolling Interest [Line Items]  
Ownership percentage 100.00%
LDSS  
Noncontrolling Interest [Line Items]  
Ownership percentage 100.00%
Mello  
Noncontrolling Interest [Line Items]  
Ownership percentage 100.00%
MCS  
Noncontrolling Interest [Line Items]  
Ownership percentage 100.00%
v3.21.2
DESCRIPTION OF BUSINESS, PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Risk (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2021
Loan Originations Benchmark | Geographic Concentration Risk | California    
Concentration of Risk [Line Items]    
Concentration risk, percentage 34.00% 34.00%
Mortgage Loans Benchmark | Investor Concentration Risk | Investor 1    
Concentration of Risk [Line Items]    
Concentration risk, percentage   43.00%
Mortgage Loans Benchmark | Investor Concentration Risk | Investor 2    
Concentration of Risk [Line Items]    
Concentration risk, percentage   35.00%
Mortgage Loans Benchmark | Investor Concentration Risk | Investor 3    
Concentration of Risk [Line Items]    
Concentration risk, percentage   13.00%
Warehouse Lines of Credit Benchmark | Lender Concentration Risk | Lender 1    
Concentration of Risk [Line Items]    
Concentration risk, percentage   15.00%
Warehouse Lines of Credit Benchmark | Lender Concentration Risk | Lender 2    
Concentration of Risk [Line Items]    
Concentration risk, percentage   14.00%
v3.21.2
FAIR VALUE - Financial Statement Items on Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Jun. 30, 2020
Assets      
Loans held for sale, at fair value $ 9,120,653 $ 6,955,424  
Derivative assets, at fair value 349,621 647,939  
Servicing rights, at fair value 1,781,686 1,127,866  
Trading securities 16,757 0  
Liabilities      
Derivative liabilities, at fair value 58,805 168,169  
Servicing rights, at fair value 5,300   $ 2,600
Fair Value, Recurring      
Assets      
Loans held for sale, at fair value 9,120,653 6,955,424  
Servicing rights, at fair value 1,781,686 1,127,866  
Trading securities 16,757    
Liabilities      
Servicing rights, at fair value 5,291 3,564  
Fair Value, Recurring | Level 1      
Assets      
Loans held for sale, at fair value 0 0  
Servicing rights, at fair value 0 0  
Trading securities 0    
Liabilities      
Servicing rights, at fair value 0 0  
Fair Value, Recurring | Level 2      
Assets      
Loans held for sale, at fair value 9,120,653 6,955,424  
Servicing rights, at fair value 0 0  
Trading securities 16,757    
Liabilities      
Servicing rights, at fair value 0 0  
Fair Value, Recurring | Level 3      
Assets      
Loans held for sale, at fair value 0 0  
Servicing rights, at fair value 1,781,686 1,127,866  
Trading securities 0    
Liabilities      
Servicing rights, at fair value 5,291 3,564  
Fair Value, Recurring | Carrying Amount      
Assets      
Cash and cash equivalents 419,283 284,224  
Restricted cash 217,435 204,465  
Loans held for sale, at fair value 9,120,653 6,955,424  
Derivative assets, at fair value 349,621 647,939  
Servicing rights, at fair value 1,781,686 1,127,866  
Trading securities 16,757    
Loans eligible for repurchase 812,431 1,246,158  
Liabilities      
Warehouse and other lines of credit 8,498,365 6,577,429  
Derivative liabilities, at fair value 58,805 168,169  
Servicing rights, at fair value 5,291 3,564  
Liability for loans eligible for repurchase 812,431 1,246,158  
Fair Value, Recurring | Carrying Amount | Secured credit facilities      
Liabilities      
Debt obligations 165,016    
Fair Value, Recurring | Carrying Amount | 2020-VF1 Notes      
Liabilities      
Debt obligations 10,511 7,571  
Fair Value, Recurring | Carrying Amount | GMSR VFN      
Liabilities      
Debt obligations 15,000 15,000  
Fair Value, Recurring | Carrying Amount | Term notes      
Liabilities      
Debt obligations 198,885 198,640  
Fair Value, Recurring | Carrying Amount | Senior notes      
Liabilities      
Debt obligations 1,083,897 491,255  
Fair Value, Recurring | Estimated Fair Value | Level 1      
Assets      
Cash and cash equivalents 419,283 284,224  
Restricted cash 217,435 204,465  
Loans held for sale, at fair value 0 0  
Derivative assets, at fair value 10,028 483  
Servicing rights, at fair value 0 0  
Trading securities 0    
Loans eligible for repurchase 0 0  
Liabilities      
Warehouse and other lines of credit 0 0  
Derivative liabilities, at fair value 29,500 4,299  
Servicing rights, at fair value 0 0  
Liability for loans eligible for repurchase 0 0  
Fair Value, Recurring | Estimated Fair Value | Level 1 | Secured credit facilities      
Liabilities      
Debt obligations 0    
Fair Value, Recurring | Estimated Fair Value | Level 1 | 2020-VF1 Notes      
Liabilities      
Debt obligations 0 0  
Fair Value, Recurring | Estimated Fair Value | Level 1 | GMSR VFN      
Liabilities      
Debt obligations 0 0  
Fair Value, Recurring | Estimated Fair Value | Level 1 | Term notes      
Liabilities      
Debt obligations 0 0  
Fair Value, Recurring | Estimated Fair Value | Level 1 | Senior notes      
Liabilities      
Debt obligations 0  
Fair Value, Recurring | Estimated Fair Value | Level 2      
Assets      
Cash and cash equivalents 0 0  
Restricted cash 0 0  
Loans held for sale, at fair value 9,120,653 6,955,424  
Derivative assets, at fair value 4,776 107  
Servicing rights, at fair value 0 0  
Trading securities 16,757    
Loans eligible for repurchase 812,431 1,246,158  
Liabilities      
Warehouse and other lines of credit 8,498,365 6,577,429  
Derivative liabilities, at fair value 27,569 163,566  
Servicing rights, at fair value 0 0  
Liability for loans eligible for repurchase 812,431 1,246,158  
Fair Value, Recurring | Estimated Fair Value | Level 2 | Secured credit facilities      
Liabilities      
Debt obligations 165,016    
Fair Value, Recurring | Estimated Fair Value | Level 2 | 2020-VF1 Notes      
Liabilities      
Debt obligations 10,852 8,593  
Fair Value, Recurring | Estimated Fair Value | Level 2 | GMSR VFN      
Liabilities      
Debt obligations 15,000 15,000  
Fair Value, Recurring | Estimated Fair Value | Level 2 | Term notes      
Liabilities      
Debt obligations 200,000 200,000  
Fair Value, Recurring | Estimated Fair Value | Level 2 | Senior notes      
Liabilities      
Debt obligations 1,113,440 518,245  
Fair Value, Recurring | Estimated Fair Value | Level 3      
Assets      
Cash and cash equivalents 0 0  
Restricted cash 0 0  
Loans held for sale, at fair value 0 0  
Derivative assets, at fair value 334,817 647,349  
Servicing rights, at fair value 1,781,686 1,127,866  
Trading securities 0    
Loans eligible for repurchase 0 0  
Liabilities      
Warehouse and other lines of credit 0 0  
Derivative liabilities, at fair value 1,736 304  
Servicing rights, at fair value 5,291 3,564  
Liability for loans eligible for repurchase 0 0  
Fair Value, Recurring | Estimated Fair Value | Level 3 | Secured credit facilities      
Liabilities      
Debt obligations 0    
Fair Value, Recurring | Estimated Fair Value | Level 3 | 2020-VF1 Notes      
Liabilities      
Debt obligations 0  
Fair Value, Recurring | Estimated Fair Value | Level 3 | GMSR VFN      
Liabilities      
Debt obligations 0 0  
Fair Value, Recurring | Estimated Fair Value | Level 3 | Term notes      
Liabilities      
Debt obligations 0 0  
Fair Value, Recurring | Estimated Fair Value | Level 3 | Senior notes      
Liabilities      
Debt obligations $ 0  
v3.21.2
FAIR VALUE - Financial Statement Items on Recurring Basis by Fair Value Hierarchy (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Jun. 30, 2020
Assets      
Loans held for sale $ 9,120,653 $ 6,955,424  
Trading securities 16,757 0  
Derivative assets 349,621 647,939  
Servicing rights 1,781,686 1,127,866  
Liabilities      
Derivative liabilities 58,805 168,169  
Servicing rights 5,300   $ 2,600
Interest rate lock commitments      
Assets      
Derivative assets 334,817 647,349  
Liabilities      
Derivative liabilities 1,736 304  
Interest rate swap futures      
Assets      
Derivative assets 10,028 483  
Liabilities      
Derivative liabilities 0 0  
Forward sales contracts      
Assets      
Derivative assets 2,435 107  
Liabilities      
Derivative liabilities 27,569 163,566  
MBS put options      
Assets      
Derivative assets 2,341    
Liabilities      
Derivative liabilities 0    
Put options on treasuries      
Assets      
Derivative assets 0 0  
Liabilities      
Derivative liabilities 29,500 4,299  
Fair Value, Recurring      
Assets      
Loans held for sale 9,120,653 6,955,424  
Trading securities 16,757    
Servicing rights 1,781,686 1,127,866  
Total assets at fair value 11,268,717 8,731,229  
Liabilities      
Servicing rights 5,291 3,564  
Total liabilities at fair value 64,096 171,733  
Fair Value, Recurring | Interest rate lock commitments      
Assets      
Derivative assets 334,817 647,349  
Liabilities      
Derivative liabilities 1,736 304  
Fair Value, Recurring | Interest rate swap futures      
Assets      
Derivative assets 10,028 483  
Fair Value, Recurring | Forward sales contracts      
Assets      
Derivative assets 2,435 107  
Liabilities      
Derivative liabilities 27,569 163,566  
Fair Value, Recurring | MBS put options      
Assets      
Derivative assets 2,341    
Fair Value, Recurring | Put options on treasuries      
Liabilities      
Derivative liabilities 29,500 4,299  
Fair Value, Recurring | Level 1      
Assets      
Loans held for sale 0 0  
Trading securities 0    
Servicing rights 0 0  
Total assets at fair value 10,028 483  
Liabilities      
Servicing rights 0 0  
Total liabilities at fair value 29,500 4,299  
Fair Value, Recurring | Level 1 | Interest rate lock commitments      
Assets      
Derivative assets 0 0  
Liabilities      
Derivative liabilities 0 0  
Fair Value, Recurring | Level 1 | Interest rate swap futures      
Assets      
Derivative assets 10,028 483  
Fair Value, Recurring | Level 1 | Forward sales contracts      
Assets      
Derivative assets 0 0  
Liabilities      
Derivative liabilities 0 0  
Fair Value, Recurring | Level 1 | MBS put options      
Assets      
Derivative assets 0    
Fair Value, Recurring | Level 1 | Put options on treasuries      
Liabilities      
Derivative liabilities 29,500 4,299  
Fair Value, Recurring | Level 2      
Assets      
Loans held for sale 9,120,653 6,955,424  
Trading securities 16,757    
Servicing rights 0 0  
Total assets at fair value 9,142,186 6,955,531  
Liabilities      
Servicing rights 0 0  
Total liabilities at fair value 27,569 163,566  
Fair Value, Recurring | Level 2 | Interest rate lock commitments      
Assets      
Derivative assets 0 0  
Liabilities      
Derivative liabilities 0 0  
Fair Value, Recurring | Level 2 | Interest rate swap futures      
Assets      
Derivative assets 0 0  
Fair Value, Recurring | Level 2 | Forward sales contracts      
Assets      
Derivative assets 2,435 107  
Liabilities      
Derivative liabilities 27,569 163,566  
Fair Value, Recurring | Level 2 | MBS put options      
Assets      
Derivative assets 2,341    
Fair Value, Recurring | Level 2 | Put options on treasuries      
Liabilities      
Derivative liabilities 0 0  
Fair Value, Recurring | Level 3      
Assets      
Loans held for sale 0 0  
Trading securities 0    
Servicing rights 1,781,686 1,127,866  
Total assets at fair value 2,116,503 1,775,215  
Liabilities      
Servicing rights 5,291 3,564  
Total liabilities at fair value 7,027 3,868  
Fair Value, Recurring | Level 3 | Interest rate lock commitments      
Assets      
Derivative assets 334,817 647,349  
Liabilities      
Derivative liabilities 1,736 304  
Fair Value, Recurring | Level 3 | Interest rate swap futures      
Assets      
Derivative assets 0 0  
Fair Value, Recurring | Level 3 | Forward sales contracts      
Assets      
Derivative assets 0 0  
Liabilities      
Derivative liabilities 0 0  
Fair Value, Recurring | Level 3 | MBS put options      
Assets      
Derivative assets 0    
Fair Value, Recurring | Level 3 | Put options on treasuries      
Liabilities      
Derivative liabilities $ 0 $ 0  
v3.21.2
FAIR VALUE - Assets and Liabilities on Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Servicing Rights:        
Servicing liability $ 5,300 $ 2,600 $ 5,300 $ 2,600
Contingent Consideration        
Contingent Consideration:        
Balance at beginning of period   (4,881)   (2,374)
Total net gains or losses included in earnings (realized and unrealized)   (10,473)   (12,980)
Purchases   0   0
Sales   0   0
Settlements   2,185   2,185
Transfers of IRLCs to closed loans   0   0
Balance at end of period   (13,169)   (13,169)
Servicing Rights, net        
Servicing Rights:        
Balance at beginning of period 1,766,088 431,864 1,124,302 444,443
Total net gains or losses included in earnings (realized and unrealized) 203,937 137,989 846,359 132,689
Purchases 0 0 0 0
Sales (193,630) 74 (194,266) (7,205)
Settlements 0 0 0 0
Transfers of IRLCs to closed loans 0 0 0 0
Balance at end of period 1,776,395 569,927 1,776,395 569,927
Interest Rate Lock Commitments        
Derivatives:        
Balance at beginning of period 246,778 314,737 647,045 128,208
Total net gains (losses) included in earnings (realized and unrealized) 720,422 900,060 1,108,970 1,455,127
Purchases 0 0 0 0
Sales 0 0 0 0
Settlements (432,748) (553,742) (1,026,450) (813,197)
Transfers of IRLCs to closed loans (201,371) (141,541) (396,484) (250,624)
Balance at end of period $ 333,081 $ 519,514 $ 333,081 $ 519,514
v3.21.2
FAIR VALUE - Gains and Losses in Earnings (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Assets:        
Gain on origination and sale of loans, net $ 427,458 $ 198,249 $ 957,001 $ 312,367
Losses included in change in fair value of servicing rights (223,500) (60,300) (110,600) (179,700)
Level 3 | Contingent Consideration        
Liabilities:        
Total net gains (losses) included in earnings   (10,473)   (12,980)
Change in unrealized gains relating to assets and liabilities still held at period end   (10,473)   (12,980)
Level 3 | Servicing Rights, net        
Assets:        
Total net gains (losses) included in earnings 203,937 137,989 846,359 132,689
Change in unrealized gains relating to assets and liabilities still held at period end 296,555 179,778 1,038,347 199,580
Level 3 | Interest Rate Lock Commitments        
Derivatives:        
Total net gains (losses) included in earnings 86,303 204,777 (313,964) 391,306
Change in unrealized gains relating to assets and liabilities still held at period end $ 333,081 $ 519,514 $ 333,081 $ 519,514
v3.21.2
FAIR VALUE - Fair Value Inputs and Valuation Techniques (Details)
Jun. 30, 2021
$ / loan
Dec. 31, 2020
$ / loan
Derivative | IRLCs | Minimum | Pull-through rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.019 0.028
Derivative | IRLCs | Maximum | Pull-through rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.999 0.999
Derivative | IRLCs | Weighted Average | Pull-through rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.774 0.705
Servicing rights | Minimum | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing right, measurement input 0.049 0.050
Servicing rights | Minimum | Prepayment rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing right, measurement input 0.092 0.134
Servicing rights | Minimum | Cost to service (per loan)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing right, measurement input 70 71
Servicing rights | Maximum | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing right, measurement input 0.092 0.100
Servicing rights | Maximum | Prepayment rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing right, measurement input 0.207 0.348
Servicing rights | Maximum | Cost to service (per loan)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing right, measurement input 137 139
Servicing rights | Weighted Average | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing right, measurement input 0.060 0.062
Servicing rights | Weighted Average | Prepayment rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing right, measurement input 0.102 0.140
Servicing rights | Weighted Average | Cost to service (per loan)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing right, measurement input 84 89
v3.21.2
BALANCE SHEET NETTING (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Assets:    
Net amounts presented in consolidated balance sheet $ 349,621 $ 647,939
Liabilities:    
Net amounts presented in consolidated balance sheet 58,805 168,169
Total Liabilities, Gross amounts recognized 8,970,055 7,039,809
Total Liabilities, Gross amounts offset in consolidated balance sheet (23,753) (70,922)
Total Liabilities, Net amounts presented in consolidated balance sheet 8,946,302 6,968,887
Total Liabilities, Gross amounts not offset in consolidated balance sheet, Financial instruments (8,889,233) (6,801,022)
Total Liabilities, Gross amounts not offset in consolidated balance sheet, Cash collateral 0 0
Total Liabilities, Net amount 57,069 167,865
Warehouse lines of credit    
Liabilities:    
Securities Loaned, Gross/net amounts recognized 8,498,365 6,577,429
Securities Loaned, Gross amounts not offset in consolidated balance sheet, Financial instruments (8,498,365) (6,577,429)
Securities Loaned, Gross amounts not offset in consolidated balance sheet, Cash collateral 0 0
Securities Loaned, Net amount 0 0
Secured debt obligations    
Liabilities:    
Securities Loaned, Gross/net amounts recognized 390,868 223,593
Securities Loaned, Gross amounts not offset in consolidated balance sheet, Financial instruments (390,868) (223,593)
Securities Loaned, Gross amounts not offset in consolidated balance sheet, Cash collateral 0 0
Securities Loaned, Net amount 0 0
Forward delivery contracts    
Assets:    
Gross amounts recognized 26,188 71,029
Gross amounts offset in consolidated balance sheet (23,753) (70,922)
Net amounts presented in consolidated balance sheet 2,435 107
Gross amounts not offset in consolidated balance sheet, Financial instruments 0 0
Gross amounts not offset in consolidated balance sheet, Cash collateral 0 0
Net amount 2,435 107
Liabilities:    
Gross amounts recognized 51,322 234,488
Gross amounts offset in consolidated balance sheet (23,753) (70,922)
Net amounts presented in consolidated balance sheet 27,569 163,566
Gross amounts not offset in consolidated balance sheet, Financial instruments 0 0
Gross amounts not offset in consolidated balance sheet, Cash collateral 0 0
Net amount 27,569 163,566
Put options on treasuries    
Assets:    
Gross amounts recognized 0  
Gross amounts offset in consolidated balance sheet 0  
Net amounts presented in consolidated balance sheet 0 0
Gross amounts not offset in consolidated balance sheet, Financial instruments 0  
Gross amounts not offset in consolidated balance sheet, Cash collateral 0  
Net amount 0  
Liabilities:    
Gross amounts recognized 29,500 4,299
Gross amounts offset in consolidated balance sheet 0 0
Net amounts presented in consolidated balance sheet 29,500 4,299
Gross amounts not offset in consolidated balance sheet, Financial instruments 0 0
Gross amounts not offset in consolidated balance sheet, Cash collateral 0 0
Net amount 29,500 4,299
MBS put options    
Assets:    
Gross amounts recognized 2,341  
Gross amounts offset in consolidated balance sheet  
Net amounts presented in consolidated balance sheet 2,341  
Gross amounts not offset in consolidated balance sheet, Financial instruments 0  
Gross amounts not offset in consolidated balance sheet, Cash collateral 0  
Net amount 2,341  
Liabilities:    
Net amounts presented in consolidated balance sheet 0  
Interest rate swap futures    
Assets:    
Gross amounts recognized 10,028 483
Gross amounts offset in consolidated balance sheet 0 0
Net amounts presented in consolidated balance sheet 10,028 483
Gross amounts not offset in consolidated balance sheet, Financial instruments 0 0
Gross amounts not offset in consolidated balance sheet, Cash collateral 0 0
Net amount 10,028 483
Liabilities:    
Gross amounts recognized 0  
Gross amounts offset in consolidated balance sheet 0  
Net amounts presented in consolidated balance sheet 0 0
Gross amounts not offset in consolidated balance sheet, Financial instruments 0  
Gross amounts not offset in consolidated balance sheet, Cash collateral 0  
Net amount 0  
All except interest rate lock commitments    
Assets:    
Gross amounts recognized 38,557 71,512
Gross amounts offset in consolidated balance sheet (23,753) (70,922)
Net amounts presented in consolidated balance sheet 14,804 590
Gross amounts not offset in consolidated balance sheet, Financial instruments 0 0
Gross amounts not offset in consolidated balance sheet, Cash collateral 0 0
Net amount $ 14,804 $ 590
v3.21.2
LOANS HELD FOR SALE, AT FAIR VALUE - Unpaid Principal Balance of LHFS by Loan Type (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 8,891,532 $ 6,693,111
Fair value adjustment 229,121 262,313
Total $ 9,120,653 $ 6,955,424
Product Concentration Risk | Receivables Benchmark    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Concentration risk, percentage 100.00% 100.00%
Fixed | Conventional    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 6,164,883 $ 5,223,177
Fixed | Conventional | Product Concentration Risk | Receivables Benchmark    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Concentration risk, percentage 69.00% 78.00%
Fixed | Government    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 1,046,432 $ 1,108,936
Fixed | Government | Product Concentration Risk | Receivables Benchmark    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Concentration risk, percentage 12.00% 16.00%
ARM | Conventional    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 348,470 $ 260
ARM | Conventional | Product Concentration Risk | Receivables Benchmark    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Concentration risk, percentage 4.00% 0.00%
ARM | Government    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 89,457 $ 45,243
ARM | Government | Product Concentration Risk | Receivables Benchmark    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Concentration risk, percentage 1.00% 1.00%
Other - residential mortgage loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 1,240,140 $ 312,954
Other - residential mortgage loans | Product Concentration Risk | Receivables Benchmark    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Concentration risk, percentage 14.00% 5.00%
Consumer loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 2,150 $ 2,541
Consumer loans | Product Concentration Risk | Receivables Benchmark    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Concentration risk, percentage 0.00% 0.00%
v3.21.2
LOANS HELD FOR SALE, AT FAIR VALUE - Summary of Changes in Balances (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Loans Receivable Held-for-sale, Net, Reconciliation to Cash Flow [Roll Forward]        
Balance at beginning of period $ 8,787,756 $ 3,542,329 $ 6,955,424 $ 3,681,840
Origination and purchase of loans 34,413,319 20,975,280 75,814,894 36,081,739
Sales (34,294,254) (21,286,239) (74,213,668) (36,593,749)
Repurchases 111,386 98,261 663,700 108,282
Principal payments (43,206) (33,486) (66,506) (36,486)
Fair value gain (loss) 145,652 7,293 (33,191) 61,812
Balance at end of period $ 9,120,653 $ 3,303,438 $ 9,120,653 $ 3,303,438
v3.21.2
LOANS HELD FOR SALE, AT FAIR VALUE - Components of Gain on Origination and Sale of Loans (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Receivables [Abstract]          
Premium from loan sales $ 407,314 $ 780,352 $ 877,887 $ 1,157,181  
Servicing rights 427,458 198,248 957,002 312,367  
Unrealized (losses) gains from derivative assets and liabilities (510,788) 323,225 (182,467) 302,706  
Realized gains (losses) from derivative assets and liabilities 250,912 (215,350) 350,548 (272,108)  
Discount points, rebates and lender paid costs (28,603) (14,962) (143,458) (33,833)  
Fair value gain (loss) 145,653 7,293 (33,191) 61,812  
Reversal of (provision for) loan loss obligations for loans sold 533 (2,396) (267) (12,126)  
Total gain on origination and sale of loans, net 692,479 $ 1,076,410 1,826,054 $ 1,515,999  
Loans held for sale on non-accrual status $ 34,400   $ 34,400   $ 25,800
v3.21.2
SERVICING RIGHTS, AT FAIR VALUE - Components of Service Portfolio (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Servicing Assets at Fair Value [Line Items]    
Total portfolio $ 138,767,860 $ 102,931,258
Conventional    
Servicing Assets at Fair Value [Line Items]    
Total portfolio 107,825,718 74,459,448
Government    
Servicing Assets at Fair Value [Line Items]    
Total portfolio $ 30,942,142 $ 28,471,810
v3.21.2
SERVICING RIGHTS, AT FAIR VALUE - Unpaid Principal of Servicing Portfolio (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Servicing Assets at Fair Value [Line Items]    
Total portfolio $ 138,767,860 $ 102,931,258
Percentage of servicing portfolio in forbearance resulting from COVID-19 1.40% 2.40%
Current loans    
Servicing Assets at Fair Value [Line Items]    
Total portfolio $ 136,505,175 $ 100,358,713
Loans 30 - 89 days delinquent    
Servicing Assets at Fair Value [Line Items]    
Total portfolio 457,607 709,946
Loans 90 or more days delinquent or in foreclosure    
Servicing Assets at Fair Value [Line Items]    
Total portfolio $ 1,805,078 $ 1,862,599
v3.21.2
SERVICING RIGHTS, AT FAIR VALUE - Change in Servicing Rights (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Servicing Asset at Fair Value, Amount [Roll Forward]        
Balance at beginning of period $ 1,766,088 $ 431,864 $ 1,124,302 $ 444,443
Additions 427,458 198,249 957,001 312,367
Sales proceeds, net (182,113) 41 (182,788) (7,301)
Due to changes in valuation inputs or assumptions (129,267) (22,736) 101,757 (109,050)
Other changes in fair value (105,771) (37,491) (223,877) (70,532)
Balance at end of period 1,776,395 569,927 1,776,395 569,927
Servicing liability $ 5,300 $ 2,600 $ 5,300 $ 2,600
v3.21.2
SERVICING RIGHTS, AT FAIR VALUE - Component of Loan Servicing Fee Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Transfers and Servicing [Abstract]        
Contractual servicing fees $ 92,164 $ 35,242 $ 171,734 $ 66,683
Late, ancillary and other fees 2,578 1,309 5,575 6,431
Total $ 94,742 $ 36,551 $ 177,309 $ 73,114
v3.21.2
SERVICING RIGHTS, AT FAIR VALUE - Changes in Fair Value (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Transfers and Servicing [Abstract]        
Due to changes in valuation inputs or assumptions $ (129,267) $ (22,736) $ 101,757 $ (109,050)
Other changes in fair value (105,771) (37,491) (223,877) (70,532)
Realized gains on sales of servicing rights 6,089 161 5,992 58
Net gain (loss) from derivatives hedging servicing rights 83,851 26,954 (72,605) 99,021
Changes in fair value of servicing rights, net $ (145,098) $ (33,112) $ (188,733) $ (80,503)
v3.21.2
SERVICING RIGHTS, AT FAIR VALUE - Servicing Rights Sensitivity Analysis (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Transfers and Servicing [Abstract]    
Fair Value of Servicing Rights, net $ 1,776,395 $ 1,124,302
Discount Rate, Increase 100 basis points (77,174) (45,745)
Discount Rate, Increase 200 basis points (148,195) (87,800)
Cost of Servicing. Increase 10% (17,818) (11,556)
Cost of Servicing. Increase 20% (35,673) (23,112)
Prepayment Speed, Increase 10% (69,123) (63,351)
Prepayment Speed, Increase 20% $ (134,451) $ (122,294)
v3.21.2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Outstanding Derivative Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Derivative [Line Items]    
Fair Value, Asset $ 349,621 $ 647,939
Fair Value, Liability 58,805 168,169
Interest rate lock commitments    
Derivative [Line Items]    
Notional, Assets 18,806,918 31,365,494
Notional, Liabilities 580,770 99,635
Fair Value, Asset 334,817 647,349
Fair Value, Liability 1,736 304
Forward sales contracts    
Derivative [Line Items]    
Notional, Assets 6,911,918 44,694
Notional, Liabilities 27,299,199 54,397,834
Fair Value, Asset 2,435 107
Fair Value, Liability 27,569 163,566
Put options on treasuries    
Derivative [Line Items]    
Notional, Assets 0
Notional, Liabilities 21,848 27,803
Fair Value, Asset 0 0
Fair Value, Liability 29,500 4,299
MBS put options    
Derivative [Line Items]    
Notional, Assets 800,000  
Notional, Liabilities  
Fair Value, Asset 2,341  
Fair Value, Liability 0  
Interest rate swap futures    
Derivative [Line Items]    
Notional, Assets 5,497 2,350
Notional, Liabilities 0 0
Fair Value, Asset 10,028 483
Fair Value, Liability $ 0 $ 0
v3.21.2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Realized and Unrealized Gains on Derivatives (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]        
Total realized and unrealized (losses) gains on derivative financial instruments $ (176,025) $ 134,829 $ 95,476 $ 129,618
Gain on origination and sale of loans, net | Interest rate lock commitments        
Derivative Instruments, Gain (Loss) [Line Items]        
Total realized and unrealized (losses) gains on derivative financial instruments 86,303 204,777 (313,964) 391,306
Gain on origination and sale of loans, net | Forward sales contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Total realized and unrealized (losses) gains on derivative financial instruments (317,263) (92,200) 507,082 (348,506)
Gain on origination and sale of loans, net | Interest rate swap futures        
Derivative Instruments, Gain (Loss) [Line Items]        
Total realized and unrealized (losses) gains on derivative financial instruments (22,217) 125 (52,208) (6,273)
Gain on origination and sale of loans, net | Put options        
Derivative Instruments, Gain (Loss) [Line Items]        
Total realized and unrealized (losses) gains on derivative financial instruments (6,699) (4,827) 27,171 (5,930)
Change in fair value of servicing rights, net | Forward sales contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Total realized and unrealized (losses) gains on derivative financial instruments 33,925 25,129 (79,004) 78,025
Change in fair value of servicing rights, net | Interest rate swap futures        
Derivative Instruments, Gain (Loss) [Line Items]        
Total realized and unrealized (losses) gains on derivative financial instruments 48,194 1,888 7,178 21,623
Change in fair value of servicing rights, net | Put options        
Derivative Instruments, Gain (Loss) [Line Items]        
Total realized and unrealized (losses) gains on derivative financial instruments $ 1,732 $ (63) $ (779) $ (627)
v3.21.2
VARIABLE INTEREST ENTITIES - Consolidated VIEs (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Variable Interest Entity [Line Items]    
Loans held for sale, at fair value $ 9,120,653 $ 6,955,424
Servicing rights, at fair value 1,781,686 1,127,866
Total assets 13,097,643 10,893,228
Warehouse and other lines of credit 8,498,365 6,577,429
Debt obligations, net 1,473,309 712,466
Total liabilities 11,528,809 9,236,615
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Loans held for sale, at fair value 2,340,714 1,595,442
Restricted cash 133,130 170,413
Servicing rights, at fair value 350,885 300,465
Total assets 2,824,729 2,066,320
Warehouse and other lines of credit 2,399,771 1,699,803
Debt obligations, net 213,885 213,640
Total liabilities $ 2,613,656 $ 1,913,443
v3.21.2
VARIABLE INTEREST ENTITIES - Nonconsolidated VIEs (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Variable Interest Entity [Line Items]    
Trading securities $ 16,757 $ 0
Total assets 13,097,643 10,893,228
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total assets 35,155  
Maximum exposure to loss in non-consolidated VIEs 35,155  
Variable Interest Entity, Not Primary Beneficiary | Joint Venture    
Variable Interest Entity [Line Items]    
Investments in joint ventures 18,398 17,528
Maximum exposure to loss in non-consolidated VIEs 18,398 17,528
Total assets in VIEs 12,462 $ 15,342
Variable Interest Entity, Not Primary Beneficiary | Retained Interests    
Variable Interest Entity [Line Items]    
Trading securities 16,757  
Maximum exposure to loss in non-consolidated VIEs 16,757  
Total assets in VIEs $ 324,160  
v3.21.2
VARIABLE INTEREST ENTITIES - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Variable Interest Entity, Not Primary Beneficiary | Joint Venture        
Variable Interest Entity [Line Items]        
Share in net earnings of joint ventures $ 2.9 $ 2.4 $ 5.1 $ 3.7
v3.21.2
WAREHOUSE AND OTHER LINES OF CREDIT - Additional Information (Details)
 1 Months Ended 6 Months Ended
Apr. 30, 2021
USD ($)
Feb. 28, 2021
USD ($)
Dec. 31, 2020
USD ($)
Oct. 31, 2020
USD ($)
Oct. 31, 2019
USD ($)
May 31, 2019
USD ($)
Jun. 30, 2021
USD ($)
lineOfCredit
Line of Credit Facility [Line Items]              
Number of lines of credit held | lineOfCredit             14
Restricted cash     $ 204,465,000       $ 217,435,000
Warehouse Agreement Borrowings              
Line of Credit Facility [Line Items]              
Restricted cash     6,700,000       $ 5,800,000
Warehouse Agreement Borrowings | Minimum              
Line of Credit Facility [Line Items]              
Debt instrument, term             1 year
Warehouse Agreement Borrowings | Maximum              
Line of Credit Facility [Line Items]              
Debt instrument, term             2 years
Warehouse and Revolving Credit Facilities              
Line of Credit Facility [Line Items]              
Maximum borrowing capacity             $ 9,450,000,000
Weighted average interest rate             2.06%
Securitization Facilities | 2019-1 Securitization Facility              
Line of Credit Facility [Line Items]              
Maximum borrowing capacity           $ 300,000,000.0  
Debt instrument, term           2 years  
Securitization Facilities | 2019-2 Securitization Facility              
Line of Credit Facility [Line Items]              
Maximum borrowing capacity         $ 300,000,000.0    
Debt instrument, term         2 years    
Securitization Facilities | 2020-1 Securitization Facility              
Line of Credit Facility [Line Items]              
Maximum borrowing capacity       $ 600,000,000.0      
Debt instrument, term       2 years      
Securitization Facilities | 2020-2 Securitization Facility              
Line of Credit Facility [Line Items]              
Maximum borrowing capacity     $ 500,000,000.0        
Debt instrument, term     3 years        
Securitization Facilities | 2021-1 Securitization Facility              
Line of Credit Facility [Line Items]              
Maximum borrowing capacity   $ 500,000,000.0          
Debt instrument, term   3 years          
Securitization Facilities | 2021-2 Securitization Facility              
Line of Credit Facility [Line Items]              
Maximum borrowing capacity $ 500,000,000.0            
Debt instrument, term 3 years            
Securitization Facilities | Minimum              
Line of Credit Facility [Line Items]              
Debt instrument, term             2 years
Securitization Facilities | Maximum              
Line of Credit Facility [Line Items]              
Debt instrument, term             3 years
v3.21.2
WAREHOUSE AND OTHER LINES OF CREDIT - Warehouse Borrowings (Details) - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Line of Credit Facility [Line Items]    
Outstanding Balance $ 8,498,365,000 $ 6,577,429,000
Debt obligations, net 1,473,309,000 712,466,000
Finance Servicing Rights    
Line of Credit Facility [Line Items]    
Debt obligations, net 15,000,000.0  
Warehouse and Revolving Credit Facilities    
Line of Credit Facility [Line Items]    
Committed Amount 4,350,000,000  
Uncommitted Amount 5,100,000,000  
Total Facility Amount 9,450,000,000  
Outstanding Balance 8,498,365,000 6,577,429,000
Warehouse and Revolving Credit Facilities | Facility 1    
Line of Credit Facility [Line Items]    
Committed Amount 1,000,000,000  
Uncommitted Amount 300,000,000  
Total Facility Amount 1,300,000,000  
Outstanding Balance 1,226,151,000 1,665,005,000
Warehouse and Revolving Credit Facilities | Facility 2    
Line of Credit Facility [Line Items]    
Committed Amount 0  
Uncommitted Amount 600,000,000  
Total Facility Amount 600,000,000  
Outstanding Balance 567,304,000 226,891,000
Warehouse and Revolving Credit Facilities | Facility 3    
Line of Credit Facility [Line Items]    
Committed Amount 0  
Uncommitted Amount 500,000,000  
Total Facility Amount 500,000,000  
Outstanding Balance 484,260,000 206,863,000
Warehouse and Revolving Credit Facilities | Facility 4    
Line of Credit Facility [Line Items]    
Committed Amount 100,000,000  
Uncommitted Amount 300,000,000  
Total Facility Amount 400,000,000  
Outstanding Balance 393,803,000 335,096,000
Warehouse and Revolving Credit Facilities | Facility 5    
Line of Credit Facility [Line Items]    
Committed Amount 0  
Uncommitted Amount 200,000,000  
Total Facility Amount 200,000,000  
Outstanding Balance 0 0
Warehouse and Revolving Credit Facilities | Facility 6    
Line of Credit Facility [Line Items]    
Committed Amount 100,000,000  
Uncommitted Amount 1,000,000,000  
Total Facility Amount 1,100,000,000  
Outstanding Balance 1,084,042,000 626,741,000
Warehouse and Revolving Credit Facilities | Facility 7    
Line of Credit Facility [Line Items]    
Committed Amount 750,000,000  
Uncommitted Amount 750,000,000  
Total Facility Amount 1,500,000,000  
Outstanding Balance 1,274,245,000 919,068,000
Warehouse and Revolving Credit Facilities | Facility 8    
Line of Credit Facility [Line Items]    
Committed Amount 0  
Uncommitted Amount 0  
Total Facility Amount 0  
Outstanding Balance 0 300,000,000
Warehouse and Revolving Credit Facilities | Facility 9    
Line of Credit Facility [Line Items]    
Committed Amount 300,000,000  
Uncommitted Amount 0  
Total Facility Amount 300,000,000  
Outstanding Balance 300,000,000 299,803,000
Warehouse and Revolving Credit Facilities | Facility 10    
Line of Credit Facility [Line Items]    
Committed Amount 0  
Uncommitted Amount 850,000,000  
Total Facility Amount 850,000,000  
Outstanding Balance 591,036,000 358,761,000
Warehouse and Revolving Credit Facilities | Facility 11    
Line of Credit Facility [Line Items]    
Committed Amount 600,000,000  
Uncommitted Amount 0  
Total Facility Amount 600,000,000  
Outstanding Balance 600,000,000 600,000,000
Warehouse and Revolving Credit Facilities | Facility 12    
Line of Credit Facility [Line Items]    
Committed Amount 500,000,000  
Uncommitted Amount 0  
Total Facility Amount 500,000,000  
Outstanding Balance 500,000,000 500,000,000
Warehouse and Revolving Credit Facilities | Facility 13    
Line of Credit Facility [Line Items]    
Committed Amount 0  
Uncommitted Amount 600,000,000  
Total Facility Amount 600,000,000  
Outstanding Balance 477,753,000 259,247,000
Warehouse and Revolving Credit Facilities | Facility 14    
Line of Credit Facility [Line Items]    
Committed Amount 0  
Uncommitted Amount 0  
Total Facility Amount 0  
Outstanding Balance 0 279,954,000
Warehouse and Revolving Credit Facilities | Facility 15    
Line of Credit Facility [Line Items]    
Committed Amount 500,000,000  
Uncommitted Amount 0  
Total Facility Amount 500,000,000  
Outstanding Balance 500,000,000 0
Warehouse and Revolving Credit Facilities | Facility 16    
Line of Credit Facility [Line Items]    
Committed Amount 500,000,000  
Uncommitted Amount 0  
Total Facility Amount 500,000,000  
Outstanding Balance $ 499,771,000 $ 0
v3.21.2
WAREHOUSE AND OTHER LINES OF CREDIT - Information on Warehouse Borrowings (Details) - Warehouse Agreement Borrowings - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Line of Credit Facility [Line Items]        
Maximum outstanding balance during the period $ 9,180,276 $ 3,798,602 $ 9,180,276 $ 3,846,596
Average balance outstanding during the period 8,164,737 3,375,718 7,838,140 3,332,154
Collateral pledged (loans held for sale) $ 8,919,427 $ 3,098,403 $ 8,919,427 $ 3,098,403
Weighted average interest rate during the period 2.21% 2.35% 2.27% 2.79%
v3.21.2
DEBT OBLIGATIONS - Information on Outstanding Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Debt obligations, net $ 1,473,309 $ 712,466
Secured debt obligations    
Debt Instrument [Line Items]    
Debt obligations, net 389,412 221,211
Secured debt obligations | 2020-VF1 Notes    
Debt Instrument [Line Items]    
Debt obligations, net 10,511 7,571
Secured debt obligations | GMSR VFN    
Debt Instrument [Line Items]    
Debt obligations, net 15,000 15,000
Secured debt obligations | Term notes    
Debt Instrument [Line Items]    
Debt obligations, net 198,885 198,640
Secured debt obligations | Revolving credit facility    
Debt Instrument [Line Items]    
Debt obligations, net 165,016 0
Unsecured debt obligations    
Debt Instrument [Line Items]    
Debt obligations, net 1,083,897 491,255
Unsecured debt obligations | Senior notes    
Debt Instrument [Line Items]    
Debt obligations, net $ 1,083,897 $ 491,255
v3.21.2
DEBT OBLIGATIONS - Secured Credit Facilities (Details) - USD ($)
Jun. 30, 2021
Dec. 31, 2020
May 31, 2015
Oct. 31, 2014
Debt Instrument [Line Items]        
Servicing rights, at fair value $ 1,781,686,000 $ 1,127,866,000    
Pledged as Collateral        
Debt Instrument [Line Items]        
Servicing rights, at fair value 350,885,000 $ 300,465,000    
Secured credit facilities | Securities Financing        
Debt Instrument [Line Items]        
Outstanding balance $ 15,000,000.0      
Secured credit facilities | Securities Financing | Minimum        
Debt Instrument [Line Items]        
Advance rate 60.00%      
Secured credit facilities | Securities Financing | Maximum        
Debt Instrument [Line Items]        
Advance rate 90.00%      
Secured credit facilities | Revolving credit facility        
Debt Instrument [Line Items]        
Borrowing capacity     $ 50,000,000.0 $ 25,000,000.0
Outstanding balance $ 150,000,000.0      
Available borrowing capacity 248,000,000.0      
Secured credit facilities | Revolving credit facility | Pledged as Collateral        
Debt Instrument [Line Items]        
Servicing rights, at fair value $ 808,000,000.0      
v3.21.2
DEBT OBLIGATIONS - 2020-VF1 Notes (Details) - Secured credit facilities - 2020-VF1 Notes - USD ($)
Jun. 30, 2021
Sep. 30, 2020
Debt Instrument [Line Items]    
Outstanding balance $ 10,500,000  
Deferred financing costs $ 300,000  
Advance Receivables Trust    
Debt Instrument [Line Items]    
Face amount   $ 130,000,000.0
v3.21.2
DEBT OBLIGATIONS - GMSR VFN (Details) - Secured credit facilities - GMSR VFN - USD ($)
Jun. 30, 2021
Aug. 31, 2017
Debt Instrument [Line Items]    
Face amount   $ 65,000,000.0
Outstanding balance $ 15,000,000.0  
Maximum    
Debt Instrument [Line Items]    
Face amount   $ 150,000,000.0
v3.21.2
DEBT OBLIGATIONS - Term Notes (Details) - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Oct. 31, 2018
Nov. 30, 2017
Debt Instrument [Line Items]        
Outstanding balance $ 1,473,309,000 $ 712,466,000    
Secured credit facilities        
Debt Instrument [Line Items]        
Outstanding balance 389,412,000 221,211,000    
Secured credit facilities | GMSR Term Notes        
Debt Instrument [Line Items]        
Face amount       $ 110,000,000.0
Outstanding balance     $ 110,000,000.0  
Secured credit facilities | Term notes        
Debt Instrument [Line Items]        
Face amount     $ 200,000,000.0  
Outstanding balance 198,885,000 $ 198,640,000    
Deferred financing costs $ 1,100,000      
v3.21.2
DEBT OBLIGATIONS - Senior Notes (Details) - USD ($)
 1 Months Ended
Mar. 31, 2021
Oct. 31, 2020
Jun. 30, 2021
Dec. 31, 2020
Debt Instrument [Line Items]        
Outstanding balance     $ 1,473,309,000 $ 712,466,000
Unsecured term loan        
Debt Instrument [Line Items]        
Outstanding balance     1,083,897,000 $ 491,255,000
Unsecured term loan | 6.50% Senior Unsecured Notes Due 2025        
Debt Instrument [Line Items]        
Face amount   $ 500,000,000.0    
Stated interest rate   6.50%    
Redemption price, percentage   100.00%    
Outstanding balance     492,300,000  
Deferred financing costs     7,700,000  
Unsecured term loan | 6.50% Senior Unsecured Notes Due 2025 | Any time prior to November 1, 2022        
Debt Instrument [Line Items]        
Redemption price, percentage   106.50%    
Percentage of principal amount to be redeemed   40.00%    
Unsecured term loan | 6.125% Senior Unsecured Notes Due 2028        
Debt Instrument [Line Items]        
Face amount     $ 600,000,000.0  
Stated interest rate     6.125%  
Redemption price, percentage 100.00%      
Outstanding balance     $ 591,600,000  
Deferred financing costs     $ 8,400,000  
Unsecured term loan | 6.125% Senior Unsecured Notes Due 2028 | Any time prior to April 1, 2024        
Debt Instrument [Line Items]        
Redemption price, percentage 106.125%      
Percentage of principal amount to be redeemed 40.00%      
v3.21.2
DEBT OBLIGATIONS - Interest Expense (Details) - 30-Day or 90-Day LIBOR
 6 Months Ended
Jun. 30, 2021
Minimum  
Debt Instrument [Line Items]  
Basis spread on variable rate (as a percent) 0.45%
Maximum  
Debt Instrument [Line Items]  
Basis spread on variable rate (as a percent) 4.75%
v3.21.2
INCOME TAXES - Components of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Income Tax Disclosure [Abstract]        
Total income before income taxes and non-controlling interest $ 30,509 $ 649,485 $ 476,639 $ 738,480
Provision for income taxes $ 4,225 $ 890 $ 22,502 $ 890
Effective tax provision rate 13.80% 0.10% 4.70% 0.10%
v3.21.2
INCOME TAXES - Additional Information (Details) - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]    
Deferred tax asset before valuation allowance $ 56,000  
Deferred tax liability $ 202,900,000  
Combined federal and state rate, percent 26.00% 26.00%
Deferred tax asset, valuation allowance $ 0  
TRA liability $ 12,900,000  
v3.21.2
RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - Joint Venture - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Related Party Transaction [Line Items]          
Loan processing and administrative services fee income $ 3,754 $ 3,572 $ 7,107 $ 6,182  
Loan origination broker fees expense 22,258 $ 19,921 40,708 $ 33,867  
Amounts (payable) receivable from joint ventures $ (2,934)   $ (2,934)   $ 2,196
v3.21.2
RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Related Party Transaction [Line Items]        
Personnel expense $ 470,125 $ 340,716 $ 1,073,861 $ 580,915
Unitholder        
Related Party Transaction [Line Items]        
Management fees   239 215 531
Consulting Fees 41      
Personnel expense $ 76 $ 13 $ 227 $ 113
v3.21.2
EQUITY - Additional Information (Details)
$ in Thousands
Feb. 11, 2021
Jun. 30, 2021
USD ($)
Dec. 31, 2020
USD ($)
Jun. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Equity [Abstract]            
Stock, exchange ratio 1          
Noncontrolling interest   $ 1,050,688 $ 1,656,613 $ 1,051,224 $ 462,682 $ 375,885
v3.21.2
EQUITY - Summary of Ownership (Details) - LD Holdings
Jun. 30, 2021
shares
Noncontrolling Interest [Line Items]  
Holdco Units (in shares) 308,787,885
Ownership Percentage 100.00%
loanDepot, Inc.  
Noncontrolling Interest [Line Items]  
Holdco Units (in shares) 127,519,730
Ownership Percentage by Noncontrolling Owners 41.30%
Continuing LLC Members  
Noncontrolling Interest [Line Items]  
Holdco Units (in shares) 181,268,155
Ownership Percentage by Parent 58.70%
v3.21.2
STOCK-BASED COMPENSATION - Additional Information (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Feb. 11, 2021
Jun. 30, 2021
USD ($)
shares
Jun. 30, 2020
USD ($)
Jun. 30, 2021
USD ($)
shares
Jun. 30, 2020
USD ($)
Dec. 31, 2020
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock-based compensation expense   $ 1.9   $ 61.8    
Reversal of stock compensation     $ 6.8   $ 6.7  
Unrecognized compensation   29.4   29.4    
Stock, exchange ratio 1          
RSUs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Unrecognized compensation   $ 22.1   22.1    
Recognition period   4 years 25 days        
Holding Units            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock-based compensation expense   $ 0.6 $ 6.8 1.4 $ 6.7  
Unrecognized compensation   7.3   $ 7.3   $ 9.5
Recognition period       3 years 2 months 4 days    
2021 Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock-based compensation expense   $ 1.3   $ 60.4    
Common stock reserved for issuance (in shares) | shares   16,250,000   16,250,000    
Percentage of shares of common stock outstanding   2.00%   2.00%    
v3.21.2
STOCK-BASED COMPENSATION - Summary of RSU Activity (Details) - RSUs - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2021
Shares    
Unvested - beginning of period (in shares) 709,313 0
Granted (in shares) 443,116 3,368,116
Vested (in shares) (17,856) (2,233,543)
Forfeited/Cancelled (in shares) (65,000) (65,000)
Unvested - end of period (in shares) 1,069,573 1,069,573
Weighted Average Grant Date Fair Value    
Unvested - beginning of period (in usd per share) $ 26.45 $ 0
Granted (in usd per share) 15.37 24.99
Vested (in usd per share) 17.01 26.37
Forfeited/Cancelled (in usd per share) 26.45 26.45
Unvested - end of period (in usd per share) $ 22.02 $ 22.02
v3.21.2
STOCK-BASED COMPENSATION - Holdco Unit Activity (Details) - $ / shares
 1 Months Ended 3 Months Ended 6 Months Ended
Feb. 10, 2021
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Class A Holdco Units          
Shares          
Unvested - beginning of period (in shares) 19,632,883 18,922,922   19,632,883  
Granted (in shares)   0   0  
Vested (in shares)   (2,686,449)   (3,396,410)  
Forfeited/Cancelled (in shares)   (1,585,678)   (1,585,678)  
Unvested - end of period (in shares)   14,650,795   14,650,795  
Weighted Average Grant Date Fair Value          
Unvested - beginning of period (in usd per share) $ 0.50 $ 0.49   $ 0.50  
Granted (in usd per share)   0   0  
Vested (in usd per share)   0.47   0.54  
Forfeited/Cancelled (in usd per share)   0.51   0.51  
Unvested - end of period (in usd per share)   $ 0.50   $ 0.50  
Class Z, Class Y, Class X, Class W and Class V Common Units          
Shares          
Unvested - beginning of period (in shares) 100,679,480   89,541,592 100,679,480  
Granted (in shares)     1,227,342,174   1,227,342,174
Vested (in shares)     (505,480,737)   (506,610,385)
Forfeited/Cancelled (in shares)     (65,662,679)   (75,670,919)
Unvested - end of period (in shares)     745,740,350   745,740,350
Weighted Average Grant Date Fair Value          
Unvested - beginning of period (in usd per share) $ 0.006   $ 0.005 $ 0.006  
Granted (in usd per share)     0.016   $ 0.016
Vested (in usd per share)     0.016   0.016
Forfeited/Cancelled (in usd per share)     0.007   0.007
Unvested - end of period (in usd per share)     $ 0.016   $ 0.016
Class Z, Class Y, Class X, Class W and Class V Common Units | LDI Units          
Shares          
Unvested - beginning of period (in shares) 610,497,758     610,497,758  
Vested (in shares) (12,656,379)        
Forfeited/Cancelled (in shares) (3,552,286)        
Unvested - end of period (in shares) 594,289,093        
Weighted Average Grant Date Fair Value          
Unvested - beginning of period (in usd per share) $ 0.016     $ 0.016  
Vested (in usd per share) 0.016        
Forfeited/Cancelled (in usd per share) 0.016        
Unvested - end of period (in usd per share) $ 0.016        
v3.21.2
STOCK-BASED COMPENSATION - Valuation Assumptions (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]    
Risk-free interest rate 0.30% 0.30%
Expected life 1 year 8 months 12 days 1 year 8 months 12 days
Minimum expected volatility rate 160.00% 160.00%
Maximum expected volatility rate 175.00% 175.00%
v3.21.2
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 5 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2021
Jun. 30, 2020
Basic earnings per share:          
Net income attributable to loanDepot, Inc. $ 8,561 $ 0   $ 53,436 $ 0
Weighted average shares - basic (in shares) 126,726,876     126,392,949  
Earnings per share - Basic (in usd per share) $ 0.07     $ 0.42  
Diluted earnings per share:          
Net income allocated to common stockholders - diluted $ 8,561     $ 53,436  
Diluted (in shares) 126,726,876     126,392,949  
Earnings per share - Diluted (in usd per share) $ 0.07     $ 0.42  
RSUs          
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]          
Antidilutive securities (in shares) 808,090   748,185    
Class B          
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]          
Common stock, shares, outstanding 0   0 0  
Class A          
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]          
Common stock, shares, outstanding 12,541,086   12,541,086 12,541,086  
Basic earnings per share:          
Net income attributable to loanDepot, Inc. $ 678     $ 3,633  
Weighted average shares - basic (in shares) 10,038,195     8,592,536  
Earnings per share - Basic (in usd per share) $ 0.07     $ 0.42  
Diluted earnings per share:          
Net income allocated to common stockholders - diluted $ 678     $ 3,633  
Diluted (in shares) 10,038,195     8,592,536  
Earnings per share - Diluted (in usd per share) $ 0.07     $ 0.42  
Class D          
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]          
Common stock, shares, outstanding 114,978,644   114,978,644 114,978,644  
Basic earnings per share:          
Net income attributable to loanDepot, Inc. $ 7,883     $ 49,803  
Weighted average shares - basic (in shares) 116,688,681     117,800,413  
Earnings per share - Basic (in usd per share) $ 0.07     $ 0.42  
Diluted earnings per share:          
Net income allocated to common stockholders - diluted $ 7,883     $ 49,803  
Diluted (in shares) 116,688,681     117,800,413  
Earnings per share - Diluted (in usd per share) $ 0.07     $ 0.42  
Class C          
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]          
Common stock, shares, outstanding 181,268,155   181,268,155 181,268,155  
Class C | Common shares          
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]          
Antidilutive securities (in shares) 196,741,703   197,366,213    
v3.21.2
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended 13 Months Ended
Jan. 31, 2021
Dec. 31, 2020
Jan. 31, 2021
Jun. 30, 2021
Dec. 31, 2019
Other Commitments [Line Items]          
Customer escrow balance   $ 377.3   $ 190.3  
Percent of cash tax savings paid       85.00%  
TRA liability       $ 12.9  
Commitments to Extend Credit          
Other Commitments [Line Items]          
Commitments to originate loans   31,500.0   $ 19,400.0  
Per Diem Charge Overage Refunds          
Other Commitments [Line Items]          
Loss contingency accrual         $ 4.8
Processed refunds $ 0.3 $ 3.9 $ 4.2    
v3.21.2
COMMITMENTS AND CONTINGENCIES - Loan Loss Obligation (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period $ 30,052 $ 25,729 $ 33,591 $ 17,677
(Reversal of) provision for loan losses (533) 2,396 267 12,126
Payments, realized losses and other (2,893) (2,695) (7,232) (4,373)
Balance at end of period $ 26,626 $ 25,430 $ 26,626 $ 25,430
v3.21.2
REGULATORY CAPITAL AND LIQUIDITY REQUIREMENTS (Details)
$ in Millions
Jun. 30, 2021
USD ($)
Mortgage Banking [Abstract]  
Minimum adjusted net worth balance requirement $ 106.2
v3.21.2
Label Element Value
Distributions For State Taxes ldi_DistributionsForStateTaxes $ 13,816,000
Stock Vested During Period, Value ldi_StockVestedDuringPeriodValue 0
APIC, Share-based Payment Arrangement, Increase for Cost Recognition us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue 61,414,000
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders 160,617,000
Noncontrolling Interest, Increase (Decrease) From Stock-Based Compensation ldi_NoncontrollingInterestIncreaseDecreaseFromStockBasedCompensation 338,000
Stock Issued During Period, Value, Conversion of Units us-gaap_StockIssuedDuringPeriodValueConversionOfUnits 0
Adjustments To Additional Paid In Capital, Tax Adjustments ldi_AdjustmentsToAdditionalPaidInCapitalTaxAdjustments (203,370,000)
Stock Issued During Period, Value, Reorganization ldi_StockIssuedDuringPeriodValueReorganization 0
Over-Allotment Option [Member]  
Stock Issued During Period, Value, New Issues us-gaap_StockIssuedDuringPeriodValueNewIssues 0
IPO [Member]  
Stock Issued During Period, Value, New Issues us-gaap_StockIssuedDuringPeriodValueNewIssues 0
Additional Paid-in Capital [Member]  
Stock Vested During Period, Value ldi_StockVestedDuringPeriodValue (4,000)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue 25,403,000
Adjustments To Additional Paid In Capital, Tax Adjustments ldi_AdjustmentsToAdditionalPaidInCapitalTaxAdjustments (203,370,000)
Stock Issued During Period, Value, Reorganization ldi_StockIssuedDuringPeriodValueReorganization 740,629,000
Noncontrolling Interest [Member]  
Distributions For State Taxes ldi_DistributionsForStateTaxes 8,118,000
Net Income (Loss) Attributable to Noncontrolling Interest us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 294,598,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue 36,011,000
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders 160,617,000
Noncontrolling Interest, Increase (Decrease) From Stock-Based Compensation ldi_NoncontrollingInterestIncreaseDecreaseFromStockBasedCompensation 338,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest us-gaap_ProfitLoss 106,103,000
Stock Issued During Period, Value, Reorganization ldi_StockIssuedDuringPeriodValueReorganization (740,934,000)
Retained Earnings [Member]  
Distributions For State Taxes ldi_DistributionsForStateTaxes 5,698,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest us-gaap_ProfitLoss 53,436,000
Stock Issued During Period, Value, Reorganization ldi_StockIssuedDuringPeriodValueReorganization 0
Common Class C [Member]  
Dividends us-gaap_Dividends 137,865,000
Common Class C [Member] | Common Stock [Member]  
Stock Vested During Period, Value ldi_StockVestedDuringPeriodValue $ 4,000
Stock Issued During Period, Shares, Conversion of Units us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits (1,164,487)
Stock Issued During Period, Shares, Reorganization ldi_StockIssuedDuringPeriodSharesReorganization 181,789,329
Stock Vested During Period, Shares ldi_StockVestedDuringPeriodShares 3,396,413
Stock Issued During Period, Value, Conversion of Units us-gaap_StockIssuedDuringPeriodValueConversionOfUnits $ (2,000)
Stock Issued During Period, Value, Reorganization ldi_StockIssuedDuringPeriodValueReorganization $ 182,000
Common Class C [Member] | Common Stock [Member] | Over-Allotment Option [Member]  
Stock Issued During Period, Shares, New Issues us-gaap_StockIssuedDuringPeriodSharesNewIssues (359,100)
Stock Issued During Period, Value, New Issues us-gaap_StockIssuedDuringPeriodValueNewIssues $ (1,000)
Common Class C [Member] | Common Stock [Member] | IPO [Member]  
Stock Issued During Period, Shares, New Issues us-gaap_StockIssuedDuringPeriodSharesNewIssues (2,394,000)
Stock Issued During Period, Value, New Issues us-gaap_StockIssuedDuringPeriodValueNewIssues $ (2,000)
Common Class C [Member] | Noncontrolling Interest [Member]  
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders 81,368,000
Common Class C [Member] | Retained Earnings [Member]  
Dividends us-gaap_Dividends $ 56,497,000
Common Class D [Member] | Common Stock [Member]  
Stock Issued During Period, Shares, Conversion of Units us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits (4,715,556)
Stock Issued During Period, Shares, Reorganization ldi_StockIssuedDuringPeriodSharesReorganization 121,368,600
Stock Issued During Period, Value, Conversion of Units us-gaap_StockIssuedDuringPeriodValueConversionOfUnits $ (4,000)
Stock Issued During Period, Value, Reorganization ldi_StockIssuedDuringPeriodValueReorganization $ 121,000
Common Class D [Member] | Common Stock [Member] | Over-Allotment Option [Member]  
Stock Issued During Period, Shares, New Issues us-gaap_StockIssuedDuringPeriodSharesNewIssues (218,400)
Common Class D [Member] | Common Stock [Member] | IPO [Member]  
Stock Issued During Period, Shares, New Issues us-gaap_StockIssuedDuringPeriodSharesNewIssues (1,456,000)
Stock Issued During Period, Value, New Issues us-gaap_StockIssuedDuringPeriodValueNewIssues $ (2,000)
Common Class A [Member] | Common Stock [Member]  
Stock Issued During Period, Shares, Conversion of Units us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits 5,880,043
Stock Issued During Period, Shares, Reorganization ldi_StockIssuedDuringPeriodSharesReorganization 2,215,687
Stock Vested During Period, Shares ldi_StockVestedDuringPeriodShares 17,856
Stock Issued During Period, Value, Conversion of Units us-gaap_StockIssuedDuringPeriodValueConversionOfUnits $ 6,000
Stock Issued During Period, Value, Reorganization ldi_StockIssuedDuringPeriodValueReorganization $ 2,000
Common Class A [Member] | Common Stock [Member] | Over-Allotment Option [Member]  
Stock Issued During Period, Shares, New Issues us-gaap_StockIssuedDuringPeriodSharesNewIssues 577,500
Stock Issued During Period, Value, New Issues us-gaap_StockIssuedDuringPeriodValueNewIssues $ 1,000
Common Class A [Member] | Common Stock [Member] | IPO [Member]  
Stock Issued During Period, Shares, New Issues us-gaap_StockIssuedDuringPeriodSharesNewIssues 3,850,000
Stock Issued During Period, Value, New Issues us-gaap_StockIssuedDuringPeriodValueNewIssues $ 4,000
Class A And D Common Stock [Member]  
Dividends us-gaap_Dividends 88,000,000
Class A And D Common Stock [Member] | Noncontrolling Interest [Member]  
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders 51,938,000
Class A And D Common Stock [Member] | Retained Earnings [Member]  
Dividends us-gaap_Dividends $ 36,062,000