LDI · CIK 1831631
What loanDepot, Inc. told the SEC could break it.
loanDepot's risks cluster on both ends of its originate-and-sell mortgage model. On the sell side, it offloads the loans it makes to a concentrated set of buyers — three investors accounted for 36%, 15% and 12% of its loan sales — so losing a major one would impair the model. On the funding side, it bankrolls originations through warehouse and securitization facilities ($2.9 billion outstanding at year-end 2025) that require pledging loan collateral and carry cross-default provisions, so loss of those lines would choke its ability to originate. Its book is also geographically concentrated in California, Texas and Florida (California alone about 16% of 2025 originations), and it flags a January 2024 cybersecurity incident that it says could make it a more likely target for future attacks given the sensitive borrower data it holds.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Loan-sale investor concentration (3 investors = 36%, 15%, 12% of loan sales)high
loanDepot sells originated mortgages to a concentrated set of investors — three investors accounted for 36%, 15%, and 12% of loan sales — so loss of a major loan buyer would impair its originate-and-sell model.
“Three investors accounted for 36 %, 12 %, and 15 % of the Company's loan sales”
SEC filing →As of 2026
Cybersecurity
- January 2024 cybersecurity incident (unauthorized system access)medium
loanDepot suffered a January 2024 cybersecurity incident from unauthorized access to its systems, which it notes may make it a more likely target for future attacks given the sensitive borrower data it holds.
“we experienced a cybersecurity incident in January 2024 that resulted from unauthorized access to our systems (as described further in Item 1C. Cybersecurity) (the “Cybersecurity Incident”). The Cybersecurity Incident may make us more of a target for future attacks.”
SEC filing →As of 2026
Geographic concentration
- Originations/servicing concentrated in California, Texas, Floridamedium
A substantial portion of originations is concentrated in California, Texas, and Florida (California alone ~16% of 2025 originations), and the servicing portfolio adds Arizona, Virginia, and New York — concentrating exposure to those states' real-estate markets.
“A substantial portion of our aggregate mortgage loan origination is secured by properties concentrated in the states of California, Texas and Florida, and properties securing a substantial portion of our outstanding UPB of mortgage loan servicing rights portfolio are located in California, Texas, Florida, Arizona, Virginia and New York.”
SEC filing →As of 2026
Liquidity & debt
- Reliance on warehouse and securitization financing (collateral pledges, cross-default)medium
Originations are funded through warehouse and securitization facilities ($2.9B outstanding at Dec 31, 2025) that require pledging eligible loan collateral and contain cross-default provisions; loss of these lines would impair the ability to originate.
“As of December 31, 2025, we had $2.9 billion in outstanding borrowings and $1.3 billion in additional availability under our facilities.”
SEC filing →As of 2026
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