loanDepot executive team undergoes major changes

New CEO takes the helm

loanDepot executive team undergoes major changes

Retail mortgage giant loanDepot has made major changes to its executive leadership team, effective immediately.

Company founder and chairman Anthony Hsieh has been appointed executive chairman, while Frank Martell has joined loanDepot as president and CEO, a newly created role. Martell, former head of CoreLogic, will also join the company’s LDI board of directors.

In a statement, loanDepot said the changes are “designed to further fuel the company’s premier position as leading provider of homeownership products and services.” Hsieh added that he sees an “opportunity for loanDepot to continue to grow, add additional products and services, and gain additional market share.”

“But, to do this, we must accelerate and recognize that, as the market contracts and consolidates, we must further digitize and provide an expanded product set and experience that meets the needs of our customers no matter where they are in their home buying and selling journey,” Hsieh said.

As executive chairman, Hsieh will work closely with Martell in guiding the company’s strategy. Hsieh founded loanDepot in 2010 and has served as the chairman and CEO for the past 12 years. He will maintain his position as chairman of the board and the largest shareholder of loanDepot.

Meanwhile, Martell will drive daily operations and lead the company’s diversified multi-channel mortgage origination model and its mello business unit, which houses loanDepot’s ancillary product and service groups. The loanDepot executive management team will report to Martell.

Read more: loanDepot launches mello business unit

“Given this, and after having guided loanDepot to the public markets through our IPO, I believe now is the right time for me to take an even more holistic strategic role with the company. Frank’s appointment complements our existing management stack, and I believe that adding a transformative chief executive of his caliber will allow us to efficiently focus on our north star: serving customers the way they wish to be served across the entirety of their homeownership experience,” Hsieh said. “The team and I are energized by this announcement, and we look forward to working with Frank.”

“I am thrilled to be joining Anthony and team loanDepot and lead a company that is a nimble and innovative market leader poised to capitalize on the significant opportunities that lie ahead of us,” said Martell. “loanDepot’s talented team, proprietary technology, and scaled leading solutions across an intentionally diverse mix of channels put the company in a great position to deliver incredible value to our customers, employees and shareholders. I look forward to working with the team and building on the spirit of innovation and service that is the loanDepot DNA.”