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Consumer lender and real estate services provider loanDepot has appointed Joseph Grassi as its chief risk officer. Grassi’s appointment is effective immediately and he will report directly to loanDepot CEO Frank Martell.
Company officials said in a news release that Grassi is an experienced leader with deep expertise in legal and compliance risk management and strong relationships in the financial services industry. He will be responsible for enhancing the company's risk management program and enterprise and loan-level risk governance policies, as well as managing potential operational risks, it said.
"At the foundation of our Vision 2025 plan are the built-to-last principles of quality, compliance, and customer excellence," Martell said. "Responding to identified risks and continuing to effectively anticipate enterprise risks will be critical to position the company for long-term growth and revenue generation. Joe's vision and invaluable expertise in both the residential real estate industry and regulatory arena will help enhance our risk management program, further align our quality initiatives with those of Fannie Mae, Freddie Mac, and the FHFA, and propel loanDepot forward during a period of enormous change in the home finance industry."
Officials said Grassi brings more than 35 years of experience in real estate finance and consumer lending compliance and law, with leadership roles across a number of companies and government agencies, including Celebrity Home Loans, the U.S. Department of Housing and Urban Development, Guaranteed Rate, and Prospect Mortgage. He also spent time at Freddie Mac.
Grassi also spent 20 years as a senior attorney for Fannie Mae, including as the lead counsel for the Multifamily and Single Family businesses. He ultimately served as interim general counsel and corporate secretary for Fannie Mae, where he was responsible for overseeing the agency’s legal and government and industry relations departments and providing strategic counsel to the CEO and board. Grassi began his career at Philadelphia-based law firm Obermayer, Rebmann, Maxwell & Hippel, and holds both a Juris Doctorate and bachelor’s in Science in Business Administration from Villanova University.
"I look forward to working with Frank and his entire leadership team at loanDepot to deliver on the company's vision of becoming an increasingly purpose-driven organization," Grassi said. "loanDepot has both an incredible reputation for fostering innovation and a deep commitment to its customer-first philosophy. I'm excited to leverage the strengths of the Company and team to help make the American dream of homeownership a reality for more families."