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loanDepot Inc. is making changes at the top.
Anthony Hsieh, who has served as chairman and CEO since he founded the company in 2010, has been named executive chairman, while former CoreLogic CEO Frank Martell has been hired as the company’s president & CEO, the company said today.
Martell, who resigned from CoreLogic in January, will “drive daily operations and lead the company’s diversified multi-channel mortgage origination model, as well as the mello business unit that houses its ancillary product and service groups,” the company said in a news release.
Hsieh, meanwhile, will guide company strategy while “complementing Martell’s overall company leadership,” loanDepot said. Hseih, who remains the company’s largest shareholder, will retain his position as chairman of the board of directors. Martell will also join the board.
In a statement, Hsieh said that after guiding loanDepot through its initial public offering, he believes “now is the right time for me to take an even more holistic strategic role with the company.”
He said Martell’s appointment complements loanDepot’s existing management team, and that he believes “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 added he recognizes the industry is changing, but that he also sees it as an opportunity for growth.
“But, to do this,” he said, “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."
Martell has over 30 years of executive leadership experience in the marketing, financial services, and business information industries. He joined CoreLogic as chief financial officer in 2011, and later became chief operating officer before being named CEO in March 2017 after the death of then-CEO Anand Nallathambi.
He held that position until January 2022, when he stepped down. His resignation came nine months after two private equity firms, Stone Point Capital and Insight Partners, acquired CoreLogic in a $6 billion deal that took the public company private.
Until October 2021, Martell also served on the board of directors of the Mortgage Bankers Association.
"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," Martell said in a statement. "loanDepot's talented team, proprietary technology, and scaled lending 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."
Hsieh had served loanDepot in the dual roles of chairman & CEO for the past 12 years. Under his leadership, loanDepot, based in Foothill Ranch, Calif., became the second-largest nonbank lender in the country, employing up to 10,000 people. Hsieh successfully took the company public in February 2021.