Former Fannie Mae Attorney Named loanDepot CRO

Joseph Grassi has been appointed as chief risk officer of loanDepot, the company announced in a press release.

Grassi reports directly to loanDepot CEO Frank Martell. He is responsible for the company’s risk management program, enterprise and loan-level risk governance policies, and potential operations risks.

“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,” said Grassi.

“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.”

Grassi brings more than three decades of legal and compliance risk management experience to the company. He previously worked at Celebrity Home Loans, Guaranteed Rate, and Prospect Mortgage.

He previously served as senior attorney for Fannie Mae, and also spent time at HUD and Freddie Mac.

“At the foundation of our Vision 2025 plan are the built-to-last principles of quality, compliance, and customer excellence. 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,” said Martell.

“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.”