Lawsuit Says ‘Narcissistic’ Hsieh Pushed loanDepot to Accept Mortgage Apps Without Docs

Tammy Richards, loanDepot’s former chief operations officer, is accusing her former employer of pushing its workers to accept mortgage applications without documentation. The allegations are found in a civil lawsuit Richards filed against the company on Wednesday. News of the lawsuit was first reported by The New York Times. The lawsuit specifically targets Anthony Hsieh, founder and CEO of California-based mortgage lender, as well as the company’s general counsel Peter Macdonald and ten other unnamed “Does.” “Ms. Richards began to grow concerned about Hsieh, having recognized that his behavior had become more alarming than his usual over-the-top, narcissistic, grandiose personality traits,” the lawsuit alleges. “And that based upon her past experience with Hsieh’s willingness to cross ethical and fiduciary boundaries,…

Rocket Drops Refi Fee; Will Others Follow Suit?

The Federal Housing Finance Agency announced it is dropping the COVID-era Adverse Market Refinance Fee beginning August 1. But what does that mean for borrowers who were already in the process of refinancing loans? That depends on the lender. Rocket Mortgage notified brokers last week that it is dropping the fee immediately for loans in progress. Others haven’t publicly committed to removing the fee – or did not respond to Mortgage Note requests for comment. “As you know, we already repriced earlier today, instantly passing the savings along to your borrowers on all new registrations and your entire floating pipeline,” Rocket said in an email to brokers. “We’re also in the process of applying the 50 bps credit to your…

Miami Marlins Home Renamed loanDepot Park

The Miami Marlins have joined the growing trend of selling naming rights to banks or mortgage companies, as media reports say the Marlins ballpark will be known as loanDepot Park beginning Wednesday – just in time for Opening Day. Details have not been announced. The ballpark has been named Marlins Park since its opening in 2012. The Marlins joining the White Sox and Guaranteed Rate Field with mortgage-related naming rights. In other banking-related deals, the Braves play at SunTrust Park, the Mets at Citi Field, the Pirates at PNC Park, the Tigers at Comerica Park and the Diamondbacks at Chase Field. Earlier this month, MLB announced that loanDepot – “the Official Mortgage Provider of MLB” – was named the presenting…

loanDepot Reports Q4, 2020 Results

loanDepot on Thursday reported lower quarterly net income for the fourth quarter – but significantly higher earnings for 2020 overall. Fourth quarter revenue declined to by $70.5 million – or 5 percent – to $1.3 billion “due to gain on sale margins returning to a more normalized level.” For the year, revenues climbed to $4.3 billion from $1.3 billion in 2019. loanDepot’s results also showed: Record rate lock volume of $49.7 billion during the fourth quarter and $161 billion for the year. Net income for the fourth quarter of 2020 decreased to $547.2 million from $728.3 million in the prior quarter. For the year, net income totaled $2 billion – up from $34.4 million last year.Loan origination volume for the fourth quarter of 2020 wasa record at $37.4 billion, an increase…

loanDepot New “Official Mortgage Provider” Of MLB

Major League Baseball has made loanDepot the “official mortgage provider” of MLB under a multi-year partnership announced this week. Financial terms of the deal were not released, but California-based loanDepot and MLB “will partner to promote the company’s brand, products and services through MLB’s multi-media digital and linear outlets, including MLB.com, MLB Network, MLB social media platforms and MLB’s national broadcast partners, FOX, Turner and ESPN.” “Partnering with the nation’s preeminent sports league, a league which holds a special place in the hearts of American families as our national pastime, is a natural fit for us,” loanDepot Founder and CEO Anthony Hsieh. “We look forward to loanDepot bringing their creativity to the Major League Baseball family reaching our fans with…