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…
Good Morning! Today is Tuesday, April 26. The Biden administration established a program that allows Americans to sponsor Ukrainian refugees. A New York judge held Donald Trump in contempt for refusing to turn over documents. The Boston Celtics eliminated the Brooklyn Nets in the first round of the N.B.A. playoffs. The Mortgage Note Reports Housing Bubble: Clickbait Or Is There A Bumpy Ride Ahead? Chuck Green reports trouble could be percolating in the U.S. housing market. loanDepot Shakeup: loanDepot has named Anthony Hsieh as its new Executive Chairman, while industry leader Frank Martell joins as President and CEO. Builder Profits: Builder gross profit margins fell to 18.2% in 2020, while net profits slipped to 7%, the first profit margin decline since 2008. And in other mortgage and housing news… Set To Stall: …
loanDepot has promoted long-time employee Min Kim to EVP, Marketing and Analytics, the company announced in a press release. Kim has worked at loanDepot since 2012 as director of risk monitoring and reporting, during which time he built a robust risk reporting infrastructure for the company. In 2015 he moved to marketing analytics, quickly earning a promotion to SVP of Marketing Analytics. Before loanDepot, Kim worked in risk management for Hyundai Capital America and LendingTree Loans. “It’s been an exciting decade as a member of Team loanDepot, as we have worked to disrupt the mortgage experience and realize our CEO’s vision,” said Kim. “I look forward to taking on my new role, leading the Marketing and BI teams to provide…
By KIMBERLEY HAAS The CEO of loanDepot says they will continue to focus on their long-term strategy to become the most trusted homeowner fulfillment company in the world after the company released their results for 2021, which show a decline in net income but an increase in market share. Anthony Hsieh, Founder and CEO of the California-based company, said they have the tools to pivot and adjust to market trends and their business was purpose-built with periods of pressure in mind. “The results of 2021 are only a preview of what’s to come as we leverage our brand, develop and apply innovative technology solutions, drive down costs and add more products and services to help our customers successfully navigate one…
Good Morning! Today is Thursday, January 13. Donald Trump endorsed booster shots and said politicians who hid their vaccination status were “gutless.” Kevin McCarthy, the top House Republican, said he would not cooperate with the House committee investigating the Capitol riot. More than 8,000 unionized employees at Kroger’s King Soopers stores in Denver went on strike on Wednesday. And in mortgage and housing news… Mortgage Applications Up: Mortgage loan application volume rose 1.4% from last week, though refis once again fell, MBA reported. All-Time Low: ATTOM’s Year-End Foreclosure Market Report found foreclosure filings dropped to an all-time low in 2021, down 95% from a peak of nearly 2.9 million in 2010. Forty-Year High: The BLS’s Consumer Price Index reported that…
Good Morning! Today is Wednesday, January 5. A snowstorm in Virginia left hundreds of drivers stranded for more than 24 hours. Chicago canceled school today amid a clash with teachers about remote schooling during the Omicron surge. Walmart and Kroger are raising prices for BinaxNOW at-home Covid tests after a White House deal to sell them at cost expired. And in mortgage and housing news… UWM Under Fire: United Wholesale Mortgage is under scrutiny from both state and county health officials in the wake of complaints about the company’s handling of Covid. Loan Applications Down: Mortgage loan application volume dropped 2.7% from the week ending December 31, with refis down 2% as interest rates reached their highest point since April…
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,…
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…
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 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…
