Former CoreLogic CEO Frank Martell will oversee LoanDepot’s daily operations while Hsieh will continue to play “holistic strategic role” as executive chairman.
With profits falling and the company’s share price at an all-time low, LoanDepot founder Anthony Hsieh is handing off his CEO duties to industry veteran Frank Martell, who most recently served as CEO of mortgage data and tech provider CoreLogic.
Hsieh, who will continue to serve as LoanDepot’s executive chairman, said that having taken the company public last year, it’s “the right time for me to take an even more holistic strategic role.”
Like many mortgage lenders, LoanDepot has seen profits wane as rising mortgage rates take a toll on the highly profitable business of refinancing loans, and competition for homebuyers taking out purchase loans heats up. Last year loanDepot originated more loans than ever — $137 billion — but profits fell to $623 million, down from $2 billion in 2020.
Anthony Hsieh
“Across the industry, things are again changing, but in that, I see opportunity for LoanDepot to continue to grow, add additional products and services and to gain additional market share,” Hsieh said in a statement. “But, to do this, 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.”
With more than 30 years of executive leadership experience at companies including General Electric, AC Nielsen Corp. and Information Services Group, Martell “has a proven track record of delivering scaled market leadership and growth in revenues and profitability in the residential real estate and other industry verticals resulting in significant stakeholder value creation,” LoanDepot said in a press release.
Shares in LoanDepot, which have traded for as much as $21.75 in the last year,…