loanDepot executive team undergoes major changes

“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,” Hsieh said.

As executive chairman, Hsieh will work closely with Martell in guiding the company’s strategy. Hsieh founded loanDepot in 2010 and has served as the chairman and CEO for the past 12 years. He will maintain his position as chairman of the board and the largest shareholder of loanDepot.

Meanwhile, Martell will drive daily operations and lead the company’s diversified multi-channel mortgage origination model and its mello business unit, which houses loanDepot’s ancillary product and service groups. The loanDepot executive management team will report to Martell.

“Given this, and after having guided loanDepot to the public markets through our IPO, I believe now is the right time for me to take an even more holistic strategic role with the company. Frank’s appointment complements our existing management stack, and I believe that 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 said. “The team and I are energized by this announcement, and we look forward to working with Frank.”