LoanDepot hires Martell as president and CEO
Frank Martell, who steered CoreLogic through its hostile takeover battle, has joined loanDepot in the newly created role of president and CEO.
Anthony Hsieh, loanDepot’s founder and largest shareholder, remains with the company as its executive chairman.
Under the new division of duties, Hsieh will guide company strategy, while Martell runs the day-to-day operations of the mortgage origination business as well as mello, where loanDepot’s ancillary services are housed.
Mark Brown/Photographer: Mark Brown/Getty I
“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 press release. “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 is a serial entrepreneur in the mortgage industry, founding two companies, LoansDirect and Home Loan Center, prior to starting loanDepot in 2010. Hsieh has battled some negative headlines in the past year, with former loanDepot Chief Operating Officer Tammy Richards in a September 2021 lawsuit accusing him of deliberately loosening underwriting standards and creating a “frat house” environment that encouraged the mistreatment of women in the workplace.
Martell joined CoreLogic in 2011 as chief financial officer. Following the sudden death of Anand Nallathambi in May 2017, Martell was promoted to president and CEO of the mortgage technology company. In that role, he oversaw a restructuring of CoreLogic’s businesses, moving from providing a loan origination system and default management services toward appraisal management.
Frank Martell joins loanDepot as president and CEO
But in June 2020, Cannae Holdings and Senator Investment Group made a hostile bid for CoreLogic, starting a takeover battle that lasted through March 2021. At the end, CoreLogic went private with the acquisition by Stone Point Capital and Insight Partners, but only after a second hostile bid, this time from CoStar Group.
Approximately 10 months after completing the deal to go private, Martell left CoreLogic.
“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.
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