loanDepot appoints Joseph Grassi as chief risk officer

Rhea-AI Summary

loanDepot (NYSE: LDI) announced the appointment of Joseph Grassi as chief risk officer, effective immediately. Reporting to CEO Frank Martell, Grassi aims to enhance the company's risk management program and operational risk governance. With over 35 years of experience in real estate finance and compliance, including leadership roles at Fannie Mae and the US Department of Housing and Urban Development, he is well-positioned to advance loanDepot’s objectives. Grassi's expertise will support the company's Vision 2025 plan, focusing on quality and compliance as key growth factors.

Positive

• Appointment of an experienced chief risk officer to enhance risk governance and operational strategies.
• Joseph Grassi's extensive background, particularly at Fannie Mae, brings valuable insights into compliance and risk management.
• Focus on quality, compliance, and customer excellence aligns with the company's Vision 2025 plan.

Negative

• None.

Proven leader with extensive experience in compliance and risk management to lead loanDepot's enterprise risk management program

FOOTHILL RANCH, Calif., Sept. 12, 2022 /PRNewswire/ -- loanDepot, Inc. (NYSE: LDI) ("loanDepot" or the "Company"), a leading consumer lending and real estate services provider, today announced the appointment of Joseph Grassi as chief risk officer, effective immediately. He reports directly to loanDepot CEO Frank Martell.

Grassi is an experienced leader with deep expertise in legal and compliance risk management and strong relationships in the financial services industry. He will be responsible for enhancing the Company's risk management program and enterprise and loan-level risk governance policies, as well as managing potential operational risks.

"At the foundation of our Vision 2025 plan are the built-to-last principles of quality, compliance, and customer excellence," said Martell. "Responding to identified risks and continuing to effectively anticipate enterprise risks will be critical to position the Company for long-term growth and revenue generation. Joe's vision and invaluable expertise in both the residential real estate industry and regulatory arena will help enhance our risk management program, further align our quality initiatives with those of Fannie Mae, Freddie Mac and the FHFA, and propel loanDepot forward during a period of enormous change in the home finance industry."

Grassi brings over 35 years of experience in real estate finance and consumer lending compliance and law, with leadership roles across a number of companies and government agencies including Celebrity Home Loans, the United States Department of Housing and Urban Development, Guaranteed Rate, and Prospect Mortgage. He also spent time at Freddie Mac.

Notably, Grassi spent 20 years as a senior attorney for Fannie Mae, including as the lead counsel for the Multifamily and Single Family businesses. He ultimately served as the Interim General Counsel and Corporate Secretary for Fannie Mae, where he was responsible for overseeing Fannie Mae's legal and government and industry relations departments and providing strategic counsel to the CEO and Board. He began his career at Philadelphia-based law firm Obermayer, Rebmann, Maxwell & Hippel and holds both a Juris Doctorate and Bachelor of Science in Business Administration from Villanova University.

"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."

About loanDepot

loanDepot (NYSE: LDI) is a digital commerce company committed to serving its customers throughout the home ownership journey. Since its launch in 2010, loanDepot has revolutionized the mortgage industry with a digital-first approach that makes it easier, faster and less stressful to purchase or refinance a home. Today, as one of the nation's largest non-bank retail mortgage lenders, loanDepot enables customers to achieve the American dream of homeownership through a broad suite of lending and real estate services that simplify one of life's most complex transactions. With headquarters in Southern California and offices nationwide, loanDepot is committed to serving the communities in which its team lives and works through a variety of local, regional and national philanthropic efforts.

Media Contact:  
Jonathan Fine   
VP, Public Relations   
(781) 248-3963  

jfine@loandepot.com   

 

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SOURCE loanDepot, Inc.

FAQ

Who is the new chief risk officer of loanDepot?

Joseph Grassi has been appointed as the chief risk officer of loanDepot.

What experience does Joseph Grassi bring to loanDepot?

Grassi has over 35 years of experience in real estate finance and compliance, including significant roles at Fannie Mae and HUD.

What is the goal of loanDepot's Vision 2025 plan?

The Vision 2025 plan aims to enhance quality, compliance, and customer excellence.

Who does Joseph Grassi report to at loanDepot?

Joseph Grassi reports directly to loanDepot's CEO, Frank Martell.

What potential impacts could Grassi's appointment have on loanDepot?

His appointment may strengthen risk management practices and align quality initiatives with industry standards.