loanDepot Announces CEO Departure and Strategic Priorities Under New Leadership
loanDepot recently announced the departure of its CEO, Martell, and revealed that the company’s board would be working with an executive search firm to find a new leader. Hsieh, who has been the chairman of the board since February 2021 and is the company’s controlling shareholder, will be taking on the role of CEO.
loanDepot shared that Hsieh’s strategic priorities include focusing on returning the company to profitability, gaining market share, and leading its adoption of artificial intelligence.
Once the second-largest U.S. retail lender, loanDepot has experienced a contraction in recent years. According to Inside Mortgage Finance, the company now ranks as the 20th-largest U.S. mortgage lender with $10.9 billion in volume in the first half of this year.
In the first quarter of 2025, loanDepot posted a net loss of $40.7 million, showing a 43% improvement from the previous year. Origination volume also increased to $5.2 billion, a 14% year-over-year growth.
“Above all, my focus is to drive profitable growth and regain the market share that we built in the first 12 years of our company. We will return to competing at the highest levels,” Hsieh stated, emphasizing the importance of adopting a “founder’s mentality” throughout the organization.
loanDepot mentioned that Hsieh plans to bring in top-tier executive talent to his leadership team within the next 90 days, reiterating the company’s goal of competing at the highest levels.
With a focus on technology, Hsieh previously introduced the company’s proprietary point-of-sale software, mello, in 2017. Now, loanDepot aims to accelerate its adoption of artificial intelligence to stay ahead of industry trends.
“The rapid advancement of AI and its impact on traditional operating models present a unique opportunity for the company,” stated Pam Patenaude, a board member and chair of the nominating and governance committee.
“Our ability to disrupt and redefine the industry through innovative technology has always set us apart,” added Hsieh. “Today, we return to our roots. The widespread adoption of AI marks a significant shift, and we must be prepared to seize the moment.”
Despite his return to the CEO position, Hsieh’s compensation will remain unchanged. Before founding loanDepot, he launched online lender Home Loan Center in 2002, which later merged with IAC‘s LendingTree in 2004. In 1989, he acquired a mortgage brokerage and transformed it into LoansDirect.com.