Anthony Hsieh | $1B+
Get in touch with Anthony Hsieh | Anthony Hsieh is the serial entrepreneur behind loanDepot, the fourth-largest non-bank mortgage lender in the U.S. A seasoned innovator in online lending, he created LoansDirect.com and HomeLoanCenter.com before launching loanDepot in 2010. After its 2021 IPO, he recently returned as Executive Chairman to guide mortgage originations and navigate a leadership transition.
Anthony Hsieh is the founder and CEO of California-based mortgage lender loanDepot.
He founded loanDepot in 2010 and took it public in February 2021; he owns 54% of the company, which has a 2% float on the New York Stock Exchange.
Before starting loanDepot, he founded HomeLoanCenter.com in 2002, an online lender that merged with online marketplace LendingTree in 2004.
His first foray in the mortgage business was in 1989, when he acquired a mortgage brokerage he renamed LoansDirect.com; he sold it to E-Trade in 2001.
Hsieh is a first-generation American born in Taiwan who emigrated to the U.S. with his family as a young child.
LoanDepot, sometimes stylized as loanDepot, is an Irvine, California-based nonbank holding company which sells mortgage and non-mortgage lending products.[5][6]
Loan Depot
Company type Public
Traded as NYSE: LDI
Industry Mortgage lending
Founded 2009; 16 years ago
Founder Anthony Hsieh
Headquarter sIrvine, California, U.S.
Key people Frank Martell (president and CEO)
Productsconsumer mortgages,[1] mello mortgage technology platform[2]
Revenue $1.8billion (2022 forecast)[3]
Number of employees 4,532 (as of September 1, 2023)[4]
Website www.loandepot.com
Contents
History
edit
LoanDepot was founded in 2010 by entrepreneur Anthony Hsieh, who had previously founded mortgage companies LoansDirect.com which he sold to E*Trade in 2001, and HomeLoanCenter.com, which he sold to LendingTree in 2004.[7][8][9] The company's products at the time included fixed rate, jumbo, FHA and home equity loans, in addition to more controversial adjustable-rate mortgages (ARM) and negative amortization products.[citation needed]
In November 2015, loanDepot claimed to be the second largest non-bank provider of direct-to-consumer loans in the United States and postponed a planned IPO, citing poor market conditions.[10] In March 2017, the company introduced technology to automate the loan process, allowing customers to apply for a mortgage without talking to a loan officer.[11] In January 2018, the company announced two products as part of its technology platform, a home improvement unit to allow contractors to offer financing to customers, and Mello Home, a platform to connect pre-approved buyers to realtors.[2] In September 2019, the company partnered with Century 21 Redwood Realty to form a new mortgage platform for the mid-Atlantic area, Day 1 Mortgage.[12]
In 2020, loanDepot made $100 billion of mortgage originations for the first time, with just under 300,000 loans originated,[13] which was twice the amount of loans originated the previous year, according to industry data tracker iEmergent, which also found loanDepot to be the fourth-largest mortgage provider based on the dollar amount of the loans.[8] In 2020, Hsieh was paid "a special one-time discretionary bonus" of $42.5 million, and other executives received smaller bonuses, between $9 million and about $12 million.[8]
loanDepot went public on the New York Stock Exchange on February 11, 2021, under the ticker symbol LDI.[14][9] Shares were sold at $14 and by September 2021 had lost about half of their value, with the company valued at $2.2 billion.[8][9]
In March 2021, the company bought the naming rights to Marlins Park, the home ballpark of the Miami Marlins of Major League Baseball and renamed it loanDepot park.[15]
In April 2022, Hsieh stepped down from his role as chairman and CEO to become the executive chairman of the company, and Frank Martell became president and CEO.[16] In July 2022, LoanDepot filed a statement with the Securities and Exchange Commission announcing it would reduce its workforce from 11,300 to 6,500, and that it currently had 8,500 employees.[6] On July 12, the LoanDepot stock price was about $1.50 per share.[6]
Litigation
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In 2020, a class action lawsuit was filed against LoanDepot in the U.S. District Court of Arizona alleging violations of a federal robocall law.[17] In September 2021, former LoanDepot chief operations officer Tammy Richards filed a lawsuit against the company in the California Superior Court.[8] In 2021, a class action lawsuit alleging securities fraud was filed against LoanDepot in the U.S. District Court for the Central District of California, and in March 2022, LoanDepot was sued by shareholder Tuyet Vu in the U.S. District Court of Delaware.[18]
2024 Data Breach
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On January 8, 2024 LoanDepot, in a report to the Securities and Exchange Commission, reported that "an unauthorized third party" had accessed the company's phone and loan processing systems, with the earliest access having occurred on January 4, 2024. Later in January the company said the cyberattack "exposed sensitive personal information belonging to 16.6 million consumers in its systems."
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