The lineup at loanDepot is getting an overhaul. The lender recently made changes to its executive team. It says the changes are part of its Vision 2025 plan, although less than two months ago, founder Anthony Hsieh was forced “out of any day-to-day executive role at the company,” reports National Mortgage News.
The company’s changes include the departure of four executives, including Zeenat Sidi, the head of its LDI Digital business. Sidi is being consolidated out of her position as LDI Digital moves under the control of LDI Mortgage President Jeff Walsh.
Hsieh had brought Sidi to loanDepot when he separated LDI Digital and LDI Mortgage, to complement its origination and servicing function. This change reverses that separation.
David Hayes will join the company as CFO with current CFO Patrick Flannigan departing after a transition period. Hayes formerly worked with loanDepot’s CEO Frank Martell at CoreLogic.
Inman reports Hayes “will earn a base salary of $500,000 and up to twice that in bonuses.” The publication adds that he is eligible for up to $1.65 million in annual stock awards.
Chief Accounting Officer Nicole Carrillo and Chief Human Resources Officer Kevin Tackaberry’s positions are being streamlined out as well.
Earlier this week, Alec Hanson was promoted to chief marketing officer from senior vice president for its west division.
loanDepot’s loan production declined for eight straight quarters since hitting an all-time high of $41.48 billion when the company went public, reports Inman. According to the publication, loanDepot’s Q1 2023 saw a $91.7 million net loss as loan originations fell 77% from a year ago and refinancing plummeted by 89%.
After trimming 6,466 positions last year, loanDepot ended Q1 2022 with 4,834 employees.