loanDepot announced the promotion of Joseph Grassi from Chief Risk Officer to Chief Legal and Risk Officer, expanding his responsibilities to include oversight of the company’s legal strategy, corporate governance, legal affairs, regulatory compliance, loan quality and enterprise risk management functions.
In his new role, Grassi will report directly to loanDepot Founder and CEO Anthony Hsieh. The company said the move is designed to consolidate key governance, compliance and risk management functions as it continues efforts to strengthen its operational foundation and return to profitable market share growth.
Grassi has served as loanDepot’s Chief Risk Officer since 2022 and brings more than 35 years of experience in consumer lending law, mortgage regulation, compliance and risk oversight. During his tenure, he has helped strengthen the company’s risk and compliance framework, improve loan quality and risk management processes, enhance relationships with government-sponsored enterprises including Fannie Mae and Freddie Mac, and increase engagement with policymakers, regulators and government agencies in Washington, D.C.
Beyond his work at loanDepot, Grassi has played an active role in the mortgage industry through the Mortgage Bankers Association (MBA). He currently serves as Co-chair of the MBA Legal Issues and Regulatory Compliance Committee and has previously served as Co-chair of the MBA Independent Mortgage Bankers Executive Committee.
Prior to joining loanDepot, Grassi held leadership positions at Celebrity Home Loans, the U.S. Department of Housing and Urban Development, Guaranteed Rate, Prospect Mortgage and Freddie Mac. He also spent 20 years at Fannie Mae, where he served as a senior attorney and later as Interim General Counsel and Corporate Secretary, overseeing legal, government and industry relations functions while advising the company’s CEO and Board of Directors.
Grassi began his legal career at the Philadelphia law firm Obermayer, Rebmann, Maxwell & Hippel. He earned both a Juris Doctor and a Bachelor of Science in Business Administration from Villanova University.
Founded in 2010, loanDepot is a national retail lender that has funded approximately $584 billion directly to consumers since inception. The company operates in all 50 states and provides a range of mortgage lending and real estate services.
KEY QUOTE:
“Joe has been an exceptional leader for loanDepot. His strategic mindset, industry credibility and proven leadership make him the right leader for this expanded role. As we continue our work to transform the Company, this structure will help simplify the organization, strengthen our foundation, and support our return to profitable market share growth.”
Anthony Hsieh, Founder and CEO, loanDepot
