#loandepot

#loandepot

Consumer Direct Lending is a key strategic advantage for loanDepot one of the few tech-powered, at-scale models of its kind with both best-in-class lead generation capabilities and top-tier customer recapture rates from our large servicing portfolio, Hsieh said in a statement.

Borrowers have added new details in an amended complaint alleging that loanDepot engaged in a sophisticated, years-long scheme to steer customers into higher-rate loans to inflate its performance ahead of its 2021 initial public offering (IPO). The class-action lawsuit, filed in July in Maryland, claims the lender required loan officers (LOs) who couldn't push higher-cost loans to transfer borrowers to internal loan consultants (ILC).

LoanDepot announced the return of Hsieh as CEO, stressing a focus on profitability, market share recovery, and adoption of artificial intelligence.

According to the lawsuit, loanDepot required loan officers unable to obtain higher-cost loans to transfer borrowers to internal loan consultants, regardless of actual necessity.

Flanagan's move comes shortly after a significant leadership shakeup at loanDepot, reflecting the ongoing challenges in the mortgage industry and the demand for strategic financial leadership.