#loandepot

#loandepot

Nikul is a significant hire who will be a transformational member of our leadership team, said loanDepot's founder and CEO, Anthony Hsieh. Not only does he bring an impressive track record of success from his years at LendingTree, but he also has a unique mix of fintech and public company experience that will serve us well. Hsieh continued, As we pursue what I believe is the biggest market opportunity I have ever seen,

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.