loanDepot, Pennymac, Total Expert, Stewart add managing directors

From left to right: Gregory Smallwood, Joseph Grassi

Real estate lender and service provider loanDepot recently announced the addition of Gregory Smallwood and Joseph Grassi as managing directors as it aims to restructuring operations. Gregory Smallwood has been named Chief Legal Officer and Corporate Secretary, while Joseph Grassi takes over as Chief Risk Officer.

An expert in mortgage and financial services compliance and regulation, Smallwood most recently served as general counsel and executive vice president at Caliber Home Loans, and previously held senior positions at Bank of America, Morgan Stanley and Saxon. Mortgage. In his new role at loanDepot, Smallwood will be responsible for legal strategy while reducing risk.

Grassi will oversee loanDepot’s risk management program and governance policies, staying ahead of potential challenges that could hamper the company’s operations. Also an expert in legal compliance and risk, Grassi previously held mortgage industry leadership roles in both the public and private sectors, including at Fannie Mae, where he was senior counsel in multi-family and single-family business units. Grassi has also worked at Celebrity Home Loans, Guaranteed Rate and the US Department of Housing and Urban Development.

Moves come as lender institute several compressionsincluding numerous layoffs, in support of its restructuring plan called Vision 2025. The company also recently announced the deletion of its wholesale channel. “Responding to identified risks and continuing to effectively anticipate business risks will be key to positioning the company for long-term growth and revenue generation,” said Frank Martell, CEO of loanDepot.

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