loanDepot promotes Joseph Grassi to chief legal and risk officer

loanDepot has promoted chief risk officer Joseph Grassi to the role of chief legal and risk officer, the company announced on Tuesday.

Per loanDepot‘s release, the expanded role “consolidates oversight of loanDepot’s legal, compliance, corporate governance and enterprise risk management functions.”

In the new role, Grassi will oversee loanDepot’s legal strategy, corporate governance and legal affairs, as well as regulatory compliance, loan quality and enterprise risk management. He reports directly to founder and CEO Anthony Hsieh.

Grassi has served as the company’s chief risk officer since 2022 and brings more than 35 years of experience in consumer lending law, mortgage regulation, compliance and risk oversight. The California-based lender said he has played a central role in strengthening its risk and regulatory compliance functions.

“Joe has been an exceptional leader for loanDepot,” Hsieh said in a statement. “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.”

Key initiatives under Grassi’s risk leadership, loanDepot said, have included strengthening relationships with Fannie Mae and Freddie Mac; enhancing loan quality and risk management processes; and increasing engagement with policymakers, regulators and government agencies in Washington, D.C.

Beyond his role at loanDepot, Grassi is co-chair of the Mortgage Bankers Association (MBA)’s Legal Issues and Regulatory Compliance Committee. He previously co-chaired the MBA’s Independent Mortgage Bankers Executive Committee.

Before joining loanDepot, Grassi held leadership positions at Celebrity Home Loans, the Department of Housing and Urban Development (HUD), Rate and Prospect Mortgage. He also previously worked at Freddie Mac.

Grassi spent 20 years at Fannie Mae as a senior attorney, including serving as lead counsel for its multifamily and single-family businesses. Grassi ultimately served as interim general counsel and corporate secretary, overseeing Fannie Mae’s legal, government and industry relations departments and advising the CEO and board of directors.

Grassi began his career at Philadelphia-based law firm Obermayer, Rebmann, Maxwell & Hippel. He holds both a J.D. and a bachelor’s degree in business administration from Villanova University.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.