Lender and real estate services provider loanDepot recently announced the addition of Gregory Smallwood and Joseph Grassi to chief officer positions, as it aims to restructure operations. Gregory Smallwood was appointed chief legal officer and corporate secretary, while Joseph Grassi steps in as chief risk officer.
A compliance and regulatory expert in mortgage and financial services, Smallwood most recently served as general counsel and executive vice president at Caliber Home Loans, and previously held leadership roles at Bank of America, Morgan Stanley and Saxon Mortgage. In his new role with 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 might hinder company operations. Also an expert in legal compliance and risk matters, Grassi previously held mortgage-industry leadership positions within both public and private sectors, including at Fannie Mae, where he was a senior attorney in multifamily and single-family business units. Grassi has also worked at Celebrity Home Loans, Guaranteed Rate and the U.S. Department of Housing and Urban Development
The moves come as the lender institutes several cutbacks, including numerous layoffs, in support of its restructuring plan called Vision 2025. The company also recently announced the elimination of its wholesale channel. “Responding to identified risks and continuing to effectively anticipate enterprise risks will be critical to position the Company for long-term growth and revenue generation,” said loanDepot CEO Frank Martell.