THE MONEY: Founder of a company that ranks among the nation’s largest nonbank mortgage lenders. Since its 2010 inception, loanDepot has generated almost $550B in loans.
THE ENTREPRENEUR: Became owner of a mortgage company at age 25 when he bought out owners and renamed firm loansdirect.com, offering online rate locks, disclosures and loan documents. Called it the world’s first internet-based financial services company. Sold it in 2001 to E-Trade Financial Corp. for shares worth about $51.5M.
At 35, had every intention of retiring and spending his time fishing, a life-long passion. Instead, founded HomeLoanCenter.com, selling it for an undisclosed price to IAC/InterActive Corp., which merged it into LendingTree. After the non-compete ended in 2010, he started loanDepot.
IN THE NEWS: In June, loanDepot CEO Frank Martell resigned. After retiring as CEO in April 2022 to pursue his lifelong dream of traveling the world for sportfishing, Anthony Hsieh agreed, at the request of loanDepot’s board of directors, to return to the helm of the company as interim CEO until a permanent leader is appointed. He was named permanent CEO on July 28.
IN HIS WORDS: Said he’s ready to roll up his sleeves to do the hard work amid a very protracted and challenging market cycle. “I am feeling good getting back to the industry that I love,” he wrote on LinkedIn.
UP & DOWN BUSINESS: The company rode the interest rate drop in 2020 when sales more than tripled to $4.1B. LoanDepot (NYSE: LDI) went public in 2021, with the stock nearing $40 each and a market cap that topped $4B. By the beginning of 2022, it had grown to 12K employees. His 39% stake in the company was at one point worth more than $2B; latest proxy shows 9.4% ownership of class A shares worth about $17M. With interest rates remaining high over the past two years, the company has been in contraction mode. The stock has dropped more than 90% since its peak. Business Journal’s valuation factors in money he’s taken out of the business, his prior company sales and other assets. Stock almost doubled in past 2 months on hopes for interest rate cut.
RECORD BREAKER: Paid $61M in 2020 for a mansion in Crystal Cove. At the time, it was the most paid for an OC home.
PHILANTHROPY: Founder of War Heroes on Water (WHOW), a three-day sportfishing tournament that helps combat-wounded veterans recover from their physical and emotional wounds. Yacht owners, captains and crews generously donate their time, vessels and expertise, driven by a shared commitment to making a difference and playing a meaningful role in changing and saving lives. In its seven-year history WHOW has directly served 550 veterans and raised more $7M for military support organization, Freedom Alliance.
IN HIS WORDS: “Each year, WHOW brings together an extraordinary community of supporters to honor and uplift our nation’s veterans who have sacrificed so much for our freedom. From the WHOW fleet to our incredible volunteers, sponsors, and donors, this event creates a family that changes lives and stands by our heroes long after the tournament ends.”
