LoanDepot Lawsuit Alleges Wide-Scale Fraud

National Mortgage Professional, Sept. 27, 2021–Katie Jensen
The second largest mortgage lender in the country, loanDepot, found itself in deep water last week when accusations by the company’s former chief operating officer, Tammy Richards, surfaced on Wednesday, revealing that founder and CEO Anthony Hsieh encouraged his sales team to cut corners on underwriting loans in order to drum up money during the refinance boom and prepare for the company’s initial public offering.