For the second time in two weeks, one of loanDepot’s top executives is set to leave the company.
First, it was Chris Heller, the CEO of mellohome, loanDepot’s attempt to serve as a true one-stop-shop for “buying, financing, and improving homes,” who left loanDepot to join OJO Labs, a real estate technology startup whose flagship product is an AI-based conversational assistant.
And now, Dominick Marchetti, loanDepot’s chief technology officer, is leaving the company too.
loanDepot CEO Anthony Hsieh announced Marchetti’s departure on Thursday in a post on LinkedIn.
“Dominick Marchetti - wishing you the best in your continued professional journey. Thank you for the 4.5 years we spent together, you helped change the tech course of loanDepot and potentially our industry,” Hsieh said in the post.
“I will cherish the great memories we’ve had together. From rolling out mello in 2015, to launching mello labs, being on many stages together, and most recently a custom suite of point of sale tools including duo AUS and data validation,” Hsieh continued. “We had a ton of fun my friend. Wishing you much continued success and thank again for the great 4.5 years, I will miss working with you.”
As Hsieh said, Marchetti played a key role in the lender’s technological advancements over the last few years, including the rollout of mello, loanDepot’s proprietary digital lending platform that the company introduced in 2017. mello includes three different segments, a web-based consumer portal, a mobile point-of-sale system, and a fully digital mortgage loan application.
The company later expanded mello to become mellohome, which connects pre-approved borrowers with real estate agents and home improvement providers.
loanDepot also recently rolled out digital mortgage technology under the mello umbrella that digitizes the income, asset and employment verification process; the credit check process; appraisal, title and flood validation; and loan closing process.
The company claims that the digital mortgage platform, called the mello smartloan, enables the company to close a loan in eight days, far quicker than the industry average of roughly a month-and-a-half.
What’s not known at this time is where Marchetti’s “continued professional journey” will take him next.
As for loanDepot, the company believes it is good hands with the technology team it has in place now.
“Dom’s leadership was integral in helping to bring our CEO, Anthony Hsieh’s vision to life, and his contributions toward building an exceptional team to fulfill that vision will remain a part of loanDepot’s legacy of innovation,” loanDepot’s executive team said in a statement provided to HousingWire. “We wish him continued success in the future. Meanwhile, the top tech talent we have amassed is second to none, and under Anthony’s direction and vision, loanDepot will continue to lead the industry and the future of mortgage lending with its cutting-edge technology solutions.”