One night in 1979, 14-year-old Anthony Hsey was working at his family’s liquor store in Long Beach, California, when a masked gunman entered the store … pointed a gun at his head and demanded that he empty the cash register. His young life flashed before his eyes. He survived unscathed. Turning tragedy into triumph, the experience gave Anthony the perspective he needed later in life to start a motley, upstart mortgage company and grow it into the second largest of its kind in the country. His robbery experience also gave She the strength to confront the discrimination and hostility he faced later when the Asian American tried to start a company in the financial industry. By the way, this was not the only time he was detained in the family shop. He survived two more armed robberies at the family shop.
Anthony Hsey – Founder of LoanDepot Inc. Earlier this year, the company held an IPO on the New York Stock Exchange. The public offering made Anthony Hsey one of the few Asian American multibillionaires in the United States.
This is his story …
Anthony Xie was born in Taiwan. His family immigrated to California in the early 1970s. His parents gave up the comfortable life in Taiwan so their children could grow up in the United States.
Xie’s father worked as a grill chef while he saved money to open his own shop. His parents did not speak English, so, starting at the age of eight, Xie helped the family make all the important financial decisions – from buying equipment and cars to obtaining a mortgage on their first home in America. Anthony believes that this upbringing gave him the determination he needed to face the biggest banks on Wall Street and get into one of the most violent areas of the financial industry.
Xie’s parents hoped that their son would become a doctor. Just one little problem: Anthony was afraid of blood. His parents offered what they saw as a reasonable compromise: instead, he could become a dentist.
Xie didn’t want to do that either.
Anthony eventually went to California State University at Fullerton, where he played on the baseball team. One day after training, the father of one of his teammates told Anthony that he needed to get into the mortgage industry. It was as easy as Anthony did. He took a job as a loan officer for a small mortgage company. He was offered a job on the spot.
Four years later, Anthony realized that small businesses had more potential than his bosses could see. In 1989, he offered to buy the firm. They agreed. Anthony decided to get rid of outdated typewriter and fax technology, installed the latest computers, set up a website, and renamed the company LoansDirect.
In the early days of its existence, LoansDirect was a very typical lender. People trying to buy a house came to one of the firm’s offices and asked for a loan.
By the mid-1990s, Anthony was seeing how the evolving World Wide Web could revolutionize the lending business. New brand LoansDirect.com soon became one of the first mortgage companies to accept applications over the Internet.
In 2001 – just before the DOTCOM bubbles burst – Anthony sold LoansDirect.com to E-Trade for $ 35 million. This is the same as a little over $ 50 million today.
With a windfall financial income, Anthony spent the next year pursuing a passion for marlin fishing. Fun fact: Decades later, another Anthony Hsey company, LoanDepot, bought the rights to the stadium name for a major league baseball team. Team? Miami Marlins.
After taking a year off to catch a marlin, Anthony is back in the mortgage business. In 2002, he founded HomeLoanCenter.com, the first online platform to offer a full suite of mortgage options in all 50 states.
Anthony sold this company to LendingTree in 2004. Terms of the deal were not disclosed.
LoanDepot is Anthony Hsie’s latest startup (and the company that has the right to call Miami’s Marlin Stadium).
Unlike its previous ventures, which mainly matched buyers with lenders, LoanDepot is actually a lender offering various mortgage options directly to customers.
Today LoanDepot is one of the largest non-bank consumer lenders in the United States. Since its founding in 2010, LoanDepot has funded over $ 250 billion in consumer loans.
LoanDepot generated revenues of $ 4.3 billion in 2020. Xie believes his business will continue to grow as millennials and GenZ, who are comfortable doing business online, look for mortgages for their home.
In February 2021, LoanDepot went public, raising $ 62 million in cash. Today the company has a market capitalization of $ 4 billion.
Anthony owns 200 million shares of LoanDepot, which are currently trading for about $ 13 a share. His shares are worth about …
$ 2.6 billion
This does not include any of Anthony’s wealth previously received from previous ventures.
A good life
In 2014, Anthony paid $ 16 million for a mansion in a gated community in Newport Beach, California. He still owns this house to this day.
In October 2020, Anthony Hsey paid $ 61 million for a SECOND mansion in Newport Beach, California. This purchase is currently considered the most expensive home ever purchased in Orange County, California. I wonder if he has a mortgage ?? 🙂
The property is in a gated community with a 19,000 square foot home on just under 1 acre. The entire back of the house has ocean views. The hotel also has a separate guest house, gym, home theater, large terrace and patio with ocean views. The HOA’s monthly fees are $ 2,500.
She still loves sport fishing. He owns and is the captain of Team Bad Company, a team of seven sport anglers who travel the world to take part in the world’s largest fishing competitions. Team Bad Company is one of the most successful fishing teams in the world, winning over $ 6 million in prize money. Xie caught a blue and black marlin weighing over 900 pounds.
Not bad for a former liquor store cashier, immigrant!