loanDepot today made history—and radically changed the way customers approach the mortgage experience—with the debut of its mello smartloan™. The complete, end-to-end digital mortgage is designed to delight today’s online-savvy consumer by reducing the stress and frustration that is currently associated with the mortgage experience. When placed in the hands of the company’s 2,000+ loan officers, the mello smartloan enables the company to marry its best-in-class technology with its best-in-class counsel—giving customers the best of both worlds, all while providing—often within minutes—potentially significant time- and cost-savings.
“We designed the mello smartloan to mirror the digital experience that today’s customer wants,” said Anthony Hsieh, loanDepot founder and CEO. “The mello smartloan leapfrogs decades of traditional industry reliance on paper documentation and physical files. Our unmatched technology accelerates beyond current front-end validation techniques to eliminate homebuyers’ biggest stressors: voluminous documentation requirements and extended loan processing and cycle times. The mello smartloan eliminates the paperwork the guesswork, while delivering a great product at a great value.”
The mello smartloan differs from traditional mortgages by converting each step in the loan’s origination from paper to digital, intelligently connecting them in real time:
- Income, asset and employment verification;
- Credit checks;
- Appraisal, title and flood validation;
With mello smartloan, the mortgage transaction is not only more secure and hassle-free, but time to close can be reduced by up to 75 percent—in some cases in as few as eight days. Faster, smoother, more certain closings translate into significant benefits for loanDepot’s customers, especially in aggressive housing markets or when seeking the tangible economic benefits of a refinance.
“We built the mello smartloan with one goal in mind—the customer experience, where obtaining a loan complemented our customers’ digital lifestyles,” said Tammy Richards, EVP, Chief Operations Officer. “We are committed to making the entire end-to-end loan process easier, faster, stress-free and a natural extension of our customers’ lives.”
For customers, mello smartloan delivers increased surety, security and reliability; for loan officers, the data derived from loanDepot’s proprietary loan engines enables them to deliver the ultimate in mortgage confidence. And, it is projected that up to 55 percent of new loanDepot applicants will ultimately be eligible for this innovative digital home mortgage experience, and that many of those same customers will also enjoy favorable loan pricing due to the lower overhead costs.
Find out today how the mello smartloan could benefit you. Get started today!