what is a fully digital mortgage

In an era in which overnight delivery has become an expectation, as has the ability to track your lunch order from your smartphone, the finance industry has remained a bit more…complicated. Until now.

Today, prospective borrowers can enjoy a fully digital mortgage experience with loanDepot thanks to our mello smartloan™. Thanks to efficiencies gained by the fully digital process, some of our borrowers have been able to close in as little as 8 days, and most shave some amount of days off their overall mortgage experience. And, in addition to significant time-savings, there are also potential cost-savings as well.

But those aren’t the only reasons that you might want a fully digital mortgage. Here, we’ll break down the many benefits of the fully digital experience and what you can expect:

First, what is a fully digital mortgage?

A true digital mortgage is one that leverages technology to create a seamless, straightforward experience for the borrower, the loan officer and everyone else who participates in the review of the file. Every component of the loan process, from application to closing, is handled electronically, providing customers like you with answers and solutions faster than ever before.

Second, what are the benefits of a fully digital mortgage?

Simply put, a fully digital mortgage like mello smartloan™ will save you time and effort, and, possibly money:

Applying is simple

We know that chasing paperwork is a top complaint among prospective borrowers. With a fully digital mortgage like mello smartloan™, you can easily validate your employment, income and assets digitally. Your data is intelligently identified, pulled, and consolidated into a centralized system of record where it can be instantly verified. No chasing for page 13 of a bank statement from five years ago. No more looking for old W2s.

 

Anxiety is reduced

Just like knowing exactly when your purchase is going to arrive, customers like you want to know whether or not they’re approved—and you want to know as soon as possible. No more worrying about whether or not you’ll have to start over on your home search. Or if your income will enable you to afford the home you want. Or if you need to extend your lease if the transaction falls through. With a digital mortgage like mello smartloan™, you’ll be in the know faster than ever before.

Your journey is streamlined

Not so long ago, every party involved in the mortgage transaction worked separately, often with broken communication channels that left borrowers in the dark. With mello smartloan™, you can track the exact status of your mortgage, without any big question marks. Your experience is consistent across all channels and across all points of contact. Efficiency and data gathering is where the digital experience stands to provide some of the greatest process improvements.

Your options are quickly identified

With mello smartloan™, your loan officer will run your loan options simultaneously so that they can provide the best loan option based on your unique situation. This side-by-side comparison will identify which loan option may provide the greatest cost- and time-savings for you: A huge benefit for anyone undertaking the largest financial transaction of their lives.

You may receive an appraisal waiver

Thanks to our side-by-side loan comparison capabilities, our loan officers can determine the best loan option for you, and, in some cases, determine if an appraisal can be waived. This can save you hundreds of dollars. But even if you do not qualify for an appraisal waiver, the mello smartloan™ can identify whether the digital risk rating is low enough to eliminate the need for underwriting to review. If this is the case, you may also experience faster loan delivery and acceptance, without potential hiccups. 

You may close sooner

With a fully digital mortgage experience like mello smartloan™, processes like title examination and closing can be significantly reduced. For example, title examination, which could typically take days to clear could take as few as 3 hours, thanks to automation that eliminates the need for internal resources to review and approve. And, with full e-close, or even a hybrid e-close, you no longer have to wade through and sign stacks of paper. In fact, you could complete your closing in as little as an hour.

You enjoy greater surety

With mello smartloan™ all required documents are pulled directly from instant data validation sources and/or stored in a secure portal. This means that you won’t have to worry about scanning, faxing or manually sending sensitive information. It also means that your personal information is much more secure.

 

Third, will I still be able to talk with a live person about my mortgage options?

Absolutely. While mello smartloan™ can provide tremendous automation and speed, if you’re like most people, you may have questions as you navigate this significant life decision. Whether you chat with your trusted loan officer about which loan option to choose or want to understand your loan documents before signing, we’re here to help every step of the way.

What’s ahead?

Delivering an optimal customer experience is always our top priority. We will continue to refine and improve the loan experience so that you and future customers have a seamless and exceptional experience every time.

Our Loan Consultants can help you start shopping for a home with confidence. Contact us to start leveraging the power of mello smartloan™ today!