loanDepot shatters mortgage industry norms with mello smartloan, a first-of-its-kind end-to-end digital home loan that--in just seven minutes--can identify significant time- and cost-savings and enable customers to close in as few as eight days
mello smartloan uses proprietary mello technology and intelligent data to shave up to 80 percent of the work required from application to loan close and, in many cases, bypass costly and time-consuming appraisals--enabling loan officers to deliver results in minutes, at no obligation
Feb 20, 2019
FOOTHILL RANCH, Calif., Feb. 20, 2019 /PRNewswire/ -- loanDepot today announced that it is radically changing mortgage lending with the debut of the mello smartloan™. The mello smartloan is a completely end-to-end digital mortgage which accommodates today's online-savvy consumer, reducing the stress and frustration that can come with buying or refinancing a home. loanDepot combines its proprietary mello loan origination technology with expanded, intelligent data sources to create a 'smartloan.' mello smartloan, when placed in the hands of the company's 2,000+ loan officers enables the company to marry best-in-class technology with best-in-class counsel—giving customers the best of both worlds—all with an eye to significant time- and cost-savings across the loan process.
The first-of-its-kind end-to-end digital loan also provides increased surety, security and reliability when compared to that of traditional mortgage products and processes. For customers, mello smartloan offers optimal convenience with full digital documentation capabilities; for loan officers, the data derived from loanDepot's proprietary loan engines enables them to deliver the ultimate in mortgage confidence. And, with mello smartloan, customers can learn if they have the potential to close their mortgage as soon as eight days from the date of application, a mark that far surpasses industry norms.
"We designed the mello smartloan to mirror the digital experience that today's consumer wants," said Anthony Hsieh, founder and CEO of loanDepot. "The mello smartloan leapfrogs decades of traditional industry reliance on paper documentation and physical files. Our unmatched technology accelerates beyond current front-end data validation techniques to eliminate homebuyers' biggest stressors: voluminous documentation requirements and extended loan processing and cycle times. The mello smartloan eliminates the paperwork and the guesswork, while delivering a great product at a great value."
loanDepot has invested more than $80 million in the proprietary technology that powers the mello smartloan. The company projects that up to 55 percent of new loanDepot applicants will ultimately be eligible for this innovative digital home mortgage experience, and many of those same customers will also enjoy more favorable loan pricing due to the lower overhead costs.
The mello smartloan differs from traditional mortgages by converting every step in the loan's origination from paper to digital, intelligently interconnecting them in real time:
- Income, Asset and Employment Verification
- Credit Checks
- Appraisal, Title and Flood Validation
By taking advantage of this revolutionary loan application and processing approach, and the intelligent, digitized validation it brings, the mortgage transaction becomes more secure and hassle free, and the time to close is reduced up to 75 percent.
"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, COO of loanDepot. "We are committed to making the entire end-to-end loan process easier, faster, stress free and a natural extension of our customers' lives."
How it Works
At its mello Innovation Lab, loanDepot assembled a team of world-class engineers and challenged them to create a better loan origination experience, one in which customer satisfaction was exponentially increased and the cost of loan manufacturing was markedly reduced. The result was the development of proprietary technologies that allow for automation of all back-end loan operations, enabling data to be intelligently processed through proprietary loan engines. This process allows validated, expanded data to be used all the way through loan processing, closing and funding.
The mello smartloan eliminates virtually all of the legwork and stress that typically accompanies applying for a home loan, simply by digitally validating readily available data via intelligent processes in the proprietary mello loan origination ecosystem. Even in this digital age, most traditional mortgage lenders still rely upon linear process flows with multiple handoffs, or a swim-lane approach, which is cumbersome, unpredictable, less secure and inefficient. Unlike its competitors, the mello smartloan incorporates simultaneous intelligent flows that enable the entire process.
The mello smartloan is built upon the concepts of value, speed and transparency. Now, loanDepot customers can, within as little as seven minutes, be completely confident and know that their loan will move forward because their data can be digitally validated almost instantaneously. Faster, smoother, more certain closings translate into real benefit for loanDepot customers, especially in aggressive housing markets or when seeking the tangible economic benefits refinances can provide.
Prospective customers who are interested in finding out how the mello smartloan can benefit them should talk to their local loanDepot loan officer or call 1-888-983-3240. They also may visit loanDepot.com for more information.
loanDepot continues to disrupt the lending industry with its focus on technology to deliver personalized experiences to its customers. An innovator since its inception, loanDepot was the first nonbank lender to offer home, personal and home equity loans. Today, loanDepot has funded over $165 billion since its founding in 2010, and currently ranks as the nation's fifth largest retail mortgage lender and second largest nonbank lender.
Trish McCall | (310) 824-9000