The mello smartloan is envisioned as an end-to-end digital mortgage that’s designed for online consumers, reducing the stress and frustration that can accompany that process.
To attain that goal, mello smartloan loan origination system was combined with intelligent data sources to create a ‘smartloan’ that holds the promise of reducing by up to 80 percent the time required close a loan. Also, it many cases it will eliminate the cost and time appraisals require–enabling loan officers to deliver results in minutes, at no obligation.
The mello smartloan is built upon the concepts of value, speed and transparency. Now, loanDepot customers can, within as little as seven minutes, know their loan will move forward because their data can be digitally validated within seconds. 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 offer.
The mello smartloan was designed to provide access to technology and experienced advisors to customers—all with an eye to significant time-and cost savings.
Borrowers can gain convenience as well as full-digital documentation capabilities; for loan officers, the data derived from loanDepot’s proprietary loan engines enables them to feel confident when working with borrowers. The platform can determine if borrowers have the potential to close their mortgages in as soon as eight days from the date of application.
“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 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, according to the company. Up to 55 percent of loan applicants are eligible for the program, and some might attain better loan pricing because of lower overhead costs.