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Using Intelligent Data to Create ‘Smartloans’

California-based loanDepot announced that it aims to radically change mortgage lending with the debut of the mello smartloan™. The mello smartloan is an 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 merge technology with counsel—reducing time and cost for across the loan process.

The 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 stated that it 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™ converts 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
  • closing

By taking advantage of this loan application and processing approach, and the intelligent, digitized validation it brings, the mortgage transaction is expected to become 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.”

 

About Author: Donna Joseph

Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at donna.joseph@thefivestar.com.
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