Fully digital mello smartloan can validate mortgages in seven minutes
The quest for total digitalization and reduced process times are the Holy Grails for mortgage lenders.
Through mello smartloan's digital validation and intelligent data automation, borrowers will know if their loan would be approved in as little as seven minutes and be able to close in eight days, according to loanDepot.
LoanSnap, a mortgage fintech company, similarly announced a 2019 goal of reducing the closing process to a week back in January.
"We designed the mello smartloan to mirror the digital experience that today's consumer wants," Anthony Hsieh, founder and CEO of loanDepot, said in a press release. "The mello smartloan leapfrogs decades of traditional industry reliance on paper documentation and physical files."
Shaving time and saving money are paramount for customer attraction and retention. Mortgage shopping is a major pain point in buying a home. Nearly three out of four consumers claimed to look for lending options before even looking at houses, according to a loanDepot survey from September.
"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," Hsieh continued.
The company invested over $80 million in proprietary tech to make this end-to-end digital mortgage happen. LoanDepot projects 55% of new applicants will be eligible for the mello smartloan which will lead to improved loan pricing due to reduced overhead costs.
"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."