loanDepot Introduces New Digital Underwriting Engine That Delivers Conditional Loan Approval in Minutes
December 12 2023 - 10:38AM
Business Wire
melloNow uses dynamic logic to improve customer
and originator experience,
reduce cycle times and drive down overall cost
to produce
loanDepot, Inc. ("LDI" or "Company") (NYSE: LDI), a leading
provider of home lending solutions that enable customers to achieve
the dream of home ownership, today unveiled its fully automated
melloNow underwriting engine, changing the game for mortgage
borrowers by delivering a fully conditional loan approval in
minutes rather than hours or days.
Utilizing a fully digital verification process, melloNow
delivers a significantly faster evaluation and underwriting process
that brings clarity and confidence—and eliminates surprises—right
from the start. It swiftly analyzes credit reports, detects fraud,
and validates income and employment data at the point of sale,
instantaneously generating unique borrower conditions.
This helps both the loan officer and the customer understand
exactly what’s needed so they can assemble the required paperwork
quickly and efficiently. This in turn is expected to provide a
real-time conditional approval for a large segment of loans and
assist the loan underwriter by ensuring they obtain all
documentation required to properly review and validate the
application as soon as it is received.
Now, with the melloNow digital underwriting engine, many
loanDepot customers will enjoy a dramatically improved
experience.
The Company, which has been beta-testing the system for the last
several quarters, says this new capability is another important
milestone in its ongoing work to deliver a digital-first approach
that makes it easier, faster and less stressful to refinance or
purchase a home.
“loanDepot’s forward-thinking approach to technology, always in
service of improving the customer and loan origination experience,
has once again delivered a significant innovation,” said LDI
Mortgage President Jeff Walsh. “melloNow is not just another
automated underwriting system, it’s a groundbreaking step forward
that provides a full conditional loan approval within minutes.
We’re now able to provide our customers with the certainty and
peace of mind that comes with quick loan approval, bypassing the
delays and friction points typical of traditional loan evaluation
and approval processes while improving overall loan quality.
Today’s consumers expect a fast and seamless digital experience,
and with melloNow, we are delivering it.”
EVP of Lending Operations Viviana Abarca added, “Team loanDepot
is focused on delivering a best-in-class customer experience
throughout the entire loan journey, from our initial contact with a
prospective borrower to the long-term servicing of the funded loan.
With melloNow, we’re changing the landscape for home buying and
refinance, making it easier, faster and smoother for our customers
to accomplish their goals.”
About loanDepot
loanDepot (NYSE: LDI; NMLS # 174457) is an equal housing lender
and digital commerce company committed to serving its customers
throughout the homeownership journey. Since its launch in 2010,
loanDepot has revolutionized the mortgage industry with a
digital-first approach that makes it easier, faster and less
stressful to purchase or refinance a home. Today, as one of the
nation's largest non-bank retail mortgage lenders, loanDepot
enables customers to achieve the American dream of homeownership
through a broad suite of lending and real estate services that
simplify one of life's most complex transactions. With headquarters
in Southern California and offices nationwide, loanDepot is
committed to serving the communities in which its team lives and
works through a variety of local, regional and national
philanthropic efforts.
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version on businesswire.com: https://www.businesswire.com/news/home/20231212474563/en/
Jonathan Fine VP, Public Relations (781) 248-3963
jfine@loandepot.com
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