Please wait as we prepare your PDF file ....

Mission Chronicle Blog

Search Blog

our goal is to help you stay informed by providing timely and interesting articles.

LoanDepot invests $80M into mello, an end-to-end digital lending platform

03/08/2017

Download PDF

“Devoid of modernization.”

That’s how loanDepot Chairman and CEO Anthony Hsieh described the mortgage industry in the company’s unveiling of an end-to-end digital lending platform that came to life after 18 months of work and an $80 million investment.

The platform, named “mello” in an homage to the Greek translation “about to be,” and a reference to bringing the lending space into the future, includes:

A web-based consumer portal (24/7 consumer access to a secure, online and collaborative forum to upload documents, e-sign forms) Mobile point of sale system (Currently in beta, enables loan officers to give borrowers accurate quotes, pricing, offers and pre-qualification letters in minutes Fully digital mortgage loan application process (technology works in the background to complete the 1003 loan application in real time)

These solutions integrate with loanDepot’s web-based loan origination system, which consumers and lending professionals can access from mobile or desktop collaborative dashboards, the company said in a press release.

And there will be a physical space to match mello’s digital footprint: loanDepot also committed to opening a 65,000 square foot mello tech campus in Irvine, California, where the company’s 400-plus tech team will work.

“It’s still very early within our industry. The digital disruption that changed the consumer experience in online books, home entertainment and consumer goods is just now impacting financial services,” said Hsieh in a statement. “Similar to category leaders in those industries, we can’t predict what opportunities will develop within financial services

Based in Southern California, loanDepot has funded over $100 billion in loans since its inception in 2010, making it the nation’s fifth largest retail mortgage originator and the second largest nonbank consumer lender.

Meanwhile, Hseih is not alone in his assessment.

Managing broker Joe Rand recently opined that “real delays in the real estate transaction come from mortgage and title.”

And players such as QuickenLoans with its “push button, get mortgage” product (to the dismay of the Consumer Financial Protection Bureau), SindeoOne, collaborative digital loan tracker Loanopoly and Bank of America’s online loan navigator show that it’s a space being targeted for disruption.

Email Caroline Feeney

Source: click here

Read More

INSPIRED, INTELLIGENT, INSIGHTFULL

STAY INFORMED WITH TIMELY AND INTERESTING ARTICLES FROM OUR BLOG, MISSION CHRONICLE. OUR ASPIRATION IS TO PROVIDE REALTORS AND OTHER REAL ESTATE INDUSTRY PROFESSIONALS WITH EXCEPTIONAL RESOURCES AND SHARE OUR KNOWLEDGE TO PROPEL YOU TO YOUR GOALS.

  • Switcher Studio brings easy, broadcast-level video production to the iPhone

    September is Marketing and Branding Month at Inman. That means we’re talking to the chief marketin...

  • Looking for a simple solution to social media? Try PropertySimple

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Furnished or unfurnished? 3 agents weigh in

    When putting a property on the market, a seller has a variety of options: list the home fully furnis...

  • Want video landing pages in a snap? Real Estate Shows might be for you

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Renovation-averse buyer? We have tips for that

    Luxury real estate buyers lead increasingly complex lives, so it’s no surprise that many are optin...

  • Openhouse Live makes Matterport tours a group event

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Rethinking home: How buyers are reprioritizing amenities

    Among all the shifts that have happened this year, the fact that businesses rely on a distributed wo...

  • Not good at arranging throw pillows? Good thing there’s Stagerie

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • The Instagram playbook: how to make your listings stand out in the age of visuals

    When today’s emerging affluent consumer wants to curate a gallery of their lives through video and...

  • PureAgent CRM reduces automation dependency, ups ante on live tours

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

September 2020
Mon Tue Wed Thu Fri Sat Sun
 123456
78910111213
14151617181920
21222324252627
282930  

  • Polls

    What information you are looking for?

    View Results

    Loading ... Loading ...
  • Last month Results

    How Is My Site?

    • Good (100%, 3 Votes)
    • Excellent (0%, 0 Votes)
    • Bad (0%, 0 Votes)
    • Can Be Improved (0%, 0 Votes)
    • No Comments (0%, 0 Votes)

    Total Voters: 3

    Vote

    Loading ... Loading ...