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LoanDepot partners with AI tech to improve the mortgage process

10/24/2017

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LoanDepot has partnered with Ojo Labs, an artificial intelligence (AI) technology tool that cultivates and nurtures leads throughout the homebuying process, to bring detailed mortgage information and offer loan pre-qualification to consumers using the Ojo platform.

“The modern consumer begins their home search journey online and often several months ahead of when they expect to buy,” said loanDepot CEO and Chairman Anthony Hsieh in a press release. “Knowing when and how to introduce a digital mortgage pre-qualification process during that journey is key to delivering a better experience. Ojo’s focus on developing predictive insights, specific to each individual, will allow us to do just that.”

In March loanDepot launched mello, an end-to-end digital lending platform that includes 24/7 consumer access to a secure web-based collaborative forum to upload documents and e-sign forms. It’s a mobile point-of-sale system for loan officers and a fully digital mortgage loan application process.

According to Ojo, consumers will be able to access mortgage and pre-qualification information from mello at any time during their experience with the platform.

“Consumers’ needs and desires to engage in financing options and information vary,” said Ojo co-founder John Berkowitz. “Because every experience with Ojo is personalized based on the consumer’s needs, it will [change] when and how the mortgage solutions are surfaced. It can happen before or after connecting with a Realtor.”

When consumers are ready to take on the mortgage process, they’ll be transferred to the mello platform, and once they’ve completed the pre-qualification application on mello, that information will be available to the consumer and his or her real estate agent on the Ojo platform.

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“During our search for a mortgage partner it was clear that loanDepot invests in technology and focuses on the customer experience in a way many others do not,” added Berkowitz. “We are excited to work together to continually develop processes and tools that drive value for real estate agents and loan officers.”

In the coming months, OJO and loanDepot will work on customizing the consumer experience by testing out several different qualification and approval options as they scale to meet consumer demand.

Email Marian McPherson.

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