loanDepot is already one of the nation’s largest mortgage lenders, but now, the company wants to become a much larger part of the home buying process.
On Tuesday, loanDepot unveiled an ambitious new plan that will see the lender expand beyond simply lending a borrower the money to buy a home into facilitating the entire real estate transaction.
- loanDepot’s new service “mello Home” connects pre-approved buyers with local real estate agents
- The service will be free for consumers who have received credit and digital underwriting pre-approvals
- Real estate agents do not pay up-front fees to join mello Home, but must pay a fee on closed transactions
loanDepot launched a new service, called mello Home, that connects pre-approved homebuyers with verified real estate agents in their local market.
mello Home is an expansion of mello, loanDepot’s proprietary digital lending platform that the company introduced last year. mello includes three different segments, a web-based consumer portal, a mobile point-of-sale system, and a fully digital mortgage loan application.
The aim of mello, according to loanDepot, is to revolutionize the mortgage lending process.
Now, loanDepot wants to bring its revolutionary ethos to the home buying process itself.
“We first created the mello brand as a name for our proprietary technology platform which redefines fintech from simply streamlining the loan process to a blended digital/local relationship covering all aspects of consumer lending and homeownership,” said Anthony Hsieh, founder and CEO of loanDepot. “Now we are expanding the mello brand.
mello Home, which will be free for consumers, will connect customers who’ve received credit and digital underwriting pre-approvals from local loanDepot loan consultants with a local real estate agent to begin the process of selecting and purchasing a home.
Real estate agents will not be required to pay up-front fees to join the mello Home network or to be connected with ready-to-transact clients, but will pay a fee to mello Home on closed transactions.
View the original article at Housing Wire