loanDepot announced the launch of its end-to-end proprietary digital lending platform on Monday after 18 months of labor.
The announcement is part of a larger $80 million investment in technology. This particular digital lending platform announcement breaks into three distinct technology solutions, collectively titled mello. The three parts include a web-based consumer portal, a mobile point of sale system, and a fully digital mortgage loan application.
All three will be integrated into loanDepot’s web-based loan origination system, which both consumers and lending professionals can use via mobile or desktop devices.
“Technology advancements have revolutionized the way we work and live, yet the mortgage industry has largely remained devoid of modernization,” said loanDepot Chairman and CEO, Anthony Hsieh.
Hsieh explained that as a profitable and growing lender, loanDepot is in a unique position to invest aggressively in developing its own advanced technology.
“This philosophy of building our own technology positions us to evaluate market conditions as digital disruption continues to evolve the consumer experience,” said Hsieh.
loanDepot’s 400+ LD Tech team will work at a new technology campus that it recently committed to opening in Irvine, Calif.
And loanDepot isn’t finished yet. The nonbank plans to soon release a fully digital mobile loan application, allowing borrowers to complete an application with or without the assistance of a licensed loan officer.
Most recently, loanDepot announced two major acquisitions, adding Closing USA, a national title, escrow and settlement company, along with affiliate, American Coast Title, to the company.