loanDepot announced its new digital mortgage, which it says can identify significant time and cost-savings for borrowers in seven minutes.

The lender claims its digital mortgage, mello smartloan, can close a loan in just eight days.

loanDepot combined its proprietary mello loan origination technology with expanded intelligent data sources to create its end-to-end digital mortgage.

And it’s eight-days to close claim is down significantly from the market’s average of 43 days, according to the latest Origination Report from Ellie Mae.

“We designed the mello smartloan to mirror the digital experience that today’s consumer wants,” loanDepot Founder and CEO Anthony Hsieh said. “The mello smartloan leapfrogs decades of traditional industry reliance on paper documentation and physical files.”

“Our unmatched technology accelerates beyond current front-end data validation techniques to eliminate homebuyers’ biggest stressors: voluminous documentation requirements and extended loan processing and cycle times,” Hsieh said. “The mello smartloan eliminates the paperwork and the guesswork while delivering a great product at a great value.”

The mello smartloan converts these services digitally in real time:

  • Income, asset and employment verification
  • Credit checks
  • Appraisal, title and flood validation
  • Closing

loanDepot predicts up to 55% of new applicants will be eligible to use its digital mortgage, and could see lower overhead costs. The company invested $80 million in the creation of its new technology that powers the smartloan.

“We built the mello smartloan with one goal in mind – the customer experience, where obtaining a loan complemented our customers’ digital lifestyles,” said Tammy Richards, COO of loanDepot. “We are committed to making the entire end-to-end loan process easier, faster, stress-free and a natural extension of our customers’ lives.”

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