loanDepot, Inc (LDI) Announces New Operating Unit: mello®
loanDepot has launched a new operating unit named mello, led by Zeenat Sidi as President and COO. This unit aims to enhance loanDepot's mortgage and servicing platform, capitalizing on its significant market position as the second-largest non-bank retail lender. mello will leverage proprietary assets and develop digital-first lending products, targeting a market with record home equity levels of $25 trillion. The initiative aims to create a comprehensive suite of financial solutions for customers, streamlining their homeownership journey.
- Launch of new operating unit mello to enhance existing services.
- Led by experienced FinTech executive Zeenat Sidi with proven track record.
- Opportunity to tap into record home equity levels of $25T.
- Ability to offer bundled financial services, meeting customer demand for convenience.
- Strong customer engagement with 10M leads generated annually.
- None.
FOOTHILL RANCH, Calif., March 10, 2022 /PRNewswire/ -- Today, loanDepot Founder and LDI Chairman and CEO Anthony Hsieh unveiled a new company operating unit: mello. mello will be led by newly appointed President and COO, Zeenat Sidi, a FinTech executive with significant P&L leadership, digital transformation, risk management, operations, and strategy experience spanning a 25-year career with senior leadership roles at SoFi, Capital One and RBC.
LDI's new mello operating unit will complement the company's existing loanDepot mortgage and servicing operations platform, recognized as one of the most diversified originations models in the industry today. This diversification is underscored by the company's rank as the second largest non-bank retail lender in the country, as well as its position as a top five wholesale lender. In addition, loanDepot has one of the largest joint venture lending platforms available.
With the formation of this new business unit, LDI will shift specific proprietary, competitive-advantage assets into the mello division and under Sidi's leadership, including oversight of the company's customer contact center, world-class mello DataMart and performance marketing engine which cultivates, ingests, and distributes over 10M data-enriched leads annually and connects with more than 1M customers daily, all within fractions of a second.
Under Sidi's leadership, the mello business unit will develop innovative digital-first secured and unsecured lending products leveraging loanDepot's diverse customer engagement channels, extensive performance marketing assets, and proprietary technology stack to deliver a fast and frictionless way for customers to fulfill their financial needs. The mello business unit will also house the Company's mortgage adjacent businesses such as mellohome Real Estate Services, melloinsurance, and mello title and escrow services (CUSA, ACT), offering customers a value-added suite of products and services brought together in a convenient and powerful platform to simplify their homeownership journey.
"Customers want bundled options and appreciate complementary homeownership products and services being readily available from one source. We created the mello operating unit because we believe developing new products and services is important for the marketplace. Home equity levels are at a record
"Zeenat is a high-caliber leader with a proven track record in financial services and digital transformation. By moving some of our most important infrastructure elements under her leadership, notably our performance marketing engine which generates 10M top of funnel leads [annually], and our data-driven and scaled customer engagement center which contacts 1.6M customers daily, we can blend our proprietary assets and mortgage-adjacent businesses together in a powerful way," continued Hsieh. "When coupled with our approximately 3,300 trained and licensed loan officers holding 23,000 state licenses – the second largest loan officer network in the country, in addition to our significant mortgage broker network – and our increased investments in our proprietary technology assets under the leadership of recently hired Chief Digital Officer, George Brady, these new mello products and services will create a flywheel effect, putting us in a distinct and industry-unique position to create customers for life by serving their financial needs in a holistic way."
Sidi is a widely respected leader at the forefront of financial services strategy powered by digital technologies. She joined SoFi in 2018 to build and lead the Home Loans business, before assuming the role of EVP and Group Business Head of Lending. She joined Galileo Financial Technologies (a company SoFi acquired in 2020) as the Head of Enterprise Lending and Data to build the strategic assets to offer a suite of financial services products to Galileo's clients through a modern API-based payments platform. Previously, Sidi held significant leadership roles with Capital One, including GM of the digital Home Equity business, and with RBC in the US and Canada.
Sidi holds an MBA degree with Fuqua Scholar Distinction from Duke University, a Master of Science degree in Operations Research from Stanford University, and a Bachelor of Science degree in Systems Analysis from the University of Miami.
"loanDepot is a pioneer and leader in digital financial services, supporting customers on their homeownership journey with market-leading capabilities," said Sidi. "I am honored and excited to join Anthony and Team loanDepot. Together, we will build upon loanDepot's already-strong foundation and exceptional set of differentiated assets to create a suite of innovative digital-first products and services that complement the company's core mortgage originations and servicing platform. I look forward to working with the team to shape the trajectory of the home loans industry, leveraging data and cutting-edge digital assets to deliver customer value and delight."
"mello is a Greek word meaning 'about to be' and that is our mindset," said Hsieh. "We will always innovate and remain on the tip of our toes so that we create value and accelerate around every curve. Adding a talent like Zeenat to our already-impressive management roster and carving out a new business unit under her leadership to focus on transforming, maximizing, and building out our differentiated, proprietary assets, will ensure that we continue to define – and redefine – what's possible in our industry for decades to come."
About loanDepot
loanDepot (NYSE: LDI) is a digital commerce company committed to serving its customers throughout the home ownership journey. Since its launch in 2010, loanDepot has revolutionized the mortgage industry with a digital-first approach that makes it easier, faster, and less stressful to purchase or refinance a home. Today, as the nation's second largest retail mortgage lender, loanDepot enables customers to achieve the American dream of homeownership through a broad suite of lending and real estate services that simplify one of life's most complex transactions. With headquarters in Southern California and offices nationwide, loanDepot is committed to serving the communities in which its team lives and works through a variety of local, regional, and national philanthropic efforts
Investor Relations Contact:
Gerhard Erdelji
Senior Vice President, Investor Relations
(949) 822-4074
gerdelji@loandepot.com
Media Contact:
Rebecca Anderson
Senior Vice President, Communications & Public Relations
(949) 822-4024
rebeccaanderson@loandepot.com
LDI-IR
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SOURCE loanDepot, Inc.
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