loanDepot Wholesale Enhances mello Broker Portal, Streamlining Closing Process for Partners

Rhea-AI Summary

loanDepot Wholesale has launched upgraded features in its mello broker portal to enhance the loan closing process for brokers. Key improvements include Closing Connection functionalities that provide validations, final fee verification, document requests, and pre-closing packages. These enhancements aim to expedite the closing process, giving brokers a competitive edge. Senior EVP Jeff Walsh emphasized the importance of speed in today’s market and noted upcoming features that will further streamline collaboration with closing agents. loanDepot is positioned as a leading digital commerce company in the mortgage sector.

Positive

• Launch of new features in the mello broker portal to enhance closing efficiency.
• Includes functionalities like closing validations, final fee verification, and document uploads.
• Focus on speed and user experience to empower brokers and improve customer service.

Negative

• None.

FOOTHILL RANCH, Calif., Nov. 15, 2021 /PRNewswire/ -- Enabling brokers to close loans faster and more efficiently, loanDepot Wholesale, a top five wholesale lender, has launched the newest iteration of its mello broker portal. A number of new and enhanced "Closing Connection" features within the portal use loanDepot's proprietary technology to streamline the closing process for brokers. 

loanDepot Wholesale is the third-party origination division of loanDepot, licensed to serve mortgage originators in 48 states and the District of Columbia. loanDepot Wholesale provides a fast, integrated and seamless technology-based lending experience for business partners and their customers. To learn more and apply for partnership visit LDWholesale.com.

"In today's market, speed can be a key factor in the homebuying process. The enhanced functionality in our broker portal allows loanDepot's wholesale partners to better serve their buyers, providing a quicker, more intuitive closing process," said Jeff Walsh, senior executive vice president and chief revenue officer, loanDepot. "Our continued investment in proprietary technology provides brokers and the customers they serve an advantage in the buying and refinancing process, and we'll continue to innovate our mello platforms to build on improving the user experience."  

loanDepot's new Closing Connection in-portal functionality includes: 

• Closing validations – Listed at the top of the screen to let brokers know what steps are needed before scheduling closing; allows brokers to provide loanDepot important information such as trust and power of attorney information.
• Verify final fees – Fees can be entered, updated, and approved; a cash-to-close summary is available.
• Request documents & schedule closing – When all validations are met, brokers can schedule closing; closing dates can be updated or cancelled.
• Pre-closing package – Brokers can generate an informational pre-closing package to review pertinent documents and accurately calculate recording fees based on number of pages.
• Upload documents – "Prior to documents" conditions can be viewed; outstanding documents can be uploaded.

Additional upgrades coming soon include the ability to retrieve and upload the closing package and confirm wire details. Closing agents will also be invited to access Closing Connection for a streamlined closing collaboration process between broker, loanDepot Wholesale and the closing agent.

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. 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.

Media Contact:
Jonathan Fine
VP, Public Relations
(781) 248-3963
jfine@loandepot.com

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SOURCE loanDepot, Inc.

FAQ

What new features has loanDepot Wholesale introduced in the mello broker portal?

loanDepot Wholesale has launched enhanced 'Closing Connection' features to streamline the closing process, including closing validations, fee verification, and document management.

How do the improvements in the mello broker portal affect brokers?

The enhancements allow brokers to close loans faster and more efficiently, thereby providing better service to their clients.

What is the significance of speed in the current mortgage market according to loanDepot?

Speed is a key factor in the homebuying process, allowing brokers to serve their clients more effectively in a competitive market.

When were the new features of the loanDepot mello broker portal announced?

The new features were announced on November 15, 2021.

What is the stock symbol for loanDepot?

The stock symbol for loanDepot is LDI.