The partnership’s first initiative is the launch of OfferPad Home Loans, a joint venture under which the companies will provide mortgage financing solutions to OfferPad's customers. The venture will offer a fully-digital mortgage loan application through loanDepot's proprietary technology platform, mello.
In addition, the venture will explore a bridge financing option that combines an instant offer from OfferPad with a bridge loan from loanDepot. With the option, the venture seeks to provide homeowners with the flexibility to move into a new home while their existing property is still for sale, backed by the security of a guaranteed purchase from OfferPad.
Aside from these tech-enabled mortgage products, loanDepot and OfferPad said they will explore ways to provide customized instant purchase offer solutions to loanDepot customers and real estate agent and homebuilder referral partners in specific markets.
"OfferPad is a disruptive force within the real estate industry," loanDepot CEO and Chairman Anthony Hsieh said. "Digital adoption continues to reshuffle the deck on how consumers interact with lenders and real estate service providers. The platforms that combine best-in-class digital experiences with local market expertise will thrive. As innovators in residential real estate, Jerry, Brian and the OfferPad team share this vision and we are eager to work together to create customer-centric experiences through innovative technology, proprietary products and local service."
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LoanDepot has announced a partnership with tech-enabled direct home buyer and seller OfferPad aimed at streamlining the real estate process for consumers and real estate professionals.