The newly formed venture, called mello Home, is part of efforts by loanDepot’s parent company, LD Holdings Group, to expand its mortgage and personal-loan business.
"As America's digital marketing leader in the homeownership space, we spend hundreds of millions of dollars to connect with home buying consumers each year, and increasingly, these home shoppers are not yet working with a real estate agent," loanDepot founder and CEO Anthony Hsieh said. "mello Home unleashes our digital marketing power to real estate agents by connecting them with homebuyers who've been pre-approved by loanDepot's local loan consultants and are ready to shop and close with a local real estate agent."
LoanDepot said that the service, which is free for homebuyers, offers real estate agents an opportunity to grow their business more efficiently. While agents would usually buy home-purchase leads up front, the new service would provide them with ready-to-transact customers who have requested to be connected with an agent to begin shopping for a home. These customers would have already received credit and digital underwriting pre-approvals from loanDepot’s loan consultants.
There are no up-front fees for joining the mello Home network. Agents will only pay a fee for the service on closed transactions.
In addition to the home-buying service, loanDepot is also planning to launch a home-improvement venture later in the year. The business will offer immediate approval of home-improvement loans and introduction to verified contractors. Additionally, contractors can use the service to offer homeowners financing options at the point of sale.
loanDepot announces joint venture with homebuilder
LoanDepot partners with tech-enabled direct home buyer and seller
LoanDepot has launched a new service which connects homebuyers who have been pre-approved by its loan consultants to local real estate agents as they begin shopping for a home.