Fully automated underwriting system streamlines mortgage processing
loanDepot has released its fully automated melloNow underwriting engine, offering an improved digital loan origination process.
This fully automated system is designed to provide conditional loan approvals within minutes, a marked improvement over traditional methods that can take hours or days.
Additionally, the melloNow engine employs a fully digital verification process, swiftly analyzing credit reports, detecting fraud, and validating income and employment data. This quick analysis aims to provide clear and immediate loan conditions to borrowers and loan officers, streamlining the paperwork process and potentially offering real-time conditional approvals for many loans.
“melloNow is not just another automated underwriting system, it’s a groundbreaking step forward that provides a full conditional loan approval within minutes,” LDI Mortgage president Jeff Walsh said in a press release. “We’re now able to provide our customers with the certainty and peace of mind that comes with quick loan approval, bypassing the delays and friction points typical of traditional loan evaluation and approval processes while improving overall loan quality. Today’s consumers expect a fast and seamless digital experience, and with melloNow, we are delivering it.”
“Team loanDepot is focused on delivering a best-in-class customer experience throughout the entire loan journey, from our initial contact with a prospective borrower to the long-term servicing of the funded loan,” added Viviana Abarca, executive vice president of lending operations. “With melloNow, we’re changing the landscape for home buying and refinance, making it easier, faster and smoother for our customers to accomplish their goals.”
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