LoanDepot, the nation’s second largest non-bank consumer lender, announced a new program to connect preapproved home buyers with real estate agents in their local market. The lender’s mello Home program is now adding real estate agents onto its platform to make the connections.
Mello first launched in March 2017 to try to streamline the loan process by blending digital and local relationships when applying for a mortgage, says Anthony Hseih, founder and CEO of loanDepot. The program allows for consumers to run any mortgage or non-mortgage loan, from application through funding, from any device on their own or with a loan consultant. Loan consultants respond and advise customers in real time. The program also provides analytics on customers’ evolving needs throughout their homebuying and owning lifecycle.
“We spend hundreds of millions of dollars to connect with homebuying consumers each year, and increasingly, these home shoppers are not yet working with a real estate agent,” says Hsieh. “Mello Home unleashes our digital marketing power to real estate agents by connecting them with homebuyers who’ve been preapproved by loanDepot’s local loan consultant and are ready to shop and close with a local real estate agent.”
Real estate agents pay no fees upfront to join the mello Home network. But they do agree to pay a fee to mello Home on closed transactions.
The company is also launching a new mello business platform, which connects homeowners with contractors in the home improvement business for home repairs and upgrades. Its home improvement platform will provide immediate approval of home improvement loans up to $75,000 and an introduction to verified contractors.
Source: loanDepot
