loanDepot Inc. (NYSE: LDI) has released its melloNow underwriting engine, which is designed to provide conditional loan approval in minutes.
According to the Irvine, California-based company, melloNow uses a fully digital verification process to evaluate applications, analyze credit reports, detect fraud, and validate income and employment data at the point of sale. The company has been beta-testing the system for the last several quarters and stated this is the next step in delivering a digital-first approach to the loan process. that makes it easier, faster and less stressful to refinance or purchase a home.
“melloNow is not just another automated underwriting system, it’s a groundbreaking step forward that provides a full conditional loan approval within minutes,” said loanDepot Mortgage President Jeff Walsh. 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.”
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