has announced the launch of its proprietary digital lending platform (DLP), part of an $80 million investment in technology over the last 18 months and signaling the company’s commitment to developing the fintech ecosystem of the future.
The first three proprietary technology solutions comprising loanDepot’s DLP, named “mello,” which comes from the Greek language and signifies the futurity or the dawn of modern lending, includes an intuitive Web-based consumer portal, a state-of-the-art mobile point of sale system, and a fully digital mortgage loan application experience. These solutions will be seamlessly integrated with the company’s Web-based loan origination system (LOS), accessible to consumers and lending professionals via collaborative dashboards from mobile or desktop devices.
loanDepot’s mello exists within a larger fintech ecosystem boosted with the integration of digital marketing tools and by third-party data enrichment that ensure greater accuracy, speed and certainty throughout the origination experience.
Reaffirming loanDepot’s commitment to innovation through technology, the company has committed to opening the new 65,000-square foot mello tech campus in Irvine, Calif.
“Technology advancements have revolutionized the way we work and live, yet the mortgage industry has largely remained devoid of modernization,” said loanDepot Chairman and CEO Anthony Hsieh. “As a profitable and growing lender, we’re in a unique position to invest aggressively in developing our own advanced technology. This philosophy of building our own technology positions us to evaluate market conditions as digital disruption continues to evolve the consumer experience. It gives us the optionality to define and redefine coverage points unknown to us today, and quickly design solutions for them. We are very committed to innovation through technology as a core basis of our business strategy and competitive advantage.”
The mello platform is an end-to-end technology solution designed to scale with the business as America’s lender expands its product categories outside of home lending, its network as a service provider of credit-related products, and its joint venture partnerships.