loanDepot Wholesale's mello broker portal now features a number of "Closing Connection" features within the portal and uses loanDepot's proprietary technology to streamline the closing process for brokers, according to the company.
“In today's market, speed can be a key factor in the homebuying process. The enhanced functionality in our broker portal allows loanDepot's wholesale partners to better serve their buyers, providing a quicker, more intuitive closing process,” said Jeff Walsh, senior executive vice president and chief revenue officer, loanDepot.
loanDepot's new Closing Connection in-portal functionality includes:
- Closing validations – Listed at the top of the screen to let brokers know what steps are needed before scheduling closing; allows brokers to provide loanDepot important information such as trust and power of attorney information.
- Verify final fees – Fees can be entered, updated, and approved; a cash-to-close summary is available.
- Request documents & schedule closing – When all validations are met, brokers can schedule closing; closing dates can be updated or canceled.
- Pre-closing package – Brokers can generate an informational pre-closing package to review pertinent documents and accurately calculate recording fees based on the number of pages.
- Upload documents – "Prior to documents" conditions can be viewed; outstanding documents can be uploaded.
Additional upgrades coming soon include the ability to retrieve and upload the closing package and confirm wire details. Closing agents will also be invited to access Closing Connection for a streamlined closing collaboration process between broker, loanDepot Wholesale and the closing agent, according to the company.
loanDepot Wholesale is the third-party origination division of loanDepot, licensed to serve mortgage originators in 48 states and the District of Columbia. loanDepot Wholesale provides a technology-based lending experience for business partners and their customers.
