loanDepot to launch fully digital mello HELOC

  • Innovative new products will give customers quick and seamless access to finance during all of life’s critical moments
  • Rising interest rates and high inflation make home equity lines of credit a smart source of capital for many homeowners
  • Consumers will apply and be approved online in minutes and have access to funds in as little as seven days
  • The company’s unparalleled combination of assets, including a sophisticated premium marketing engine, nearly 3,000 licensed loan officers, a proprietary technology stack and a national brand, positions mello to effectively meet customer demand.

FOOTHILL RANCH, Calif., May 3, 2022 /PRNewswire/ — loanDepot, Inc. (“LDI” or the “Company”) (NYSE: LDI), today announced that its mello business unit will launch a series of innovative, digital, secured and unsecured loan products, designed to help consumers easily and conveniently access their funds in as little as seven days. The first to release will be the game-changing mello HELOC, slated to launch in the third quarter of 2022.

The double-digit appreciation in home values ​​over the past two years has allowed homeowners across the country to gain new wealth through record levels of home equity. According to the Federal Reserve, homeowners have amassed more than $26 trillion[1] of home equity that could be deployed to meet a variety of financial needs. At the same time, rising interest rates coupled with high inflation are making home equity lines of credit a smart and convenient way for consumers to leverage their equity. The all-digital mello HELOC will allow customers to leverage their most valuable asset with a speed and ease not currently available through standard HELOC products offered by banks or traditional lenders.

“Home equity is at an all-time high and many homeowners would greatly benefit from an easier and faster way to access this capital,” said the president and CEO of loanDepot, Inc. Frank Martell. “At the same time, loanDepot’s unparalleled combination of assets – including our diverse customer engagement channels, sophisticated performance marketing engine, nearly 3,000 licensed loan officers, proprietary technology stack and national brand – puts us in an exceptional position to help them We will leverage the strength of our brand and our powerful premium marketing prowess, with millions of annual premium consumer leads and over 1 million outbound customer calls a day, to respond to them effectively.

“Homeowners certainly appreciated the historically low interest rates of the past two years,” continued Martell. “Now, with our game-changing mello HELOC, we can offer them a safe, quick and easy way to access their capital while preserving historically low interest rates. It’s the financial tool that homeowners Americans need and we are the company that can provide it.”

The hallmarks of the mello HELOC will be digital simplicity and speed, with time from application to funding in as little as seven days. Consumers will get a hassle-free online rate quote in less than five minutes and can pre-qualify without negatively impacting their credit scores. The fully online application will get you started quickly and easily. From there, sophisticated digital tools and automated processes will reduce the friction associated with a traditionally inefficient paper-based loan approval and funding process. Customers will be able to manage their entire loan process online, but will also have access to talented, licensed loan officers to guide them through the process if they wish.

“mello is a Greek word meaning ‘on the verge of being,’ which represents our innovative mindset,” said mello’s President and COO Zeenat Sidi. “Our brand is about accelerating around the curve with fast, frictionless, all-digital customer experiences that deliver speed, ease, and value from start to finish. Consumers today face a trifecta of economic pressures: rising interest rates, high inflation, and economic uncertainty Whether they’re consolidating debt to reduce monthly payments, swapping higher-interest credit card debt for lower interest, or undertaking a renovation to improve their quality of life, the mello HELOC will provide a simple, convenient and smart way for consumers to make their home equity work more for them.”

The mello HELOC further expands LDI’s diverse origination model and underscores the company’s commitment and ability to design products that match consumer demands and trends. While the loanDepot business unit will continue to focus on its industry-leading prime mortgage products, the mello business unit will focus on developing adjacent mortgage products and services that offer customers a fast, easy and transparent way to fulfill a variety of financial needs.

About LoanDepot, Inc.
loanDepot, Inc. (NYSE: LDI) is a digital commerce company committed to serving customers throughout the homeownership journey. Since its launch in 2010, LoanDepot has revolutionized the mortgage industry with a digital approach that makes it easier, faster and less stressful to buy or refinance a home. Today, as the nation’s second-largest retail mortgage lender, loanDepot enables customers to realize the American Dream of homeownership through a wide range of lending and real estate services that simplify one of the most more complex in life. With headquarters in Southern California and offices across the country, loanDepot is committed to serving the communities in which its team lives and works through a variety of local, regional and national philanthropic efforts.

Forward-looking statements
This press release may contain “forward-looking statements” that reflect LoanDepot’s current views regarding, among other things, its operations and financial performance. You can identify these statements by the use of words such as “outlook”, “potential”, “continue”, “may”, “seek”, “approximately”, “predict”, “believe”, “expect”. “, “plan”, “intend”, “estimate” or “anticipate” and similar expressions or the negative versions of these words or of comparable words, as well as future or conditional verbs such as “will “, “should”, “would” and “could”. These forward-looking statements are based on currently available operational, financial, economic and other information, and are not guarantees of future performance and are subject to risks, uncertainties and assumptions, including the risks in the risk” of loanDepot, Inc. Annual report of . on Form 10-K for the fiscal year ended December 31, 2021, difficult to predict. Therefore, the current plans, planned actions, including but not limited to the launch date, expected timelines and benefits of mello HELOC, financial results, as well as expected industry development, may differ materially from what is expressed or anticipated in any forward-looking statement. LoanDepot undertakes no obligation to publicly update or revise any forward-looking statement to reflect future events or circumstances, except as required by applicable law.

Contact with Investor Relations:
Gerhard Erdelji
Senior Vice President, Investor Relations
(949) 822-4074
[email protected]

Media Contact:
Rebecca Anderson
Senior Vice President, Communications and Public Relations
(949) 822-4024
[email protected]

LDI-IR


[1] https://alfred.stlouisfed.org/series?seid=OEHRENWBSHNO&utm_source=series_page&utm_medium=related_content&utm_term=related_resources&utm_campaign=alfred

SOURCE LoanDepot, Inc.