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LoanDepot invests $80M into mello, an end-to-end digital lending platform

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“Devoid of modernization.”

That’s how loanDepot Chairman and CEO Anthony Hsieh described the mortgage industry in the company’s unveiling of an end-to-end digital lending platform that came to life after 18 months of work and an $80 million investment.

The platform, named “mello” in an homage to the Greek translation “about to be,” and a reference to bringing the lending space into the future, includes:

These solutions integrate with loanDepot’s web-based loan origination system, which consumers and lending professionals can access from mobile or desktop collaborative dashboards, the company said in a press release.

And there will be a physical space to match mello’s digital footprint: loanDepot also committed to opening a 65,000 square foot mello tech campus in Irvine, California, where the company’s 400-plus tech team will work.

“It’s still very early within our industry. The digital disruption that changed the consumer experience in online books, home entertainment and consumer goods is just now impacting financial services,” said Hsieh in a statement. “Similar to category leaders in those industries, we can’t predict what opportunities will develop within financial services.”

Based in Southern California, loanDepot has funded over $100 billion in loans since its inception in 2010, making it the nation’s fifth largest retail mortgage originator and the second largest nonbank consumer lender.

Meanwhile, Hseih is not alone in his assessment.

Managing broker Joe Rand recently opined that “real delays in the real estate transaction come from mortgage and title.”

And players such as QuickenLoans with its “push button, get mortgage” product (to the dismay of the Consumer Financial Protection Bureau), SindeoOne, collaborative digital loan tracker Loanopoly and Bank of America’s online loan navigator show that it’s a space being targeted for disruption.

Email Caroline Feeney