On Tuesday, loanDepot announced it is continuing the expansion of its mortgage and personal loan businesses by launching newly formed venture, mello Home, which connects pre-approved homebuyers with verified real estate agents in their local market and help consumers find and hire home improvement and other professionals. According to loanDepot, mello enables three foundational strategies:
- Consumers may run any mortgage or nonmortgage loan from application through funding from any device on their own or alongside local loan consultants who can advise and co-pilot throughout the process
- Loan consultants licensed in all 50 states can seamlessly respond and advise in real time to the millions of consumers the company sources digitally
- Analytics on customers’ evolving needs throughout their home buying and owning lifecycle
While sharing details about the new venture, Anthony Hsieh, Founder and CEO of loanDepot, stated:
“We first created the mello brand as a name for our proprietary technology platform which redefines fintech from simply streamlining the loan process to a blended digital/local relationship covering all aspects of consumer lending and homeownership. Now we are expanding the mello brand.”
“As America’s digital marketing leader in the homeownership space, we spend hundreds of millions of dollars to connect with homebuying consumers each year, and increasingly, these home shoppers are not yet working with a real estate agent. mello Home unleashes our digital marketing power to real estate agents by connecting them with homebuyers who’ve been pre-approved by loanDepot’s local loan consultants and are ready to shop and close with a local real estate agent.”
mello Home’s service is free for consumers and helps real estate agents grow business more efficiently. Typically agents buy home purchase leads up front and spend months working with customers who might never buy a home with them. loanDepot added that it will launch a home improvement business to meet increasing demand for home repairs and upgrades.