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Foothill Ranch-based loanDepot announced the launch of its “digital lending platform,” a new and improved version of its web-based lending program that speeds up loan approvals.
loanDepot’s online approval process allows borrowers to get faster approvals even when using their smartphones to apply for a mortgage or personal loan. The new platform enables users to upload documents, sign forms electronically, and communicate with loan officers. Once borrowers give their permission, an automated process verifies their income, bank statements, employment, and other financial data, enabling them to quickly get quotes, prices, and prequalification letters.
The new platform is part of an $80 million investment in technology, the company said. The investment also includes plans to open a new 65,000-square-foot technology campus in Irvine, where more than 400 employees will continue working on ways to transform the loan application process.
loanDepot Chairman and CEO Anthony Hsieh plans to continue investing in developing and advancing technology, Hsieh said.
“The digital disruption that changed the consumer experience in online books, home entertainment and consumer goods is just now impacting financial services,” Hsieh said in a statement. “We are building a tech ecosystem that enables us to quickly venture into ancillary services and markets unknown to us today.”
loanDepot is one of America’s leading lenders that has funded over $100 billion loans since launching in 2010. For more information, visit: www.loandepot.com.