loanDepot, Inc. unveiled its fully automated melloNow underwriting engine, changing the game for mortgage borrowers by delivering a fully conditional loan approval in minutes rather than hours or days. Utilizing a fully digital verification process, melloNow delivers a significantly faster evaluation and underwriting process that brings clarity and confidence?and eliminates surprises?right from the start. It swiftly analyzes credit reports, detects fraud, and validates income and employment data at the point of sale, instantaneously generating unique borrower conditions.

This helps both the loan officer and the customer understand exactly what?s needed so they can assemble the required paperwork quickly and efficiently. This in turn is expected to provide a real-time conditional approval for a large segment of loans and assist the loan underwriter by ensuring they obtain all documentation required to properly review and validate the application as soon as it is received. Now, with the melloNow digital underwriting engine, many loanDepot customers will enjoy a dramatically improved experience.

The Company, which has been beta-testing the system for the last several quarters, says this new capability is another important milestone in its ongoing work to deliver a digital-first approach that makes it easier, faster and less stressful to refinance or purchase a home.