One of the biggest non-bank retail mortgage lenders in the country, loanDepot, Inc., unveiled a cutting-edge digital home equity line of credit today (HELOC). This ground-breaking new solution provides homeowners with a strong option for addressing inflation and rising consumer debt with a level of digital ease, convenience, and speed to funding not currently available through traditional HELOC products. It does this by utilising a sophisticated technology platform enabled by digital tools and data.

The loanDepot Digital HELOC is known for its digital ease and quickness, with a seven-day turnaround from application to close. Customers can pre-qualify without harming their credit scores and receive a hassle-free online rate quote in less than five minutes. It’s quick and simple to get started thanks to the entirely online application. The friction and delay caused by a conventionally inefficient, paper-based loan approval and funding process will then be reduced by advanced digital tools and automated procedures. Customers will have access to skilled, licenced loan officers to help them navigate the process in addition to being able to manage their whole loan process online.

For American consumers struggling with the mounting economic strains of inflation, high living costs, and rising interest rates, the debut of the loanDepot HELOC comes at a vital time. Homeowners have gained additional money as a result of record amounts of home equity as a result of the recent increase in property values. The loanDepot HELOC offers homeowners a smart new alternative for leveraging their equity to meet their financial objectives, with the average home equity now at $300,0001.

“Consumers are looking for options to help manage the impact of rising interest rates and high inflation”, “With home equity at an all-time high, many homeowners would benefit greatly from an easier and faster way to access the value in their homes. Our digital HELOC, backed by the strength of our national network of licensed loan officers, diverse customer engagement channels and trusted consumer brand, puts us in an outstanding position to help them.”

Frank Martell, President and CEO, loanDepot Inc.

“Innovation is in our DNA and loanDepot’s new digital HELOC is yet another example of how we use modern technology to improve the lives of our customers and deliver an exceptional experience. Whether they’re paying off high-interest consumer debt, improving their home or sending a child to college, we’ve developed an end-to-end digital experience, leveraging cutting edge technology for property valuation, credit and income verification, that gives customers access to funds with speed and convenience to improve their financial position”, “In today’s stressful economic environment where consumers are looking for ease, convenience and speed, loanDepot’s digital HELOC is the smart choice.”

Zeenat Sidi, Digital Products and Services President, loanDepot, Inc.

Through a 10-year interest-only line of credit followed by a 20-year variable payback period with no prepayment penalty, homeowners can access $50,000 to $250,000 of equity.

The loanDepot Digital HELOC is currently offered in Pennsylvania, California, Florida, Arizona, and Washington as part of a planned national rollout; by early 2023, it will be made available in all 50 states.