In terms of why the HELOC was launched, Sidi said that began with prioritizing customer experience. “We wanted to make sure we were delivering a product and experience to our customers that really assisted them with simplicity, convenience and speed that enabled them to apply for a HELOC product, get approved in minutes and have access to cash from that HELOC in days versus weeks or months,” she said.
“So we spent a lot of time up front designing the right process, listening to our custom needs, leveraging digital tools and data to be able to remove the friction from the experience and making available what we consider a very innovative, cutting edge technology that enables the consumer to be able to get prequalified with a personalized rate quote in minutes with minimal information and then provide us with the minimum information we need to be able to verify their identity, underwrite them from the equity in their home and then make the funds available to them in as little time as possible.”
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Frank Martell, loanDepot’s president and CEO, echoed Sidi’s sentiments in terms of the economic climate: “Consumers are looking for options to help manage the impact of rising interest rates and high inflation,” he said in a prepared statement. “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.”