LDI - loanDepot's ground-breaking digital home equity line of credit (HELOC) takes customers from quote to close in as little as seven days

PR Newswire

Innovative new option gives homeowners fast and frictionless access to financing during all of life's critical moments

FOOTHILL RANCH, Calif. , Nov. 3, 2022 /PRNewswire/ -- loanDepot, Inc. ("LDI" or "Company") (NYSE: LDI), one of the nation's largest non-bank retail mortgage lenders, today introduced an innovative digital home equity line of credit (HELOC). Using a sophisticated technology platform enabled by digital tools and data, this innovative new solution gives homeowners a powerful 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.

The hallmarks of the loanDepot Digital HELOC are digital simplicity and speed, with a timeframe from application to closing in as little as seven days. Customers can get a no-hassle, online rate quote in less than five minutes and can pre-qualify with no adverse impact to their credit scores. The fully online application makes it fast and easy to get started. From there, sophisticated digital tools and automated processes will reduce the friction and time lag associated with a traditionally inefficient, paper-based loan approval and funding process. Customers will be able to manage their entire loan process online but will also have access to talented, licensed loan officers to guide them through the process.

The launch of the loanDepot HELOC comes at a critical time for American households grappling with the compounding economic pressures of inflation, steep living expenses and rising interest rates. Meanwhile, the rise in property values over recent years has resulted in homeowners gaining new wealth through record levels of home equity. With average home equity now at $300,000 ¹ , the loanDepot HELOC gives homeowners a smart new option for leveraging their equity to achieve their financial goals.

"Consumers are looking for options to help manage the impact of rising interest rates and high inflation," said loanDepot, Inc. President and CEO Frank Martell . "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."

"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," said loanDepot, Inc. Digital Products and Services President Zeenat Sidi . "In today's stressful economic environment where consumers are looking for ease, convenience and speed, loanDepot's digital HELOC is the smart choice."

Homeowners can access $50,000 to $250,000 of equity through a 10-year interest-only line of credit followed by a 20-year variable repayment term with no prepayment penalty.

As part of its phased national roll out, the loanDepot Digital HELOC is available now in Pennsylvania , California , Florida , Arizona and Washington , and will be introduced in states across the country by early 2023.

Learn more and apply for a loanDepot HELOC today at loanDepot.com/HELOC .

Forward-Looking Statements
This press release may contain "forward-looking statements," which reflect loanDepot's current views with respect to, among other things, its operations. You can identify these statements by the use of words such as "outlook," "potential," "continue," "may," "seek," "approximately," "predict," "believe," "expect," "plan," "intend," "estimate" or "anticipate" and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as "will," "should," "would" and "could." These forward-looking statements are based on current available operating, financial, economic and other information, and are not guarantees of future performance and are subject to risks, uncertainties and assumptions, including the risks in the "Risk Factors" section of loanDepot, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2021, which are difficult to predict. Therefore, current plans, anticipated actions, financial results, as well as the anticipated development of the industry, may differ materially from what is expressed or forecasted in any forward-looking statement. loanDepot does not undertake any obligation to publicly update or revise any forward-looking statement to reflect future events or circumstances, except as required by applicable law.

About loanDepot
loanDepot (NYSE: LDI) is a digital commerce company committed to serving its customers throughout the home ownership journey. Since its launch in 2010, loanDepot has revolutionized the mortgage industry with a digital-first approach that makes it easier, faster and less stressful to purchase or refinance a home. Today, as one of the nation's largest non-bank retail mortgage lenders, loanDepot enables customers to achieve the American dream of homeownership through a broad suite of lending and real estate services that simplify one of life's most complex transactions. With headquarters in Southern California and offices nationwide, loanDepot is committed to serving the communities in which its team lives and works through a variety of local, regional and national philanthropic efforts.

Media Contact:
Jonathan Fine
VP, Public Relations
(781) 248-3963
jfine@loandepot.com

LDI-IR

¹ https://www.corelogic.com/press-releases/corelogic-us-home-equity-increases-again-in-q2-2022-with-the-total-average-equity-per-homeowner-reaching-a-record-high-of-300000/

SOURCE loanDepot, Inc.