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Apply for a loan by phone? That’s just the start of LoanDepot’s plans

Source: James Rufus Koren, L.A.Times (Paid Registration)

LoanDepot customers will be able to fill out a mortgage application online, submit documents using a smartphone camera, allow LoanDepot to pull credit and income information from outside data providers and get near-instant approval.  The technology is designed to continuously track the creditworthiness and financial activity of the company’s customers, similar to how Amazon uses a customer’s browsing and buying history to recommend products.

“I’m going to know everything. And that’s a little scary. But if I understand your credit report, bank account, employment, job stability, debt-to-income ratio, I can do a lot of things that will allow you more access to other financial services,” said company founder Anthony Hsieh, who will speak Monday at New York financial technology conference Lendit.

Read Full Article: Apply for a loan by phone? That’s just the start of LoanDepot’s plans

 
 

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