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“It improves the overall customer experience,” Wied said in a recent telephone interview, describing how the company’s technology enables borrowers to secure mortgages in a fraction of the 45 to 90 days the process typically takes. “The process of purchasing a home is the pinnacle of the American Dream but also fraught with frustration. We focus on simplifying customer experience and generating better efficiencies on how people secure mortgage for their homes,” he added.
Along the way to securing a mortgage, borrowers interact with a dozen or so vendors (escrow, title insurance and the like) before signing off on the deal. The company’s technology checks off those needed stops in one fell swoop, along with including credit scores, borrowers’ salaries and needed qualifications in the mix.
It’s what Wied likes to call “loanDepot 2.0,” he said. The technology-aided process is more streamlined, helping cut the time exponentially from loan approval to having the keys to a home.
George Brady, chief digital officer who oversees Wied’s unit, shares in the mission of achieving economies of scale.
“Delivering a seamless, best-in-class digital mortgage experience through unparalleled technology is our number one goal,” Brady said in a prepared statement. “Bill’s reputation and proven leadership across a range of innovative products and technologies, and his experience at all levels of strategic planning, product engineering and organizational development make him an incredible asset to our team. His passion for loanDepot’s technological vision of continuous innovation and excellence will play a critical role in our ongoing pursuit to transform the entire home ownership journey.”
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