Mello Smartloan Review

ByBestmoney StaffJul.15, 2021
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In a Nutshell

Mello smartloan is a mortgage service from loanDepot that gets you to your home loan in record time. Loan Depot, for those not familiar with it, is the second largest non-bank consumer lender in the United States. With mello smartloan, applicants can have all their supporting documentation uploaded automatically—saving a lot of time and energy on the application process.


  • Save up to 17 days off the closing process
  • Upload all your documentation automatically
  • Loans backed by major lender loanDepot


  • Lack of transparency on rates
  • No physical branches

mello smartloan at a Glance

Loan types:Purchase, refinance
Featured Loans:Fixed, adjustable, jumbo, VA, FHA, 203k, HARP
Repayment terms:10-30 years
Suitable for:Getting from application to closure as quickly as possible


From loanDepot, mello smartloan is a mortgage made simple. The idea here is to hold the borrower’s hand through the whole process, ensuring everything gets done as quickly and smoothly as possible. With mello smartloan, the applicant begins the process by digitally connecting their income, employment assets—making this a simpler and more-secure verification process than other mortgage lenders. Once your documentation has been provided, mello smartloan’s search engine goes to work to find you the most suitable home loan from the loanDepot suite of mortgage products.

Suitable For?

This service is right for a first-time home buyer who doesn’t know a great deal about the process nor about what type of loan they want. loanDepot and mello smartloan make it easier on the buyer, sorting quickly through all your information to find you the most suitable loan. The service is also good for anyone who doesn’t want to spend time uploading and sending lots of paperwork manually.

Types of Loans/Products

mello smartloan is a free service provided by prominent mortgage lender loanDepot. The service can be used on any type of loanDepot loan product. loanDepot offers loans for purchase or refinancing. 

loanDepot offers the following types of home loans:

  • Fixed-rate conventional mortgages
  • Adjustable-rate conventional mortgages
  • Jumbo loans
  • FHA loans
  • VA loans
  • 203k home renovation loans
  • HARP loans
  • Home equity loans

The Application Process

The streamlined application process is the main reason to use mello smartloan. Instead of having to scramble for paper files, mello smartloan helps you connect your income, employment and asset information straight to its system. In doing so, it claims to save customers 17 days off closing time on average. The whole process takes place online, with personalized assistance from a loanDepot loan officer.

Additionally, mello smartloan has been known to save applicants hundreds of dollars on an appraisal. Using the mello smartdecision engine, loanDepot’s loan officers can instantly determine if you qualify for an appraisal waiver—letting you know within minutes of you submitting your application. Even if you don’t receive a waiver, the loan officer will let you know the results of your appraisal valuation quickly—reducing time to close and saving you money. 

Borrowers must meet these minimum requirements:

  • Citizen or permanent resident of the United States
  • Aged 18 or over
  • Minimum credit score of 620 (or as low as 500 for FHA loan)
  • Continuous employment or pay stubs for the past 6 months
  • An email address is essential, given this is an online mortgage service

Rates and Fees - The Bare Basics 

One of the downsides to the loanDepot mortgage service is the lack of transparency around rates. While the website provides some information about lowest rates, the only way to find out your pre-potential pre-qualified rate is to submit an application. There is also a clear lack of information about closing fees and other fees. With that said, applying is quick and easy.

Long closing times are costly and can even result in your bid on that dream home expiring. By shortening the closing time by as much as 17 days compared to the average lender, mello smartloan is able to save its customers time and money.

Repayment Terms

loanDepot and mello smartloan offer terms of 10, 15, 20, or 30 years. Adjustable rate mortgages are fixed for 3, 5, 7, or 10 years.

Help & Support

Although mello smartloan is designed to make it easier to apply for a mortgage online, the good news is that it’s accompanied by solid customer service. Each mortgage applicant gets to work with an actual loan agent that accompanies them every step of the way, ensuring the mortgage application runs as smoothly as possible. To speak with a licensed lending officer, call 888 983-3240 during extended daylight hours between Monday and Saturday.

How mello smartloan Compares

Compared to other lenders, loanDepot’s mello smartloan doesn’t offer the lowest rates. However, it does claim to beat other lenders in terms of the time it takes to get from beginning an application to closing. This in itself is something worth taking into consideration, because quicker closing means less time waiting around and less risk of having your bid lapse. mello smartloan also finds additional ways to help its customers save, such as notifying you if you qualify for an appraisal waiver.


loanDepot is one of the biggest lenders in the US, and its mello smartloan fills an important niche in the mortgage sector. Many home buyers find the whole process of applying for a loan frustrating and time-consuming, what with the tons of paperwork that lenders ask for. Thankfully, mello smartloan simplifies the process, enabling applicants to transfer most of the documentation electronically. This might not sound like a big deal, but it is because it shortens the application process and saves you—the borrower—money in the process.


What is loanDepot? loanDepot, operator of mello smartloan, is America’s second-largest non-bank consumer lender.

Does loanDepot offer other types of loans? No. In the past, loanDepot offered personal loans, but it has since discontinued that line of products.

In which states is this service offered? loanDepot offers mello smartloan in all 50 states.

Is loanDepot a direct lender? Yes, all loans secured through mello smartloan are underwritten by loanDepot, a mortgage lender licensed in all 50 states.

Physical Address

loanDepot, Inc.

26642 Towne Centre Drive, Foothill Ranch

California 92610

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