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Elijah Pallante is helping drive the mortgage business into its digital future. As senior vice president, enterprise innovation at loanDepot, Pallante played a key role in the development of the mello smartloan, loanDepot’s fully digital mortgage.
The company claims it can close the digital mortgage in as little as eight days. In developing the program, loanDepot combined its proprietary mello loan origination technology with expanded intelligent data sources to create its end-to-end digital mortgage. The company views Pallante’s contributions as “instrumental” to the digitization of the entire loan process, working specifically in areas that had not previously had much exposure to technological advancements, like title, hazard and flood. As a results of Pallante’s work, loanDepot is rolling out hybrid e-close in all 50 states, creating further time- and cost-efficiencies to the mello smartloan. Additionally, Pallante’s commitment to efficiency projects have helped the company save up to $500 per loan and achieve a more than 25% overall savings.
“The keys to my success have been the people I surround myself with and my willingness to change. I see every event as a lesson and every person as a teacher. I have come across a lot of very talented people throughout my career and I’ve made a conscious effort to surround myself with them.”
