Two real estate upstarts, loanDepot and OfferPad, have joined forces in a partnership to offer buyers, sellers and agents a customized, streamlined process for buying and selling homes.
This joint venture combines an instant offer (OfferPad) with a bridge loan (loanDepot) so homeowners can have the flexibility to move into a new home while their existing home is on the market. No inopportune waiting.
Jerry Coleman, co-founder and co-CEO of OfferPad, said, “Through this partnership, we are breaking down traditional silos that have defined the real estate and lending industries. This venture looks to offer bridge financing options to solve one of the biggest pain points for home sellers…a timely purchase of a new home with their existing home still on the market. loanDepot…combines an instant offer with a bridge loan…backed with the security of a guaranteed purchase from OfferPad.”
Anthony Hsieh, CEO and Chairman of loanDepot, said that OfferPad’s and loanDepot’s combined “…digital adoption…within the real estate industry… (serves to) reshuffle the deck on how consumers interact with lenders and real estate service providers…we are eager to work together to create customer-centric experiences through innovative technical proprietary products and local service.”
OfferPad’s “other” co-founder and co-CEO, Brian Blair, said, “We knew that providing a better mortgage solution was essential…(if we were) to create a better experience for home sellers and home buyers.”
Each entity unveiled new technical advances that facilitate the partnership’s goal of rendering the home buy/sell process as more proficiently and simply. OfferPad’s new “Agent Access” program seamlessly refers interested buyers known to its website to local agents. Those agents, obviously well screened and trained by OfferPad, offer these interested buyers essential expertise in local and neighborhood market specifics to facilitate their home search goals.
loanDepot’s technical platform, mello, is a web-based customer portal and state-of-the-art mobile, point-of-sale system for a fully digitized mortgage loan application experience. The platform integrates mortgage, title and closing solutions into its one system.
loanDepot is the fifth largest retail mortgage lender in the country as well as the second largest non-bank consumer lender in the country. OfferPad is the leading technology-enabled direct homebuyer and seller in the country. Together, these disruptive housing industry entrepreneurs may be blending their respective visions at a time ideal for the 21st Century housing marketplace.
(Incidentally…Inman News recognized OfferPad’s Brian Bair in August of this year by recognizing him as its 2017 “Most Innovative” real estate professional. Inman clearly saw this industry change agent coming.)