LendingPad is indeed a cloud-based loan origination software company that provides a full framework for loan origination remedies for organizations, mortgage lenders, banks, service providers, and lenders.
This is particularly designed to simplify the lending, and mortgage loan costs and established a strong relationship.
This advanced integrated system is perfectly secure and effectively maximizes the sophisticated lending procedure designed by mortgage bank professionals.
Furthermore, with a great internet connection, the software allows users to derive loans from everywhere.
Clients can collaborate with third-party internet providers to properly manage and link with leads. Information from retail branches, online consumer sites, help desks, and in-house loan officers can be collected using this tool.
The Lender edition includes supplementary, closure, underwriting post-closing, and financing capabilities.
Moreover, a variety of customized features are available for Organizations to scale their operation to the next phase to improve connectivity and operational efficiency.
Users could also enable contract processing teams with processing centers to serve more clients with high volumes. LendingPad uses a quotation-based and monthly fee pricing strategy, with institutional and broker editions available.
LendingPad Software Key Features
1.Document Management Document Management Systems (DMS) is the procedure of storing, handling, and monitoring electronic data and electronic pictures of the document captured by the data scanner using a computer and applications.
An electronic signature is a legal way to acquire approval or consent on digital information or forms. It can substitute a written by-hand signature for almost every process.
This is the way people strategize, organize, and carry out the steps needed to accomplish an objective. Workflow management refers to the order in which events occur. Once each process is finished, another can initiate, and so forth.
Because workflow management is repetitive, it is best suited to repetitive procedures and routine goals.
It supports risk management, policy comprehension, and policy implementation.
This is outlined as just a step-by-step sequential documentation that proves said the documented history of monetary transactions back to their source.
The audit trail allows an auditor to follow the financial data of a specific transaction from ledger accounts to its source document.
Chat refers to the process of communicating, linking, and/or direct messaging via the internet. It entails several individuals interacting via a chat feature or software.
Chat can be forwarded via e-mail, oral, audio, video, or audio-visual (A/V) interaction via the internet.
- Control daily duties and procedures with routines, forms, and business logic that are scalable to fulfill the requirements of both teams and individuals.
- Gain access to tools for managing campaigns, tracking loans, and receiving real-time loan push upgrades through the LendingPad system, as well as connection to lead providers in real-time.
- Manage compliance using the standard compliance rules and LendingPad licensing compliance configuration, and make certain that information is secured with security precautions like Stands for Statements on Standards for Attestation Engagements (SSAE) 16 reports.
- Gain an understanding of business metrics with dashboards that provide a quick review of all channels and configurable, actual news.
- Their knowledge base is very weak, confusing and complex setup.
- LendingPad Software Sometimes numbers get transposed when uploading to the lender portal.
- The system freezes occasionally and when you hit save, it just spins.
- Broker Edition – This plan goes for $40 per user per month with the following features:
- Unlimited document management.
- LendingPad Network Access.
- Free weekly live training.
- Email support.
- Integrated Service providers.
- Broker’s feedback forum.
- Standard Support Hours.
- Optional features: disclosures with e-sign, custom e-sign documents, and phone and extended support.
- It requires an annual billing required for 5 users or less setup fee depending on the complexity contract of 12 months minimum.
- Lender edition – For billing clients must contact customer support for clarification on the payment. The features include:
- Weekly live training for free.
- Limitless document management.
- Unlimited users.
- Consultations to improve workflow.
- First 90- days’ setup and implementation.
- Direct and retail channels.
- LendingPad network access.
- Optional features; extended support hours, live support options, custom features and API, onsite setup, implementation, and training.
- Lenders feedback forum.
- Requirements; A minimum monthly usage, setup fee depending on complexity, and a minimum contract of 36 months.
- Institutions edition – A client has to contact the customer care system for clarity on the payment. The features include;
- Phone support on business standard business hours.
- Unlimited users and document management.
- LendingPad Network Participant.
- Retail, direct, wholesale, and correspondent channels.
- APIs to connect with existing systems.
- All features in the brokers and bankers edition.
- Requirements; A minimum contract of 36 months, a Setup fee depending on complexity, and monthly minimum usage.
- Optional features; Extended support Hours, Customized workflow, dedicated account executive, and Continuous data export 24/7.