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      1. KNOWLEDGE BASE
      2. FAQ's
      3. General

      FAQ - Why LendingPad Does Not Need Transaction Templates

      Many users transition from other LOS's ask us if LendingPad has "template" type of concept in which users default a set of data or fees for a specific type of transaction.  In LendingPad, we do not have a template configuration because the template data are either already pre-defined in company level settings or automatically filled in with LendingPad globally maintained rules.  Specifically, 

      Fees

      • When you specify a "lender" for the loan (broker edition), LendingPad will fill in appropriate lender fees (if information is available) for which LendingPad globally maintains.  If your lender's fee information is not available, please open a support ticket for us to add them.  These fees usually appear in LE's category A (Origination Charges). 
      • Clients have an option to define in company level for fees, typically in category B (Services You Cannot Shop For) - appraisal, credit report and flood certification fees.  This fee configuration standardizes for all transaction fees going forward.
      • For category C (Services You Can Shop For), category E (Taxes and Other Government Fees), category F (Prepaids) is either defined in Settings → Fees and Escrow setting or through Title integrations if used.
      • For category G (Initial Escrow Payment at Closing) is defined in Fees and Escrow for each loan, or if user inputs First Payment date, due dates / amount for taxes and no. of month in escrow cushion, press "Set Default", LendingPad will calculate needed escrow amount.
      • For FHA, LendingPad maintains UFMIP and Annual MIP factors globally as well.  For VA and USDA loans, factors may change depending on borrower scenario and please review system default and update if needed. 

      Programs

      When user select a program for a loan, system will populate payment, check loan amount against the program setting.  Together with fees, much of the details of transaction will be populated.

      Borrower & Property

      Each borrower and each property is unique, therefore there is no need to store a template here.