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

      Lead Vs. Loan.

      This article will help to explain the difference between a Lead and a Loan.

      Lead: 

      • Attached to campaigns (created in settings > lead providers as a way to track pull-through rate for lead tapes purchased from a lead provider). 
      • A live mortgage file 
      • Top of the sales funnel. 
      • POS/CRM integrations are attached to Leads via the integration setup 
      • If a file is created as a Loan a campaign can still be assigned in the Additional section > General Tracking section. 
      • A file is created as either a lead or a loan. Could not switch from one to the other. 
      • When created will be in Lead status. 

      Loan: 

      • Attached to Branches. (Branches, if applicable, can be created in Settings > Branches) 
      • A live mortgage file 
      • Next level down in the sales funnel. Perhaps closer to an actual deal. 
      • Loans from LendingPad's POS will be created as Loans and be attached to Branches. 
      • Branches can be changed in the Additional section > General Tracking only by a system admin. 
      • Could not switch a Loan to a Lead. 
      • When created will be in Prospect status.

       

      NOTES: Leads and Loans are essentially the same thing. They are active fully functioning files within the LendingPad system. Please check with your system admin or manager about how to proceed when creating loans.