Our customers are the loan officers, operations managers, loan processors, closers and underwriters who make lending institutions work. We understand that mortgage companies require engaged and motivated employees to truly serve their customers. LendingPad® is a Loan Origination System (LOS) for brokers, bankers, and larger lending institutions. However, our software is not like every other LOS on the market; LendingPad® was created in 2015 by mortgage professionals who wanted to improve the overall sales and operations experience for all parties involved in the lending industry.
Our motto, Lend Better, Together™ is the fundamental modus operandi of our software. LendingPad® LOS fulfills the roles of customer relationship management (CRM), point-of-sale (POS) system, electronic document management system (DMS), workflow management, and additional offerings depending on client needs. LendingPad's intuitive design creates a seamless cloud-based modern digital mortgage experience for financial institutions to run their mortgage lending business smoothly and efficiently.
In this guide, we are going to look at the various parts of LendingPad®. We will discuss different subscription levels, explain system functionalities and show the next steps for interested clients who want to use LendingPad® to streamline their end to end digital mortgage process.
The typical user of LendingPad® is an employee working for a mortgage broker, a lender / banker, or a lending institution. They expect to be able to access the software securely from the cloud. They expect to have access to the documentation they need to manage and to decision their loans. And, they expect to access quality communication and a smooth workflow that help them to work with customers, other employees, and their executive management.
Our LOS provides the end-to-end functionalities included in a CRM, POS system, and loan fulfillment systems.
The CRM functionalities of LendingPad® LOS perform lead nurturing from traffic to the close and beyond. Mortgage lenders acquire leads from a variety of sources, including relationships with brokers and lead aggressors. An LOS is focused on managing the complexities of originating the loan and integrates with other software to manage the processes to closing and beyond.
The LendingPad® POS functionality tracks borrower engagements and origination. This information and data management is essential for successfully closing leads and originating loans. Since we offer secure browser access to our cloud-based LOS, the point of sale can be managed by a loan officer in the field with a smartphone or more comfortably with an internet connected laptop.
The third area LendingPad® LOS offers excellent resources for our customers is in the loan fulfillment functions. From the processing of paperwork to underwriting and closing the loan and post-closing follow up, our LOS helps businesses track and engage each customer. Larger institutions who need to manage the loan pipeline after closing may use our enterprise level subscriptions or integrate the LOS with their current pipeline management system.
The CRM or customer relationship management functions of LendingPad®help increase efficiency through a streamlined lead management program. When getting leads from 3rd party sources and internally, it is incredibly important to track the quality of those leads and the process it takes to walk with them from expressing interest to signing papers.
A CRM tracks visitor engagement on the website, employees notes on phone calls, times of phone calls, and more. This engagement can show user intent behaviors, and when coupled together with employee notes, the CRM will help management and sales reps identify how to improve their sales process and what does it look like. LendingPad® tracks leads from 3rd party lead sources to help loan officers and management understand where quality leads are coming from.
Through the LOS’s systems management and CRM functions, an employee will be able to see where potential customers are at in the decision-making process, as well as follow up with previous customers who may need it. If multiple employees are working on the same account, they will be able to see notes and actions taken by others. This leads to better team communication and better customer service.
At the same time the employee is working on the software, a member of the management team may log in to the program in order to get real-time analytics delivered straight to a browser. And, out in the field, a loan officer is looking over documents within LendingPad® with a new potential customer.
This is the power of a robust and quality Loan Origination System (LOS); this is the power of LendingPad®.
The core aspect of any financial SaaS program is basic information security. Information security, distinct from cyber-security, is the process by which information is protected from inadvertent and accidental loss or unauthorized access. Since hacks, ransomware, and other attacks are often in the news, people often think about cyber-security first. But, good IT management includes cyber-security with strategic information planning.
A good information security system answers the following question. Is the information accessible, confidential, and complete? WEI Technology LLC (the owner of LendingPad® software) has achieved SOC 2 security certification for our cloud-based software. For many of our customers, our cyber-security is a deciding factor for many clients when they choose to use LendingPad® as their LOS.
LendingPad® provides ease of access through its browser-based user interfaces. Rather than installing software on individual computers or on client’s servers, our servers are within state-of-the-art data-centers and the software is accessible to any authorized users with an internet connection securely.
We maintain the integrity of our software by providing the right resources for mortgage companies to serve their customers, manage their employees, and track their finances through one software package. Rather than giving our customers a software system that only works some of the time, we created a package that works for lending institutions, including an API system for developing 3rd party add-ons. Rather than leaving our customers with the software they have to customize, we created LendingPad® to be the ideal solution.
When combined with security and accessibility, the complete LendingPad® system is more than just a loan origination system web app, it is a tool for growing and managing a successful business. In conjunction with information security, our cloud services use the best in modern cyber-security practices. We use both active and passive defenses to reduce the risk of our customers’ data being breached in any way. We combine our defenses with state of the art systems management
Large enterprise resource planning programs (ERPs) attempt to be everything to all people; LendingPad® does not. Simply put, we help businesses that provide loans to their customers. Our software is designed to facilitate lead management, processing, underwriting and loan closing. We help brokers through a simple per user based subscription model. The Broker Edition provides simple tools that are required to manage leads, ship and manage loans through underwriting/closing processes with lenders. A hybrid broker, often called non-delegated correspondent (NDC), can broker and lend interchangeably for their loans. We help bankers who require more robust reporting, secondary marketing, and compliance/risk management tools. This includes managing both retail and direct channels for selling loans as well as third-party channels.
The 3rd type of customer we help is a lending institution. The institution subscription level includes analytics, dedicated servers, and more tools that are customized to the lending institution. While the prices for broker and banker levels are on the website, the institutional level subscription requires individual specifications & complexities that make it difficult to give even a rough estimate on the cost.
For more information on our pricing or on our subscriptions, please visit our pricing page.
How Do We Help Your Team and Customers?
The software provides many tools, but how do those tools impact customers and employees? Our customers often talk about the ease of using the software, how the software makes it easier to communicate with their customers, and how it builds a team’s efficiency and cuts their costs. You can check our testimonials page to read actual statements users from all levels of the loan industry have said about using LendingPad®.
LendingPad® helps your customers by helping employees communicate with them, by reducing much of the stress of the loan application process, and by reducing the conversational stress caused by poor loan pipeline management. Our customers’ customers keep the mortgage companies in business, so we are always improving LendingPad® to be more friendly to those who provide the bread and butter for our customers.
After looking at the different subscription levels, and the functions that are included in a loan operating system, we are ready to look at how these functions actually work to cut costs and improve efficiency.
Legacy loan origination systems are installed on a customer’s hard drives which leaves the management and updating of software, servers, and other IT to the end user. The cost savings and efficiency increases caused by switching from legacy software to software as a service (SaaS) are significant just from reducing this workload. Since LendingPad®resides within a browser, reduction of communication lag-times both cuts costs and improves efficiency. If a customer needs to sign a document, but the document has to be picked up from one branch in one town, signed by the customer in another town, and then delivered to branch in a third town, the costs in time and energy are significant. Businesses cannot afford to pay employees to traipse around after customers but the delay in closing the loan as the customer takes their sweet time can also cost more.
Another area an LOS SaaS product saves money is in data center management. In order for a business to have their own servers and software, they will have to hire at least three professionals: an IT tech person, a cybersecurity technician, and the server manager. The cost of a subscription to LendingPad® is significantly less than the cost of paying programmers, designers, and technicians to manage internal systems. LendingPad manages the systems, the software, the security patches, and virtual scalability while our customers manage their employees and customer relationships.
The nature of a SaaS program increases efficiencies by keeping IT security and DevOps within the realm of the product vendor and away from the SaaS customers. For LendingPad®, this means that our customers have access to a software system that is consistently up to date with the best security our 14 years of programming experience can provide. They also have access to infrastructure on a scalable system so that they only pay for what they use. With a SaaS, you never pay for empty racks, server upgrades, etc.
[Reduce SaaS discussion, add allows real-time collaboration on the same file with no lock-outs, permission/role/status controls to ensure no accidental overwrites, seemless integrations to the 3rd party tools needed, and reduced operating system complexities allowing fewer employees working on the file.
As your business considers purchasing an LOS or migrating from your current LOS to LendingPad®, you need to think through how to set up the system for your business and smoothly transition an existing operation from the legacy LOS. Understanding the customer life-cycle, your technology stack, and your loan origination processes are all key to a successful implementation of Lending Pad or any software system.
Your customer life-cycle is determined by three questions. How do leads become leads in your current marketing? What is the process that they go through for qualification, underwriting and closing? What does closing and follow up look like? Our customers answer these three questions in order to determine how LendingPad® can help them track leads coming in (whether from web forms, 3rd parties, or salespeople), work with leads towards the close, and to convert leads into customers and customers into brand advocates.
Any additional API integrations a customer desires will also need to be addressed and prepared before the installation of the software. Whether it is using an ERP or CRM software system, utilizing existing integration or preparing for an API integration is a necessary part of installing an LOS to connect with other current systems in your technology stack.
Finally, a written workflow of the loan origination process, including all forms needed throughout the process, helps speed up the set up for Lending Pad significantly. Document process by a Policy and Procedure document for an organization is highly recommended. To be successful in utilizing LendingPad, LOS, your people, process and system must all act in-sync with each other.
If you are ready to talk to someone about LendingPad® and how it can help your business or just need a more interactive look at the software, then please request a demo here.
See how lendingPad can improve loan operations and lower costs