Residential mortgage professionals created LendingPad’s innovative loan origination system in 2015 to provide an exceptional user experience, to make better lending decisions and to enhance individual originators’ ability to succeed. Leveraging from a highly-scalable cloud infrastructure, LendingPad ® is a web-based, end-to-end innovative LOS offering unique features such as same-file multi-user edit capabilities and real-time pushed updates. LendingPad ® Network is a hub connecting borrowers, brokers, lenders and service providers. The solutions LendingPad offers elevate the efficiency, compliance, and information security of brokers, lenders, and depository institutions. LendingPad is endorsed by the National Association of Mortgage Brokers (NAMB), a Premier Member of the Mortgage Banker’s Association (MBA) and a winner of HousingWire’s Tech100 award. LendingPad ® is a product of LendingPad Corp headquartered in McLean, VA.
Ease of Use
Likelihood to Recommend
Financial Services Operations Director
Used the software for: 1-2 Years
“I did not think it was possible. ”
Pros: The number one plus about LP is the cloud technology and ability to work anywhere with decent internet. I was skeptical about coming from deep-pocket lenders to choosing a solution for my own shop. I priced out Encompass the "gold standard" of LOS systems with its own set of quirks and problems. Over $100,000 for the scale needed to do the numbers that we want and that is in the first 18 months. Deployment is nonexistent with cloud-based SAAS platforms. No server, No laborious setup process and under $400 to get my whole team up and going. COST is the elephant in the room in most cases and while not cheap it is in line with the technology needed to do what LOS systems do. In the beginning, Calyx/Encompass was state of the art. However, In today's environment, you can fill a 1003 on a Facebook form. Lending pad makes everything esthetically pleasing and lightning-fast from anywhere on the planet. Kudos and a big Thank you from NorCapital.
Cons: There are only a couple and the team is working daily on new tech. We would like to see an app. The ability to have the client upload from a phone directly to the loan file. Additionally PRICING we need everyone to play ball and have a universal pricing formula so the guys and galls at LP don't need 6 months for each engine. As a broker I would like to have the ability to see pricing from all of our lenders in one dashboard for a specific client. These are not cons they are just wants!
Reasons for Choosing LendingPad: Cloud-Based-Cloud-Based-Cloud-Based-Cost-Learning curve-And of course