MCLEAN, Va., May 28, 2019 /PRNewswire/ -- Using AI and rules engine, PerfectLO assists borrowers in completion of the loan application and then builds a smart checklist for them. Secondary and tertiary level questions that do not live on a 1003 are presented to borrowers through a unique, unintimidating approach. LendingPad LOS will then import completed applications automatically so that MLO's and processors swiftly use the information to complete the loan process through closing.
Both systems are cloud-based which allows loan officers to easily work remotely. Both products are built by former mortgage executives who understand where the pain and slowdowns happen on the front and back end of the loan process. "We both understand technology and built this integration together to allow our mutual clients to focus on mortgages and give them the ability to spend more time selling and the technology to close loans faster," said Derek Malila, President of PerfectLO.
"LendingPad is proud to be at the forefront of lending technologies by working with powerful platforms like PerfectLO to enhance the loan origination process," said LendingPad's Managing Director, Wes Yuan. "Our mutual customers will enjoy LendingPad's award-winning cloud-based LOS to streamline lending operations and PerfectLO's comprehensive suite of Point-of-Sale tools for borrowers and originators."
PerfectLO built the first and only interactive questionnaire that assumes nothing and fact finds every detail known to loan kind. It provides a detailed document checklist to the borrower based on their answers, text/email milestone notifications to clients and agents, and an easy to read document for the LO with all of the borrower's answers. A Document Center for securely downloading and uploading documents between the Borrower and LO is also included. PerfectLO works in every language and queues up the questions in the borrowers preferred language. More information is available at www.perfectlo.com.
Residential mortgage professionals created LendingPad's innovative LOS to help lenders make better lending decisions, provide exceptional user experience, and enhance individual originators' ability to succeed. Leveraging a highly-scalable cloud infrastructure, LendingPad® offers end-to-end loan origination features that streamline the origination process while lowering the total cost of mortgage lending. LendingPad is endorsed by the National Association of Mortgage Brokers, a Premier Member of the Mortgage Banker's Association and a recent winner of HousingWire's Tech100 award. More information is available at www.lendingpad.com