A loan origination system (LOS) is commonly used by brokers, lenders, banks and credit unions. An LOS is made up of software solutions that centralize and automate the loan origination process. This tool has revolutionized the loan originating process for many financial institutions. Steering away from the workflow of spreadsheets, filing documentation, and manual processes; an LOS prevents the probable cause of errors and business control issues. Overall, it provides a better experience for the borrowers and allows the lending staff to spend less time on clerical tasks.
With an increase in demand for credit, a system that allows financial institutions to scale and offer a digital experience is critical. As a loan progresses through its life cycle, it is imperative that there be a workflow that allows all participants in the process to collaborate on a centralized system. A LOS allows the lender and borrowers to follow its process as it goes from application to processing and underwriting and further into approval. Along the way it allows a financial institution to implement a clear and concise space to store documentation, pricing, funding, and eventually assist in servicing the loan.
What makes LendingPad the right LOS for you?
- A comprehensive platform is necessary for this competitive environment to produce at a rate in which the borrower/member expects. Rather than having various pages that scatter the loan process, opening the door for possible errors, here at LendingPad we offer comprehensive and organized visibility of the loan application, the overall status of the loan, communication, and documentation.
- Efficiency is something we pride ourselves on. Our system is designed to guide the loan from applications to the closing table. These subtle efficiencies allow for faster origination which in turn allows for faster closings leaving room for higher production.
- Scalability is what we provide when you choose LendingPad. With our quick and seamless onboarding process, we exceed expectations in this market. Provide comprehensive training so that your team can confidently move forward with production.
- Our support team is made up of a team of mortgage professionals with extensive industry knowledge. Encompassing decades of mortgage experience, we understand how important it is to have a support team that delivers exceptional service. With a convenient chat bubble available at the bottom of our screen, we are only a click away to help.
As this market continues to pivot, the trust and confidence in your LOS are crucial. As the modern LOS on the market, our goal is to provide a service and system that is geared towards resolving the industry pain points. Request a demo today to chat with one of our LendingPad account executives today.