So I just got drilled hard by a pretty large hard money lender that was comparing LendingWise to Salesforce. Without giving me an oppty to do a demo or properly ask questions for discovery, the CEO prospect says, ” Send me an E-mail with your best pitch” So here it is… What do you think?
Thank-you for your time today and opportunity to earn your business. We are a SaaS platform provider exclusively in the mortgage industry for over 10 years. For the last 8 years we have developed our platform for the loss mitigation industry covering loan modifications, short sales, REO management, NPL pools, Etc… with clients ranging from City National Bank, Bay View, MCM Capital, National Servicing Center, and hundreds of other investors, law firms & sub servicer type of clients. Our platform has handled over 2.5 million loans to date.
As of Q1 2017 we have been solely focused on hard money lending, with clients like Gelt Financial, Rain City Capital, Spearson Investment Group, RezCap Funding, Express Capital Lending, Kajain Capital, We have a very robust enterprise platform that easily handles thousands of users. As a cloud based provider, our platform can be deployed instantly, with easy to use admin control modules that let you customize and personalize your platform with the following:
Your own loan programs with guidelines that reduces ineligible deals getting submitted or created.
Webforms for online submission
Work flow steps with automated rules
Dynamic doc checklist based off loan program
E-mail templates that can pre-populate with merge tag fields
PDF forms and Docs that can pre-populate with merge tag fields
If you can’t customize something using the built in module controls, then we can do it for you behind the scenes, usually at little to no cost, assuming the feature request makes sense for the industry. If not or you want a private feature built, we can do it exclusively for your platform, billable at a fixed project rate. Additionally, we are constantly providing free updates to the platform every other week for new features and options that make the software better and easier to use for all the users, including borrowers, brokers, branch/account executives, and the back office users.
User Types and Portals
A huge selling point to our platform is the user hierarchy and user permissions/settings built in to our platform, which is not easy to build, even with Salesforce. You have a lot of security control and permissions per user or per user type, which gives you a lot of flexibility in how you scale and grow your user base. More specifically, the user hierarchy has a Branch/Account Executive level user that is the parent to broker/agent/affiliate level users. And if you want an Account Manager that manages multiple branches, that can be done as well. In short, the system supports 4 main user types and login portals to manage their respective relationships & deals:
Back Office Employees: Admin Manager, processor, underwriter, closer, account manager, Investor, etc…
Branch or Account Executive: Realty Companies, affiliate mortgage company, AEs, etc…
Broker, LOs, Agents, Affiliates, Etc…
Borrowers, Co-Borrowers, Entity’s
Additional Bells & Whistles
Built in SMS, E-fax & E-sign technology
Mass E-mail with drip campaign or automated rules based sending
Robust pipeline management. Search and sort by very granular details and export into Excel reports
Ability to charge borrowers via payment gateway: either for misc fees or mtg payment via ACH
Track employee productivity by # of logins, session duration, # of file edits, notes, tasks, assigned files, etc…
Contact manager for all 3rd party vendors involved with a loan file like appraiser, realtor, title, ins rep, inspector, estimator, etc…
API for lead or deal posting from CIX, Lead Mailbox, Encompass, Salesforce, or any 3rd party.
Deal Analysis calculator- Calculates net profit of a deal. Works inside the platform for all user and on any website as a lead capture widget.
1-click order for appraisal, bpo, AVM, title insurance, lien search, background check, credit pull, inspections,… all from your preferred vendors or ours.
Coming Soon Features:
Lender marketplace- for lenders/brokers that get a deal they can’t fund themselves, they can post it or send it directly to other lenders/investors within their private network or the LendingWise public directory.
Note Marketplace- Same concept as above, but for selling or buying notes
Loan servicing module- Either via partnership or built out as a light servicing module.
Investor cash flow/profit tracker- Investors can track their returns on capital provided per loan or per fund.
I hope you find value in all the items listed above. I wish we had more time together, as I like to do a deep dive into discovering what’s inside the current “lending stack”, different channels of business, and what goals you have for future growth.
I look forward to hearing from you & your team.
The hard money lending industry has been around for ages & is growing like crazy, and yet there seems to be a lack of availability for modern technology designed for hard money lenders & brokers. I’m talking about a Loan Origination System more specifically. The conventional mortgage world has Calyx, Encompass, Byte, and numerous others ranging from every shape, size, and price. But none of them have a focus on the hard money lender, even though the business model is the same, but with less burdensome compliance regulations. We will save the answer to the question, Why haven’t they developed a version for hard money lenders yet, for another blog post.
Let’s talk about what software most hard money lenders & brokers are using today to get by. It usually starts with Excel, and typically ends up with a lot of super glue & tape to piece together various systems that barely talk to each other. OR If you have a huge budget in excess of $250k+, you may attempt to build your own software from scratch or jump on board with Salesforce and try customizing a solution. Both require expensive & extensive personnel with expertise, which will be an indefinite expense and both require a huge commitment of time from multiple department heads. Custom software will take well over 1-2 years to build, and will constantly require maintenance, while Salesforce may look turnkey on the surface, will require extensive customizations which takes time/ expertise and numerous bolt on products that add to the monthly cost per seat, in most cases regardless if they are users of the add on.
Alternatively, you will find a couple hard money lending software providers that seem to be the only game in town, and hence set the status quo with large up front setup costs that lock in you. These aged systems may have been designed for other sectors of the finance industry and lack the modularity & flexibility to conform to the wide array of hard money lending products that include Rehab loans, cross-collateralized loans, lines of credit, Joint venture loans, commercial properties, alternative assets, etc… Additionally, you will likely see a lack of customization or personalization to make the software work they exact way the lender wants, which ranges from setting up custom loan guidelines, work flow rules, file flow, statuses & sub statues, doc checklists, pipeline views, & exportable reports. With our hard money LOS system, lenders can take advantage of our turnkey solutions, yet personalize everything they need to make their version specific to their company. It gives your team everything the need in an LOS, plus all the bells & whistles you will find in a robust CRM software system. Finally, a CRM & LOS blended into one mortgage system!
The most convenient feature that every system should have is the ability to generate loan docs, forms, & authorizations. Icing on the cake, is having E-sign built in without having to pay extra & spend time integrating. With LendingWise.com we provide a Doc Wizard Tool & E-mail Template Wizard to help you build out a library of reusable templates that pre-populate your company info, and the borrower & loan info.
One of the most difficult features to develop or find in a software solution is a multi-tiered structure that manages the numerous parties & channels involved in mortgage lending with login portals for each user type. Specifically, LendingWise software supports the wholesale channel like never before, with Branches or Account Executive user roles that manage brokers/agents/affiliates, which in turn manage borrowers. You can even have a super user/account manager that manages numerous branches/ account executives. The software also supports 3rd party contacts, so you can assign an investor, appraiser, realtor, home inspector, etc… to specific loan files, where they can access their files via guest login portals.
No matter which system you operate, there is no denying the power of the cloud. We have been a 100% cloud based platform since 2006 and have adapted to all the changes and internet standards occurring every so often. This makes us easy to deploy within minutes vs. weeks/months or even years. A true cloud based LOS platform will make it easy to integrate with 3rd parties. At LendingWise, we are the bridge to all the various 3rd party service providers you could think of for valuations, lien searches, background check, financials validation, credit pulling, inspections, and more. At LendingWise, we want to be your strategic software partner making your business streamlined and more efficient.
Curious to see what it looks? Watch a quick video overview: https://youtu.be/ZPtIQYxrNC8
Contact Us for a demo at 888-400-6516 or schedule a demo/team webinar here: www.calendly.com/chrisfuelling