Lenders and underwriters have better things to do than trying to manage the minutiae of an intricate and complicated process. That’s why your ROI can be measured in the hours and dollars saved while also improving quality and transparency at every stage of the process.

Reduce inconsistencies, overhaul a burdensome process and increase the number of completed loans, all while saving thousands of dollars and hundreds of hours, with LendingStandard’s automated loan completion process.

LendingStandard Supports The Following</p

Concept Meeting

HUD requires a concept meeting for all new construction deals and complicated refinance transactions. The concept narrative and package take about a week and a half to prepare depending on how quickly the borrower provides the necessary documentation.  Engagement letters, another time consuming task that requires up to half a day to prepare are also required.

LendingStandard:

  • Prepares the Concept Meeting memo
  • Organizes all the information into the HUD chart of accounts
  • Automatically prepares Engagement Letters
  • Saves underwriters at least two days of preparation

Checklist Updates

Throughout the loan process, underwriters are required to collect a wealth of information and complete many forms involving the borrower, lender and outside resources. Coordinating this information and ensuring timely completion is critical to a successful loan application and takes hours of time and effort on behalf of the lender or underwriter.

LendingStandard

  • Automates checklists and provides an easy status update for internal/external staff and borrowers
  • Pre-populates forms and allows for elaborate signature documents
  • Automates third party quote requests and sends engagement letters

Lender Narrative

Typical underwriting Narratives for multi-family loans are 70-100 pages long and 100% written by hand. Many underwriters will wait until all due diligence is completed, so they are confident the numbers they are using are final and won’t change. With LendingStandard, this document can be started much earlier in the process and time saved revising the numbers.

LendingStandard:

  • Automatically updates the Narrative with any changes made to the numbers within the spreadsheet

Firm Submission Package

It could take a whole day to organize and label a firm submission packet according to the HUD chart of account and save it in the required formats for a CD or flash drive. LendingStandard reduces firm submissions to a few clicks.

LendingStandard:

  • Automatically formats submission documents for copying onto a CD or flash drive
  • Ensures accuracy of the submission according to the HUD chart of accounts