Because Time is Money
Lend Profitably with LendingStandard
Commercial loan origination for multifamily and senior living financing is a time-consuming process that burdens financial institutions with a tremendous amount of overhead. Often hindered by disparate systems and inefficient, redundant processes, lenders struggle to lend profitably, while providing competitive financing terms and maintaining regulatory compliance.
With LendingStandard, the first online commercial origination system, financial institutions can optimize loan origination, which reduces costs while ensuring regulatory and agency compliance.
LendingStandard creates a secure online environment where financial institutions can request, receive, edit and collaborate on all the information and documentation required to close a niche loan. The system enables financial institutions to simplify information gathering, share information securely and access loan information anytime, anywhere.
- Simplify Information Gathering. LendingStandard’s intuitive, online loan application is tailored to the loan being offered and the requirements necessary for HUD MAP, LEAN, New Construction/Substantial Rehabilitation or other agency programs. The application asks only for the information and documents required to process the loan while giving applicants the flexibility to complete an application at their convenience as well as delegate parts of the application to other parties. Additionally, loan applicants can be required to complete specific information before submitting the information required for processing, which eliminates incomplete applications.
- Share Information Securely. LendingStandard uses 256-bit data encryption and an SAS 70/SOC1 Type 2 PCI-compliant data center to protect the information and documents shared during commercial loan origination.
- Access Loan Information Anytime, Anywhere from Any Device. Need a status update on a niche loan being processed after standard business hours? No problem. LendingStandard’s online environment can be accessed by loan participants anytime, anywhere by any device including mobile devices and smartphones.
Eliminate Redundant Processes
LendingStandard is an open platform built to integrate with other business systems such as core banking systems, CRM systems, underwriting tools, and closing loan document software eliminating the need to rekey data and upload documents into disparate systems.
Transform Data and Documents into Actionable Information
LendingStandard efficiently gathers all the data and documents required to close a niche loan and transforms them into actionable information, streamlining commercial loan origination. By creating a central electronic repository for each niche loan, LendingStandard organizes all the information and correspondence associated with the transaction and ensures regulatory compliance.
Built to meet the demanding environment of niche lending, LendingStandard enables financial institutions to:
- Get Organized with Standardized Workflows and Checklists. LendingStandard provides standardized workflows and checklists by transaction type, organizing everything required to finance a niche loan. Workflows and checklists can also be used to train new employees, minimizing onboarding time and processing errors.
- Integrate Current Letters and Preferred Documents. With LendingStandard, financial institutions can leverage current letters, memos and other preferred documents by integrating them with its automation tools for efficient processing without changing current content or
- Stay on Task with Automated Exception Reports, Reminders and Alerts. LendingStandard generates daily exception reports of all open items associated with a loan. The system can also be used to assign open items to responsible participants. Once items are assigned, LendingStandard generates reminders and alerts, keeping niche loan origination on task.
- Generate Collaborative Third-Party Reports and Closing Documents. LendingStandard also provides the information necessary to request third-party reports and generate closing documents, including easy-to-manage “redline” versions of negotiated documents.
- Maintain Compliance. LendingStandard ensures compliance with common federal regulations such as Reg B, Flood, ECOA and FCRA by creating manageable checklists and tracking documents, workflows and approval permissions within each file. Additionally, audit reports are easily compiled to satisfy requirements of federal agencies. The system can also be configured for unusual or uncommon audit tracking.
- Obtain Loan Performance Metrics Across Markets. LendingStandard provides executive dashboards detailing performance metrics on niche loan activity across multiple locations that can be used to identify high- and low-performing areas.