How long does it take to integrate Lenderfit into our process?
Upon signing a master service agreement (MSA), we will arrange a series of remote meetings with the goal of having you fully operational within 2 weeks!
Do I need to download any software?
Nope, we take care of everything. Simply log-in and you can start creating your first loan product!
Is there any engineering involved with onboarding?
We didn't like the idea of a 6 month onboarding period, largely due to custom engineering. Instead, you're in control when it comes to customization. Want to add a new loan product? No problem! You can get started immediately. We look forward to continual improvement and rolling out new features for all of our customers
Securing Data at Rest
Lenderfit stores data at rest using AES-256, block-level storage encryption. This is the level of protection that banks use to keep your account information safe.
Securing Data in Transit
Lenderfit uses Transport Level Security (TLS) with SSL for all data requests and responses. This ensures network communications are secure for information to be transferred into or out of our system.
Cloud Data Centers
Lenderfit’s cloud data centers are SSAE18 SOC 2 Type II certified meaning their facilities have multiple layers of access controls including onsite security personnel. In addition their Information Security Management Systems have been ISO 27001/27018 certified ensuring high standards for information security processes and industry best practices.
Loan Application Monitoring
Lenderfit uses the Activity Log on each loan application to track events and communication between the loan officer and the applicant. The Activity Log is visible by both parties and help to ensure accurate records and traceability.
Lenderfit requires strong password standards to be enabled to further protect against unauthorized access.
Two Factor Authentication
Two Factor Authentication is available for both lenders and their clients.
How does Lenderfit work?
We strive for the most intuitive software possible. Within Lenderfit, individual users can create new loan product templates, integrate their own materials, invite applicants to provide information and track small details that are critical to understanding how decisions are made company-wide.
Can I use Lenderfit for Technical Assistance?
Yes! We encourage you to start offering could-based technical assistance through Lenderfit. Please request a demo to learn more.
Can I utilize my templates, applications and other materials on Lenderfit?
Yes! You can attach links to existing tools and upload documents to checklist items in Lenderfit.
Is Lenderfit Team Friendly?
Yes, other members of your team can easily view projects and assist in moving an applicant forward while coworkers are out sick or on leave. Internal notes allow Lenders to make comments during the application process that are only visible to members of your team.
What is a Loan Product?
A product in Lenderfit is represented by a template checklist that can be fine-tuned with examples, templates and FAQ-style information. Our framework for managing applications makes it as easy as possible for applicants to provide information in an expedited fashion. Anyone in an organization can create a template Loan Product for that organization to use when inviting applicants into the document collection process.
What is a Checklist?
All of the items you'll need from a client to make a final decision. Lenderfit checklists are in the cloud, meaning the Lender and the applicant are working on the same checklist at the same time. Essential checklist items are fully customizable allowing you to collect whatever is necessary. Milestones are fully customizable as well.
What is a Milestone?
Milestones allow Lenders to create more transparency during the application process. Applicants can only work on items up to a set Milestone, however, they can still see what will be required moving forward with the lending process. Milestones allow you to collect information in phases, and various internal review processes. They can also be used to identify any required technical assistance or completion of training activities.
Who can use Lenderfit?
Lenders, technical assistance providers and their clients.
How many users can use Lenderfit?
The delta between our individual pricing and small team pricing is very close. We want to make it as easy as possible for small teams to afford multiple user accounts. If you’ll need more than 4 user accounts, please email to discuss our enterprise plan.
Can I pull credit through Lenderfit?
We do not currently support the ability to pull credit. You can certainly upload a copy of a report pulled by you from a third party to complete a checklist item in Lenderfit for loan package continuity. You are also able to ask for a copy of a credit report from an applicant as a checklist item.
Can I sign documents through Lenderfit?
We do not currently support electronic signature. Attaching fully executed docs is a great way to wrap up the application process. Clients will have quick access to those documents into the future should they need another copy.
What forms of payment do you accept?
Multiple forms of payment are accepted including ACH, credit card, and check.
When will I be charged?
We offer a discount for annual invoicing.
What if I need Technical Assistance?
Customer support is available between 9am-4pm EST, Monday - Friday (excluding holidays). We will notify you of any disruptions in customer service in advance.
How do I schedule a call?
Please use our customer support chat feature to seek help. We’ll respond as quickly as possible. If jumping on the phone is the fastest way to solve your problem, we’re happy to do so.