Getting Started in LendingPad

New system, learn how to do more!

Originators

Resources to help you get started.  

1. Take an application

2. Pre-approval

3. Order a credit report

4. Run AUS

5. Completing fees

   1. If you select a lender in Summary screen, system will auto-categorize this loan as brokered.

      1. Lender fees, if available and if Lender is not selected, the system will consider this loan as a banked loan and will auto-populated to Disclosure screen according to Settings / Fees and Escrow Settings

      2. Lender’s mortgagee will be populated throughout the order (title, appraisal, hazard) forms.

   2. Work on and send disclosures

      1. Order docs with IDS

      2. Order docs with DocMagic

      3. Send docs for eSign

   3. Critical Dates/Milestones/Assignment

   4. Difference between Lead and Pipeline

      1. Leads are anything prior to an application.

      2. Once a user inputs an “Application Taken” date, the loan file will go into Pipeline.

   5. Notes - provide internal tracking notes to the entire team. Unlimited in character length.

   6. Task Management

   7. Forms (completion/settings, eSign)

   8. Government Loans

6. Weekly live training, hands-on sessions (login required)

7. MLO Apps

   1. Android phones: https://play.google.com/store/apps/details?id=com.lendingpad.app and

   2. iPhones:  https://apps.apple.com/us/app/lending-pad/id1495761304

Operations

1. Processing videos

   1. File review

   2. Cost Details (LE)

   3. Milestone movement

   4. Task Management

   5. Document management

   6. Adding contacts

   7. Order Outs (title / master policy / appraisal / hazard insurance / flood report / MERS)

   8. Forms (completion/settings, eSign)

   9. Running AUS

   10. Download Fannie Mae 3.2 or MISMO 3.4 files

   11. Generate Pipeline Report

2. Processor training live and hands-on sessions (login required)

3. References

   1. Loan Estimate (LE) and Details of Transaction Cash Difference

   2. How to Troubleshoot DTI

   3. Error in Running AUS - DU, DO, LP or LPA

4. Lender - Underwriting

   1. Underwriter’s Intro Video

5.      Lender - Closing

1. 1. Closer’s Intro Video

   2. Closer’s Checklist

   3. Using Docmagic Video

   4. Using IDS

   5. How to prepare a Loan Estimate?

   6. Redisclosure / COC

2. Lender Edition - Funding

   1. Wire amounts for most areas is automatically compiled from Disclosure screen.  Net funding amount is calculated by netting out the fees that has "Paid to Lender" selected from Disclosure screen.

3. Lender - Post Closing

   1. Use custom report with periodic report generation features in Profile section to manage post-closing docs tracking needs

System Administration

1. Managing company and branch information

   1. LendingPad consider Branch as a physically licensed branch

   2. Virtual branch is a grouping of different people in the company - this can be achieved by Lead Providers / Campaign structure. Any combination of users and user roles can be grouped together.

2. Status - NMLS call report

3. List of system checks, logic and hard stops

4. For Funding Suite and Informative Research as credit providers, they require a different set of credentials for DO/DU runs. In that case, select “Company or User” in Actions / Credit Report area, and enter company credentials for DO/DU runs in that screen. Users will each enter their own credit report credentials to run their credit report. When running DO/DU, uncheck “Use My Credentials” to run.

5. Moving Files from Legacy Systems -

   1. We suggest you start NEW applications on a determined “LendingPad Start” date and finish old loans in progress in legacy systems.

   2. You can import batch of 3.2 files 100 files at a time. If LO imports them, they will be auto-assigned to that LO. If an admin imports them, files are not assigned but follow the “Campaign” setting

   3. You can also import a spreadsheet of loans into Leads section. The spreadsheet format needs to be mapped prior to import. This method will allow you to link loans to LO’s email addresses, if they are the same ones in both systems.

User Roles and System Controls

1. The system follows Pre-qualification, Pre-approval, Processing, Underwriting - Approval, Suspended, CTC, or Adverse Actions - Withdraw, Denied, Unaccepted and Incomplete. It goes to Closing, Funding, Post Closing, Purchased, and Servicing.

2. Each user role has many controls to different screens within the system and can be locked down to statuses. For example, a common controls would be to lock out LO’s from editing 1003, Fee screens from Processing status and onward. Lock out processors from underwriting and onward. Lock out LO, LP and Underwriters from Closing and onward.

3. A set of common configuration is synced into client’s accounts for further configuration.

Fees / Templates

1. Default fees by condition, percentage or fixed dollar amount

2. Reference Entering and Configuring Fees in Disclosure Screen and Loan Estimate Form / Settings - Fee and Escrow Types

3. LendingPad does not have template concept as fees are dynamically maintained.

   1. Broker - wholesale Lender fees are auto-populated and globally maintained by LendingPad

   2. Lender - retail lender fees are configured in Settings directly

   3. For initially banked loan later changed to a broker loan or vise versa - please check Disclosure fees for accuracy.

4. Recommended FHA MIP Refund Entry

Programs

1. A list of standard programs will be created

2. You can create programs for your own company

3. We recommend creating programs by program characteristics or program shells. For example, if two lenders both offer Non-Agency Bank Statement Programs, there is no need to create a separate program for different lenders or investors because program characteristics are the same. Another example, if multiple lenders and investors offer Fannie Mae’s 30 Year fixed conforming product, only one program is needed in the Settings / Program section because they share the same program characteristics (fixed, term, due and other Note characteristics).

4. LendingPad does not currently support second mortgages and reverse loans.

Leads

1. A lead provider as well as a default campaign must be created to use Lead pipeline

2. Section is designed to auto-input from lead providers, POS vendors etc

3. For POS vendors, a return URL (integration) is inside of the Campaign tab

4. It also support lead providers' fixed format excel file input

5. Can arrange any combination of LA, LO and LP teams

Data Points

1. Please watch the Custom Fields video. For data points you cannot find in LendingPad that you would like to track for your own companies on loan level basis

2. These parameters / data points can be used in reporting and printing forms

3. LendingPad offers unlimited amount of custom labels

Forms

1. Custom form production and eSign - https://www.youtube.com/watch?v=jvp9u4yBKnQ&

2. Create your initial disclosure package - you can attach different loan types, different states - LendingPad will auto select according to loan type and state from the actual loan file.

3. System can auto attach federal and state forms. We suggest you run through different scenarios to be sure all disclosures are included

Contacts

1. Company contacts can be added first by administrators for common contacts such as title, AMC, hazard insurance companies, and referral sources etc so processors don’t have to add them.

2. A personal contact book is also provided.

3. We recommend a central point of contact to enter all company-level contact to avoid duplicates.

Reporting

1. Custom reporting - https://www.youtube.com/watch?v=-jcB-e45CVA&

2. Call report and HMDA report - How to File NMLS Call Report (MCR) and HMDA Report?

Security

1. We recommend to turn on 2nd-factor authentication

2. White-listing your office or other secure IP locations will bypass 2nd factor for convenience.

3. If you use “Multi-factor Authentication”, please be sure everyone’s mobile phone number is correct so a SMS text can be sent through.

Critical Dates and Statuses

1. Dates that are driven by user clicks will be auto-filled in appropriate date section such as approval, CTC, suspended, denied, withdrawn dates.

2. Dates can be filled in by processing staff.

3. System will auto-advance status when dates hit at 1am .

Processing Dates

Dates from Actions screen such as (appraisal, hazard, title orders) are listed under “Processing Dates” or “PD” area in Critical Dates section

Broker vs Hybrid

1. When a broker transition to NDC / Hybrid mode, the business model is changing as well as taking on critical processes such as compliance, LE disclosures, CD, closing doc and shipping functions. Consult with your AE for best practices and recommendations.

2. When an user selects a lender in Summary section, the system will change origination channel to broker and report in NMLS reporting accordingly. If user does not select a lender, system will default origination channel to lender and report in NMLS as a banked loan.

3. Production of LE - please be sure to have someone check different sections of LE since categories may be subject to zero tolerance. Pay close attention to the fees disclosed in Category A, B, C, E (Recording Fees and Transfer Taxes).

4. Use system controls from Section 4 above to lock different user roles out in different statuses to avoid multiple people changing records and overwrite each other’s work by accident. This ensures data accuracy and accountability.

5. Pre-underwrite files before shipping to the investors.

6. LendingPad has certified 3rd-party fulfillment firms from processing to closing functions to help you transition from a broker. Please consult with your AE for assistance.