Product Release 2023
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      1. KNOWLEDGE BASE
      2. Product Release
      3. Product Release 2023

      Product Release 2023

      Thank you for using LendingPad! Here are the highlights of all recent system updates in 2023.

       

      December 2023

      • Loan limits: 2024 loan limits have been updated in the system. Please ensure to enter a closed date or est closing date for 12/1/2023 or later to enact the new loan limits.
      • DocMagic: Before closing conditions will now be sent to DocMagic when packages are initiated. Please reach out to DocMagic for assistance on which document(s) these conditions should populate.
      • POS: Borrowers now can input REOs within the POS 
      • POS: Borrowers now can pull and pay for credit reports. KB article
      • Avantus by Xactus: A Sharper Lending option was added to support this option from the credit vendor for gateway when running Freddie Mac. Check with Xactus on which gateway your account uses

       

      November 2023

      • Indexes: 3-yr Constant Maturity has been added & 5-Year Treasury Bill.
      • HELOC: Fields and functionality have been improved to provide more alignment with expectations of originating HELOC loans. KB HELOC
      • Compliance Information: The High-Cost section in the Loan Additional section has been renamed to Compliance Information and ability to repay options have been added. Currently, these options are for indicators only.
      • URLA format: Added a default option for the application view to be the URLA format. URLA format
      • Business Rules: The following fields have been added to business rules.
        • Residency duration total months (for each borrower)

       

       

      October 2023

      • Wholesale: Custom Broker compensation structures now supported: KB Article Link
      • POS: By October 8, 2023, it's crucial to update your company's Privacy Policy and Terms of Service within the POS settings to ensure borrowers see your updated policies when creating accounts on your POS portal, as default language is not provided in these sections. Consult your legal resources for the appropriate verbiage.
      • Wholesale: User Role definitions removed for Loan Document type permissions. One loan document type permission is supported to streamline and simplify upload permissions for TPOs. 
      • Wholesale/Processing Edition: Ability to import 3.4/3.2 files on behalf of TPO and PTPO companies.  KB: file upload
      • Edit URLA: Within the Loan Application section and Edit URLA button will now generate the URLA format PDF  visual. KB: URLA edit
      • Wholesale/ TPO: Unique link requirements, TPOs will also see a slimmed-down version of the loan file UI. This will help increase the efficiency of loan registration.

       

      September 2023

      • Reports: The LO Funding Report is now available as a system report. Users can filter loans by funded date within a certain period, branch, campaign, and assigned user. These filters will help users define the scope of their report and once exported to Excel users can hit the refresh button and the report will total the loan volume. 
      • COC: The date entered into the LendingPad form in the print form settings area for the date of change on the COC will now pass to DocMagic. This will allow more uniformity within the file vs. the COC on Docmagic.
      • Audit section: Borrower name changes will now be logged in the audit section.
      • HELOC: LendingPad now supports HELOC pricing calls to Optimal Blue. This is to align with OB's latest API capabilities. 
      • POS: Added the Subject Property to the loans card on the Consumer Dashboard. We hope this helps differentiate and help Consumers with multiple loans. 
      • ServiceLink Flood Reports: Mapped additional fields to the Additional  > Flood section when placing a flood order in the actions section. Firm Date and Determination Date.

      August 2023

      • Programs: In Settings> Programs Loan Type filter has been added to help optimize program searches.
      • Email Actions: Co-borrower info has been added to the Appraisal, Title, Hazard, and Master Policy email action templates in the Actions section. 
      • Shortcuts: Shortcuts have been added to enhance users' workflow and navigation - Shortcuts
      • Informative Research: Client ID field for User source type credentials 
      • Employment: The system will now automatically sort employment by date and if the same end date will sort alphabetically. 

       

      July 2023

      • VOE Integration: Avantus by Xactus:  Video Tutorial
      • MI Detail: Re-ordered first and second renewal fields to provide more organization. 
      • Reports: Users can now pull a Client Contacts Report. This report will pull the following client data:
        • Loan Number
        • Borrower Name
        • Borrower's Mailing Address (Street/ City/ State/ Zip Code)
        • Subject Property Address (Street/ City/ State/ Zip Code)
        • Borrower's Email
        • Borrower's Home Phone
        • Borrower's Mobile Phone
        • Borrower's Birth Date
        • Closed Date
      • File Formats & PDF Conversion: Users can now seamlessly transform JPG, PNG, and Word files into PDFs. Excel files can be uploaded but will remain in Excel format. 
      • User Roles: Admins can now toggle on "use branch access for loans with campaigns" to allow manager-type roles (Branch Manager, Loan Processor Manager, Closing Manager, Quality Control, Secondary Manager, Underwriting Manager, etc.) to see all loans from the branch they are assigned, regardless of which campaign the loan is in. 
      • Wholesale Edition: The following hard code stops have been removed when registering a loan from a TPO/Broker. If wholesale companies wish to implement a hard stop for these items a business rule can be created. 
        • SSN, FICO, Email, Phone, and Loan Processor assignment. 
        • The buyout fee no longer defaults to $950
        • Wholesale companies can edit the buyout flag and fee under the Secondary > Buy Section. 
      • Business Rules: The following fields have been added to business rules. 
        • Validation: 
          • Borrower's current and previous address 
          • Self-declared military service 
          • Special flood hazard area 
          • Broker name and status 
          • Non-warrantable condo
          • Need to re-price
          • Other (Proposed Housing Expense)
          • Applicant Type
          • Provider Product 
        • Set Value: 
          • Self-declared military service 
          • Special flood hazard area
          • Lock Price 
          • Schedule Closing 
          • Non-warrantable condo 
          • Applicant type
      • Loan Details UI: Modified the layout of edit/action forms - UI Enhancements

      June 2023

      • Dashboard: Users now have the added functionality to export the loan summary report into an Excel file, providing greater flexibility for data analysis and management.
      • Processing Edition: Added print forms module to Processing Company's system settings. This extra functionality will allow processing companies to create their own custom print forms and print forms packages to decrease processing times on the loan level.
      • Mortgage Insurance: For MGIC the Lender Special Program field has been added on the request screen. 
      • Copy Loan: When copying a loan the system will not copy the existing FHA/VA case number and assign a date.
      • Virtual Users: For wholesale and processing companies. Users for TPO and PTPO companies can now be added by the wholesale or processing company on behalf of those companies. Virtual users can have the same email across all users, be assigned to files, and cannot log in themselves. This is to help create a better experience for TPO and PTPO companies.
      • Reports: "Export Report Requests" button has been changed to "Export Queue" Also, within a report "Add to export queue" button has been added to place the export, and the "Export queue" button has been added to access the report directly from the same screen. This functionality will eliminate the need to navigate back to the main reports screen and will provide more efficiency when exporting reports. 
      • Reports: The following fields have been added to custom reports 
        • Borrower paid at closing amount 
          • City Tax amount
          • County Property tax
          • District Property tax 
          • Flood Insurance 
          • Hazard Insurance 
          • HOA Dues
          • School Property Tax 
          • State Property Tax 
          • Town Property Tax 
          • Township Property Tax 
          • Village Property Tax 
        • Secondary > Sell 
          • Base Price 
        • Purchase Advice
          • Interest days 
        • Latest Notes Date
        • Program Code 
        • Latest AUS Request Date 
        • Title Will be Held in what name 
        • Census tract
        • MSA MD Code
        • Appraiser name
        • All Declarations questions 
        • Document Custodian
        • Purchase credits 
        • Non-Qualified Mortgage 
        • Ability To Repay 
        • Originator Company name
        • Denied Reasons
        • AUS case ID
        • All fields for Sellers 
      • Business Rules: The following fields have been added to the business rules 
        • Disclosed APR (Validation)
        • Income verification type (Setter)

      May 2023

      • UWM Integration: LendingPad and United Wholesale Mortgage have officially integrated, eliminating the hassle of exporting 3.4 files and updating two separate systems. Say goodbye to double the work and hello to streamlined efficiency with this exciting collaboration! Check out our KB article for more information: How to obtain personal API keys for The UWM Portal. (lendingpad.com)
      • The Work Number: For MeridianLink vendors the employee status type has been removed for a more streamlined functionality and to align with the adjusted requirements from The Work Number. How to order Work number or VOE
      • VOE Integration: For MeridianLink vendors the employee status type of "both" has been removed to align with adjusted requirements from MeridianLink. How to order Work Number or VOE
      • Fax numbers: LendingPad's print forms now supports the fax number parameter from users' profiles. This will provide added functionality and ease for doc mapping purposes. 
      • Additional Section: Address Confidentiality Program to the General Tracking section. This field is also a parameter in the Business Rules section and this functionality transfers SFC 877 to Fannie Mae. SFC 877
      • Pricing Provider: LendingPad is now integrated with LoanNex (A Non-QM Marketplace) PPE. LoanNex
      • Themes: LendingPad now offers loan indicators to support the use of different colors to maximize data ingestion. This will maximize the user experience and help supplement company workflows.  Loan Indicators
      • Secondary: Added the following to the list in the Purchase Advice section and Settlement Statement section for the investor fees drop-down. 
        • Closing Fee 
        • File Review Fee 
        • Reconciliation Report Fee 
        • Collateral Dwell Fee 
        • Volume Incentive 
        • Quality Incentive 
        • Additional Wire Fee

       

      April 2023

      • Audit: Added rate spread changes to the audit tab 
      • Fees and Escrow: The Paid To type in the company settings will default on the loan level.
      • Mortgage Insurance Action: Buydown information is now supported for Arch MI.
      • Underwriting Section: In the additional section > Underwriting > employment documentation type choice is now a drop-down of options.
      • Compliance testing details: Updated to provide users with the most up-to-date calculations for quick reference for some of the most popular compliance tests.
      • HOA Rounding: Upon import of the appraisal XML HOA fee will not carry to multiple decimal places as to coincide with AUS requirements. 
      • Credit Report: LendingPad's credit report functionality has been enhanced to support those borrowers who do not have an SSN or ITIN. All zeros must be entered for the SSN and this must be configured on the credit vendor's side. 
      • MI Cancelation Rule: LendingPad will now support the declining MI calculation feature offered by MI companies. How to enter Mortgage Insurance
      • Users: A new edit button is now available in the Settings > Users section for improved membership edit capabilities, better user functionality, and improved system loading times.How to set the user's profile. 
      • HMDA Report: The system HMDA report will now support the ability to choose the federal agency that is required. How to export your HMDA report

       

      March 2023

      • Dashboard:  LendingPad system's Dashboard includes a new optimized look that provides users with quick and easy access to their pipeline statistics.
      • Processing Dates: Payoff request date and payoff received date have been added to the processing dates section in the overview.
      • Details of Transaction section - "Seller Paid Closing Costs" and "Seller Credit" from the Purchase Credit drop-down will be totaled to the "Seller Credits" line (line L of L4 in URLA Lender Information) for FHA AUS runs. 
      • Government Data Section: FHA positive rent indicator toggle has been added to the Gov. Data Section. 

      February 2023

      • AUS: LP has been renamed to LPA and DU/LPA options have been moved to the top in the drop-down menu in the additional tab under underwriting.
      • Supplemental Consumer Information Form (1103): LendingPad users can now select their preferred language for the supplemental consumer information form in the borrower section of the overview. To learn more check out our knowledge base article here: Supplemental Consumer Information (1103) (lendingpad.com)
      • PITI: The total payment amount will now appear below the Proposed Housing Expense section within the overview section. 
      • Scenario Tab: The LendingPad system now offers users the ability to compare up to four different scenarios. This means that you can easily assess and compare the outcomes of various loan scenarios side-by-side and evaluate different loan options based on factors such as interest rates, loan terms, and interest paid over the term of the loan.
      • Action Tab: The Disclosure Documents action has been renamed to Docs Services, and the Disclosure fees action has been renamed to Closing Fee Quote. Additionally, inactive actions will now appear at the bottom of the screen.
      • Loansifter: New to Loansifter? Users can learn more about Pricing Engine here:  https://www2.optimalblue.com/product-and-pricing-for-mortgage-brokers/ and click on the Create Account orange button to get started. The Subscription is $79 per month/per user + $20 per month/per user to enable the LendingPad connection (This is a charge on the loansifter side not an increase in charges for LendingPad itself). The best way to reach Loansifter Support is Loansifter@optimalblue.com. Check out our video demo here: https://share.vidyard.com/watch/DqvaEgG3tovthsqs5ya91C .

      January 2023

      • Task Due Date Filter Update:Users can now select a predefined range from the drop-down or enter the date manually to view assigned tasks.
      • Partners Credit and Advantage Credit via Credit Interlink Credit Report: users can now order a soft pull. 
      • Partners Credit and Advantage Credit via Credit Interlink Flood Report: Users can now order flood reports.
      • Avantus by Xactus Credit Report Update: users can now re-issue existing soft check reports. 
      • CoreLogic Credit Report: Users can now order a soft pull through this integration. New separate credentials are NOT required. Users can reach out to CoreLogic to request they enable soft pulls for their existing CoreLogic accounts.
      • County Selection: users can now select the correct county when a zip code is in multiple counties.
      • Print Form Updates: The Amortization Schedule and Cushion Details forms have been added to the print forms library. 
      • 4506C DocMagic Updates: LendingPad's system will now push the 4506C print forms parameters to DocMagic.
      • Report Updates: added the following previous employment fields.
        • Email
        • Fax
        • Phone
        • Address
        • Working Period
        • Time in Line of Work
        • Monthly Income Amount
        • Position
        • Self-Employed
        • Name
        • Years on the Job
      • New Updated Design: LendingPad has updated its design on the login, forgot password, account activation, and public registration pages. If your logo is no longer visible on the login page, please reach out to our support team so that we may assist you.  
      • POS Updates: Admins will now be able to create loan checklist via tasks at the company level and assign them to the borrower. To learn more and see what the consumer sees through the POS, check out our KB Video Tutorial: Consumer tasks through the POS. (lendingpad.com)