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LoanPro is a servicing core, first and foremost. But before you service any loans, you'll need to put them into the system. You might enter the information yourself, or perhaps use tools like an import or the API. But you can also let potential customers enter their own information into LMS through our application tool, hosted on your own website. They'll enter all the information you ask for, and then be created as a new loan and customer in LMS.
If you're already familiar with how our application tool works, you might want to skip ahead to our article on Creating an Application or Creating a Loan through an Application.
The application is pretty straightforward. When a potential borrower visits your website, they can fill out an application, giving you all the information you need to decide whether to extend a loan and with what terms. When they submit their application, the system creates a new, inactive loan in LMS. Some of that loan's data is supplied by the borrower's information, and the rest is given by one of your pre-configured loans. From there, you can start your own process of vetting the borrower, deciding if you'll extend a loan, and then getting money to them.
Here's some other useful info about how the application tool works:
- Potential customers can fill out applications on your customer-facing website. And if you have your own website, you can use an iframe to put the application there.
- You can use custom HTML or CSS to match the application's style with your company's brands
- You can create multiple applications to match the different loan products you offer. If you stop offering one of those products, you can easily delete or deactivate the application.
Where Do Applications Fit?
Applications come near the very beginning of the loan lifecycle, which puts them outside of our area of expertise. While we do offer a few tools that could help with origination (like a credit score lookup and OFAC test), most lenders will want more information before they decide whether to extend a loan. Rather than gathering all their data and moving it into LMS later, they use LMS as a data repository while they assemble that data and decide to extend a loan.
Most lenders who use the application tool will set up a process so that new applications are automatically queued up for data gathering and decisioning. If you have agents run through those processes manually, a collector queue can organize new applicants for them and streamline the process. If you use other software for your data gathering and decisioning, you could instead set up a webhook to send borrower information those partners.
This Feature is Not
Before you go building applications for yourself, we should clear up a few possible misunderstandings:
- LoanPro's application tool does not drive origination. This tool is a handy way to get your prospective borrowers' information into our software, but borrowers probably aren't going to find that application all on their own. Lenders still need to market their loans to new customers and direct those customers to the application.
- The application tool cannot decide whether to extend a loan. As we've said, LoanPro's focus is in servicing and collections—basically everything that happens after you extend a loan. While the application is a helpful way to get borrower info into the system, lenders still need to vet those customers and determine whether they qualify for a loan.
From here, we recommend reading up on Creating an Application or Creating a Loan through an Application. You might also be interested in our Customer-Facing Website tool, a simple website built out of LMS where you can host your loan applications.