LendingWise

RATING:

4.5

(50)

About LendingWise

LendingWise is a cloud-based customer relationship management (CRM) and loan origination software which enables lenders of all sizes to automate complete loan management life cycle. A unified solution, LendingWise allows asset management, loss mitigation, draw management and more via a custom dashboard. Prime features of the platform include resources management, loan applications setup, e-sign ready documents, online document portal, progress tracker, auto document generator, Automated Clearing House (ACH) and draw management with funds control. Additionally, the product offers an inspector portal, funds control, draw request and a mobile application. LendingWise integrates with various vendors and also enables users to manage foreclosure, loan modifications ...

LendingWise Pricing

We have a starter plan at $149/mo perfect for brokers, Pro plan at $695/mo for private lenders, and an Enterprise plan for banks & credit unions.

Starting price: 

$149.00 per month

Free trial: 

Available

Free version: 

Not Available

Dashboard

LendingWise Reviews

Overall Rating

4.5

Ratings Breakdown

Secondary Ratings

Ease-of-use

4.5

Customer Support

4.5

Value for money

4.5

Functionality

4

Most Helpful Reviews for LendingWise

1 - 5 of 50 Reviews

Jonathan

Financial Services, 11-50 employees

Used daily for more than 2 years

Review Source: Capterra
This reviewer was invited by us to submit an honest review and offered a nominal incentive as a thank you.

OVERALL RATING:

5

EASE OF USE

5

VALUE FOR MONEY

5

CUSTOMER SUPPORT

5

FUNCTIONALITY

4

Reviewed October 2022

Easy to Navagate

Overall good and easy program.

PROS

Customizing loan programs and application is very user friendly. Customer service has been great. [SENSITIVE CONTENT] has always been to take our call or email.

CONS

Calculation are a little off. Won't allow to calulate day 1 LTV of purchase price or LTV lessor of the 2.

Reason for choosing LendingWise

Price

Reasons for switching to LendingWise

Prodeal didn't have an application. Prodeal was only for gathering important documents. Nova had many problem where changes to an application was not saved.

Sheila

Financial Services, 2-10 employees

Used daily for less than 6 months

Review Source: Capterra
This reviewer was invited by us to submit an honest review and offered a nominal incentive as a thank you.

OVERALL RATING:

4

EASE OF USE

3

VALUE FOR MONEY

4

CUSTOMER SUPPORT

5

FUNCTIONALITY

2

Reviewed October 2022

Work in Progress

Extremely difficult beginning to the point I second guessed my purchase. The last 2 month are getting better although still some aggravation lingers. I gave myself 6 months to fully absorb and use every aspect of the software before making a change. I am hopeful that with [SENSITIVE CONTENT] help, LendingWise will evolve into what I was promised and turn out to be my long haul software. Fingers crossed.

PROS

My favorite part of the software is [SENSITIVE CONTENT], my developer! I love being able to load my own forms into the system and through "merge tags" auto populate for the paper file w/o me handwriting 5 forms for every borrower. I like the email wizard and auto populating the file/borrower specific information for standard emails like doc prep request or title search request and wires. I REALLY like the idea of the software automation sending a reminder text/email to myself and my borrower a few days prior to payment due date monthly, a reminder email about insurance expiration and loan maturity.

CONS

Our sale rep was great but over promised and undelivered on the key features we were looking for because they are still in the development stage (giving the benefit of the doubt on team communication). My onboarding was difficult at best but [SENSITIVE CONTENT] has managed to salvage my thoughts on LW and is working to make it everything I need (and thought) it to be. Some of the features I mentioned in the Pros section are active but have several bugs or incomplete follow thru. At this time, payment reminders don't happen the way they are supposed to but [SENSITIVE CONTENT] has given me a "work around" for now but requires double entry. All of the automation I set up is mostly turned off at this time in an effort to let development catch up with the glitches. And I guess the last thing is probably the lack of real reports. You can search from the pipeline but it only exports to Excel.

Reason for choosing LendingWise

Cost was a big factor, but, my sales rep was very engaging. My recent background was in Real Estate...not mortgage, let alone Private Lending. He had a background in Real Estate, he said he did some self funded private lending as well as worked with a group of private investors and seemed to have a great deal of knowledge where I fell short. He was able to explain alot of the "gray" areas and I felt like he spoke my language. I was excited to get started and with it being the least expensive of all the products I felt like that was icing on the cake.

Joe

Law Practice, 11-50 employees

Used daily for more than 2 years

Review Source: Capterra
This reviewer was invited by us to submit an honest review and offered a nominal incentive as a thank you.

OVERALL RATING:

3

EASE OF USE

5

CUSTOMER SUPPORT

1

FUNCTIONALITY

3

Reviewed October 2022

Day to day use

I have used this product from 2 law firms.Daigle Law and Forghany Law.While the product itself works 90% of what is needed. The remaining 10% is very difficult to get customer service to implement. They are quick to take my concerns over the phone and by zoom. However almost never end up with any results. Not even as far as calling and even telling me it can't be done at this time; or here's a way around to resolve what you need. Customer service rarely calls me back. I have always needed to call customer service to follow up. Because the firm is a place of business, I don't have time to hound customer service and then having to reiterate the history of the call. Obviously if customer service calls me back, they know the concern. It is so frustrating that I continue to work with the limitations of loan post (mod post). While I normally would accept these limitations, LendingWise continues to tell me that changes can be done. In short, nothing gets done and I've grown tired of asking.

PROS

Ease of use and it is cloud based

CONS

Customer service vs implementation of changes.Sluggish.

Beth

Financial Services, 2-10 employees

Used daily for less than 6 months

Review Source: Capterra
This reviewer was invited by us to submit an honest review and offered a nominal incentive as a thank you.

OVERALL RATING:

4

EASE OF USE

4

VALUE FOR MONEY

5

CUSTOMER SUPPORT

4

FUNCTIONALITY

3

Reviewed June 2019

Great bang for your buck!

Very happy with LendingWise and still haven't tapped into a majority of the functionality like email drip campaigns, full auto-doc generation, loan servicing. But what we use so far is great minus a few hiccups here and there that the LW team helps us figure out.

PROS

We love the white label online application form that is easily customizable to our needs. We also use the loan origination/pipeline management every day as a team to help us track loans in their various stages of completion. I have done a ton of research on non-conventional lending software and this really checks most of the boxes we were looking for as a small company. There are some bugs that definitely need to be worked out but we are able to find workarounds and for a small company, you really can't beat the implementation and monthly costs. It's worth it to us to figure out how to make it work for us rather than paying 10x for other software applications that don't provide all the functionality we need.

CONS

Difficulties in changing specific fields, especially in the loan terms, some tags just aren't available yet so we have to put values in other fields to make our auto docs work properly. Sometimes understanding how to configure the application and tap into it's many great features can be challenging. I come from a technical PM background so I get software and apps more than most - we are able to work around most challenges we come across but I don't think your average finance/lender would. I would say this would be a lot more difficult for the technically challenged individuals. But executive offers a great two-day implementation workshop that really helps. Definitely worth it to attend! Would love to see some custom reporting functionality in the near future so we can pull reports on our business.

Reason for choosing LendingWise

Full functionality for loan pipeline management and CRM was critical to replacing our increasing large and complicated excel spreadsheets. This software provided all the functionality we needed to manage the entire end-to-end loan lifecycle except for loan servicing which we chose to hand over to a 3rd party rather than try and do it in-house. Price was excellent compared to other alternatives. Many of the others had no way of managing the loan origination side of things either.

Kip

Real Estate, 2-10 employees

Used daily for less than 6 months

Review Source: Capterra
This reviewer was invited by us to submit an honest review and offered a nominal incentive as a thank you.

OVERALL RATING:

5

EASE OF USE

5

VALUE FOR MONEY

3

CUSTOMER SUPPORT

3

FUNCTIONALITY

3

Reviewed November 2022

Capable indeed!

Over all, It works and its capable of most of the things I use it for other than servicing.

PROS

I like the ease of use and it can be customized. I'm not a programmer, don't want to be a programmer... but the software can be customized to my needs by loan program. Its rather easy!

CONS

There are some things that it doesn't do and we have to work around them. There are critical fields that should be required to advance a loan forward and maybe there is capability to add the rules but I have not found them. Support is intermittent on getting back to me when I have issues, there is a bit of a problem with some vernacular between operators (lenders) and programmers. If there was a check in occasionally or educational seminars it would help. The youtube videos need to be updated.

Reasons for switching to LendingWise

Ease of use for programing loan programs, all web based and the borrower portal.