LendingWise
About LendingWise
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
Most Helpful Reviews for LendingWise
1 - 5 of 50 Reviews
Jonathan
Financial Services, 11-50 employees
Used daily for more than 2 years
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.
PROSCustomizing loan programs and application is very user friendly. Customer service has been great. [SENSITIVE CONTENT] has always been to take our call or email.
CONSCalculation 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
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.
PROSMy 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.
CONSOur 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
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.
PROSEase of use and it is cloud based
CONSCustomer service vs implementation of changes.Sluggish.
Beth
Financial Services, 2-10 employees
Used daily for less than 6 months
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.
PROSWe 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.
CONSDifficulties 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
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.
PROSI 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!
CONSThere 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.