Frequently Asked Questions

We receive many questions from prospective clients about our software, our business model and how Lendsys can help their businesses thrive. While each operation is unique, there are several questions that come up over and over again. We’ve listed our most commonly received questions below.

Which Lenders Can Benefit from Lendsys Loan Origination Software?
Banks, credit unions, finance companies, and private investors of all sizes, along with large aggregates creating portfolios and loan participation pools, can benefit from the filtering and decisioning platform built into the software. In short, any organization that deals with lending decisions can benefit from using Lendsys software.
How Is Lendsys Software Different from Competing Programs?
Unlike other loan origination software, Lendsys does what it says it does. In more detail:

  • Automation of manual decisions through multi-solution/iterative loan decisioning
  • Truly customized filtering to eliminate undesirable loans
  • Precise decisioning through thousands of pricing combinations and loan decisions
  • LoanMatch and next-in-line routing allow aggregators to obtain and retain customers
  • Integrated back-office loan processing, packaging, and validation to limit overhead costs
  • Constant revision to ensure that Lendsys remains current with market conditions
Can Lendsys Replace My Company’s Loan Decisioning Engine?
You’ll still need your core loan servicing processor. However, the Lendsys system can replace your company’s core underwriting systems. Lendsys can function as your company’s front-end automated decision engine for consumer loans, including indirect and Point-of-Sale loans.
Is Your Lending System Really Customizable?
Yes! Lendsys was designed from the ground up by lenders and loan underwriters – not by software developers. This means that our focus was to address the major needs of lenders that were not and are still not met by other vendors, especially programs based on legacy based systems created in the 1990s for other industries, and patched to provide lending functions.
What Are the Costs?
Our pricing model includes a one-time set-up fee, monthly service fees, and per-decision or use fees. We have flexible pricing models based on service levels and system configurations. Options include individual and aggregated lender Pay-as-You-Go programs, with client payment for decisioned or funded loans, as well as fully processed programs where our back office does packaging and validation of approved loans.
Can Lendsys Be Integrated with DealerTrack and RouteOne?
Of course! Every version of Lendsys already includes an automated interface built to integrate with programs like RouteOne and DealerTrack.
Does Your System Run My Credit Report and Lender Subscriber Code?
Yes. Your subscriber code is utilized on every loan decision. Each lender is billed directly each month for credit reports pulled on their behalf. Data can be used to track approval and funding ratios, and to create other important and useful reports.
Isn’t Your Software Really Just for Big Companies and Major Lenders?
Absolutely not! Lendsys software levels the playing field for lenders of all sizes. Whether utilized individually, or in an aggregator program, Lendsys allows lenders to customize their filtering and decisioning criteria to assure they’ll never lose a loan they want, or approve one they don’t want.
How Can Lendsys Software Help Me Stay on Top of Necessary Reports?
Lendsys helps clients track trends in portfolios, track delinquencies, charge-offs, and dealer performance through individual data downloads for each entity utilizing the system at whatever frequency is required.

We hope this FAQ has been informative. However, if you still have questions, we have answers Give us a call to schedule a demonstration of Lendsys software today!

To view a printable PDF document that provides additional information about the Lendsys Software click the links below:

LENDSYS Vs. Other Systems

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