LendingWise Review 2024
With the help of our in-house editorial team, our platform’s members and external subject matter experts, this comprehensive review of LendingWise software became possible and available for free to those considering this solution!
In this review we evaluated LendingWise’s features, plans, pricing and other important aspects to help our readers make a more educated purchase decision.
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What Is LendingWise?
LendingWise is a full-featured, cloud-based loan origination and CRM software that helps lenders and loan brokers streamline and automate the loan management life cycle.
The platform offers functionality to manage several loan product types suited for various types of investors.
There are loan products for fix and flip investments, landlords, equipment and construction funding, among others.
Being a cloud-based solution, LendingWise can be accessed through any web browser. The platform currently lacks a mobile app.
What Is LendingWise Used For?
LendingWise is a unified solution that offers numerous functionalities across loan and contact management.
The following are some of the ways lenders and loan brokers can use the platform:
- Accessing pre-built loan programs — LendingWise comes with pre-configured fields, workflow steps, and required documents for various loans such as fix and flip, bridge, rentals, construction, equipment, and others.
- Mortgage calculations — LendingWise is equipped with powerful built-in calculators to help you draft an amortization schedule and find out how much you’ll be required to repay each month.
- Full loan application web forms — As mortgage application software, LendingWise offers quick and full application web forms to help financial institutions collect the required information from borrowers. The quick app web form asks basic questions to find out a borrower’s legibility, while the full application form has all the questions required to complete a loan.
- Bulk email blasting and drip campaigns — As CRM software for mortgage professionals, LendingWise can be used for follow-up and marketing strategies. Its mortgage sales tools allow you to instantly send bulk emails to contacts and configure drip campaigns based on where leads are in the pipeline.
- List management — LendingWise provides users with a quick overview and a comprehensive breakdown of broker lists. The platform also allows you to track their status (Approved, Not Approved, Suspended, or Proceed with Caution).
- Rule-based automation for tasks, emails, and webhooks — By using LendingWise, you can automate several processes, such as sending emails, creating tasks and assigning them to team members, and sending webhooks to third-party apps based on the set trigger actions/events.
- Access to loan documents and email templates — As a LendingWise user, you have access to numerous customizable email templates used in marketing, loan status updates, requesting services, loan closing, and more.
- Lender marketplace — LendingWise users can access dozens of wholesale lender products, guidelines, and documents. The platform also allows you to upload your lists of lenders and capital providers to the marketplace.
- Credit and criminal checks — With LendingWise, institutions and lenders can run credit and criminal background checks on borrowers. You’ll be able to find out the borrower’s open accounts, loan, and repayment history, among other financial details.
- Access to loan statements and reports — With one click, you can track and generate loan statements, pay-offs, and net profits after loan repayments.
LendingWise Users Breakdown by Specialty
Is LendingWise Legit?
Yes. LendingWise is not a scam, and there are a couple of reasons to support this.
First, the platform has been in service since 2017 and has amassed a solid client base of over 2,000 companies across the U.S.
Additionally, the software has received numerous positive reviews and testimonials, available on the company’s social media pages and BiggerPockets, a popular online investor forum.
This residential and commercial loan underwriting software for hard money lenders also keeps all user data safe by employing industry-standard technical measures, which include data encryption, firewalls, and secure socket layer technology.
As a brand, LendingWise is transparent and has a public profile. The company has active social media pages across all popular social media platforms where users receive regular software and company updates.
Altogether, plenty of evidence indicates that LendingWise is legitimate real estate underwriting software.
LendingWise Customer Reviews
LendingWise Pricing
LendingWise services require a paid subscription to use. At the moment, the company offers users three subscription plans that are mainly based on the number of users supported. The plans include:
- Starter
- Professional
- Enterprise
Unfortunately, the software company hasn’t revealed LendingWise’s fees to the public — you have to sign up to find out monthly and annual costs.
Starter
The Starter package is LendingWise’s most basic and affordable plan. The plan supports one user but allows you to add more at an additional fee.
You can add various types of users, including your back office staff, loan officers, and brokers.
Other features of the plan include:
- Built-in loan documents (term sheets, 1003 forms, loan application forms, and others)
- CRM services (dashboard, pipeline, real estate email marketing software, contact management)
- Loan status portal
- Customizable workflows, fields, and docs
The following add-ons (paid separately) are also available:
- Access to lender marketplace
- Residential and commercial mortgage loan servicing software
- Full white label
- Website template (one-time $495 activation fee + $29 per month)
- Support options, which includes 2-hour training, video library, email and live chat, and an implementation plan
Professional
The Professional plan is built for lenders ready to scale their businesses. The plan includes all the services included in the Starter package, plus the following:
- Up to 5 back office users and 5 loan officers/brokers supported (additional users available at extra fees)
- Borrower, broker, and loan officer login portal
- Document generation powered by Google Sheets and Docs built-in integration
- Custom reporting
- Data export and import
- Third-party integration (Credit Report, Webhooks, API access, Appraisal, AVM, etc.)
- Website template and hosting
- Lender Marketplace
Loan servicing, full white label, and support are also included in the Professional plan as add-ons.
Enterprise
The Enterprise plan is a customizable package designed for institutions and large dynamic teams.
The plan supports up to 50 back office users and 50 loan officers and includes the following features:
- All services in the Professional plan
- Growth and implementation strategy
- Custom-designed webforms, docs, and email templates
- Dedicated account support
- A customizable website with free hosting
- Data migration
- Custom training manuals and videos
- Add-ons in the Professional plan are included for free
LendingWise Coupon & Promo Codes
LendingWise Features
Loan Origination
This mortgage company software offers loan origination software services to help lenders through loan management processes. Some of the services include:
- Pre-built loan programs — This residential and commercial loan origination system comes with pre-configured fields and workflow steps for several types of loans, including DCSR, CRE, SBA, construction, equipment, fix and flip, and others.
- E-signable documents and agreements — The platform lets users sign term sheets, disclosures, agreements, and LOIs (Letters of Intent) without the need for a separate signing service.
- Customizable workflows — With LendingWise, you can easily keep team members in the loop and move loan processes forward within the pipeline. Easily customize your workflow based on the loan type, property type, credit score, borrower type, and other criteria.
- Auto-population of loan document templates — LendingWise lets users integrate Google Sheets and Docs to create specific document templates and auto-populate with relevant fields.
- Dedicated user portals — Whether you’re a borrower, broker, loan officer, or branch officer, LendingWise provides dedicated portals to communicate with lenders.
Loan Servicing
LendingWise includes mortgage management software features:
- Auto ACH debit and credit — The platform lets borrowers add their credit/debit cards to their accounts for automated loan payments.
- Automated late fees and interest charges — Lenders and investors can set up late fees and interest charges when a borrower delays their loan payment. Late fees and interest will automatically be deducted on a set date.
- Loan statements — LendingWise allows users to generate statements for loan payments, remaining balances, and investor returns with a click of a button.
- Tracking I/O and amortized loan payments — Based on the loan setup, lenders and borrowers can calculate and find out their i/o (interest-only) and amortized payments.
CRM
LendingWise is equipped with a robust CRM to help you manage your contacts and streamline your business activities.
The LendingWise CRM offers numerous services. Some of the most essential features include:
- Custom dashboard — LendingWise enables you to view loan data. You’ll be able to view loans with approaching closing dates, along with their status and workflows.
- Centralized calendar view — The software provides a central calendar view where you can see all loan-related dates. Users can view closing dates, maturity dates, tasks, follow-up dates, and any other loan-related activities.
- Global activity log — Here, you will see all the company’s and staff’s activity in real time. You’ll be able to see the docs being uploaded by borrowers and documents that are being signed, among other details.
Lender Marketplace
When you join LendingWise, you will be able to access plenty of private lenders, investors, and capital providers that are offering loans within the platform.
Other services in the marketplace are:
- Ability to share loan files with your investor or lending partner
- Get listed as a lender
- Ability to upload your own lender or investor list
- Access to lenders offering various types of loans, including fix and flip, equipment, and rentals loans
Document Library
There are many documents used when requesting and servicing loans.
To help with this, LendingWise has many different types of documents associated with loan origination and servicing. Some of the document templates included are:
- Legacy 1003 and New URLA 1003
- Full loan application
- Borrower docs (4506, credit authorization form, pre-approval form, etc.)
- Disclosure documents (Fee agreement, MLDS, flood insurance, E-consent)
- Loan documents (Promissory Note, Guaranty letter, HUD statement, Lien Release, Assignment of Mortgage)
Third-Party Integrations
LendingWise has partnered with several institutions and software companies to allow users to run their businesses more effectively within the platform.
Some of the integrations that are supported on LendingWise include the following:
- Background check powered by MeridianLink
- Soft credit pull powered by MeridianLink
- Asset verification from banks and financial institutions (powered by Plain and Noodle)
- Street view image (Google Street View)
- Property valuation (MeridianLink)
Add-On Services
In addition to the features included when joining one of LendingWise’s plans, there are extra services that the platform provides at an additional fee.
Here are some of the add-ons included by the software company:
- Customizable website template
- Training and software implementation support
- Custom training manual and videos (free in Enterprise plan)
- Data migration
- Private Labeled System (URLs runs on your own domain, and emails are sent from the domain)
LendingWise Pros and Cons
Pros
- Customizing loan applications and programs offered is easy and user-friendly.
- The platform is affordable, according to multiple user reviews.
- This residential and commercial lending software supports numerous integrations that increase the platform’s functionalities and improve user experience.
- The software company provides dedicated onboarding and training support (developer) to help users with the technical aspects of this hard money lending software.
Cons
- Users have complained that the company’s customer service wasn’t always responsive.
- Some users have said the mortgage calculations were off.
LendingWise Integrations
- CIX
- LendingTree
- Candy Leads
- Salesforce
- Zoho CRM
- Velocify
- HubSpot
- Pipedrive
- Infusionsoft
- CoreLogic
- Appraisal Nation
- Universal Credit Services
LendingWise Alternatives
- LendingPad
- Liquid Office
- Bryt
- The Mortgage Office
- SimpleNexus
- Qualia
- Floify
- TurnKeyLender
- Encompass Digital Mortgage Solution
LendingWise Achievements
Awards & Recognition
Best Asset-Based Lending Tool for Hard Money Lenders (Awarded by Real Estate Bees)
Press & Media
LendingWise FAQs
Does LendingWise have a free trial?
Yes. The software company offers a 30-day free trial period to first-time customers when they can try out LendingWise for free before committing to the service subscription.
There is no free trial for new users who join the Enterprise plan. Instead, LendingWise offers them a free one-on-one software demo with a customer rep.
How many clients does LendingWise serve?
According to the company website, LendingWise serves over 2,000 clients across the U.S. Most of their customers are established financial and real estate companies.
Who founded LendingWise?
The platform was launched in 2006 by Chris Fuelling, a successful mortgage and loan expert with over 15 years of experience in developing and running SaaS loan software.
Chris serves in the company’s day-to-day operations as company CEO.
What is LendingWise’s customer service number?
Prospective clients and current LendingWise users can contact the company through the following customer service line: (888) 400-6516.
Alternatively, you can reach out via email by sending your inquiries to [email protected].
What is the LendingWise cancellation and refund policy?
LendingWise requires users to submit their service termination in writing via email 30 days before the actual date of termination.
Within that time, the company will fully export your data and delete your information from the system.
Note that you will only receive a refund for terminated services if you cancel your subscription within the trial period.
Still, the refund only applies to the license fee (standard subscription cost) — there are no refunds for add-ons such as setup fees, website fees, and others.
LendingWise Tutorials & Training
Is LendingWise Worth It?
Yes. According to numerous user reviews, this mortgage broker software is a robust platform packed with a lot of features that help both borrowers and lenders in their real estate investment activities.
The platform has a built-in CRM that’s powerful enough to support over 100 users. The loan origination and servicing module has also been praised for being easy to use and having many valuable built-in resources.
LendingWise is also affordable compared to similar platforms and offers excellent value for money, according to user reviews.
LendingWise Contacts
- Website: Official website
- Phone: (786) 833-9520
- Email: [email protected]
- Address: 4520 SW 62nd Ct Suite 507, Miami, FL 33155, United States
- Socials: Facebook, Instagram, YouTube, Twitter, LinkedIn
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About the Author:
Kristina Morales is both a licensed mortgage loan originator and real estate agent in the State of Ohio. Inspired by her years of working with buyers and sellers and seeing a need for more consumer education, Kristina created loanfully.com, an online educational resource for borrowers and industry professionals. In addition to real estate sales and mortgage lending, Kristina had an extensive corporate career in banking, treasury, and corporate finance. She ended her corporate career as an Assistant Treasurer at a publicly traded oil & gas company in Houston, TX. Kristina obtained her MBA from the Weatherhead School of Management at Case Western Reserve University and her B.A in Business Management from Ursuline College.