The companies say the integration will allow mortgage lenders using the LendingPad platform (and their applicants) to search and compare loans with accurate rates and cost estimates included.
“As we enter one of the strongest purchase markets we have seen in years, lenders will be taking aggressive steps to compete for market share, including streamlining processes and improving the borrower experience,” said Jim Paolino, CEO of LodeStar. “Both LodeStar and LendingPad were built upon the same, supporting premise: make the mortgage transaction smoother, faster and more efficient. This integration will only help advance that objective.”
Dan Okavage, an independent originator from The Okavage Group, says has seen strong results from the integration while working with Concord One Financial. “With just a few clicks, I am able to guarantee my fee sheet is spot on for compliance and zero chance for tolerance cures,” he said. “For the loan officer that is licensed in multiple states, this is totally worth the time saved from manual inputs. And it’s effective for single broker owners as well as multiple LOs.”
Founded in 2013, LodeStar helps mortgage originators effectively manage their third-party closing costs to save both time and money as well as maintaining TRID (TILA-RESPA Integrated Disclosure Rule) compliance. Quotes are automated and 100% guaranteed for accuracy.
Leveraging from a highly scalable cloud infrastructure, LendingPad is a web-based, end-to-end LOS that focuses on streamlining the back-office operations for lenders to improve efficiency, reduce costs and help loan originators focus on their production.