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Lenderfit description
Lenderfit is a loan origination software that provides secure document management and communication for loan applications. Designed for Community Development Financial Institutions (CDFIs) and mission-driven lenders, Lenderfit helps streamline the application process, reducing errors and saving time. This allows lenders to increase their capacity without hiring additional staff.
Who is Lenderfit best for
Lenderfit is a loan origination software designed for small Community Development Financial Institutions (CDFIs) and mission-driven lenders. It streamlines loan applications with secure document management and communication, boosting efficiency without increasing staff. This focus allows smaller institutions to compete by offering a better borrower experience.
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Ideal for small businesses (under 50 employees), less suitable for larger enterprises.
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Best suited for Community Development Financial Institutions (CDFIs) and mission-driven lenders.
Lenderfit features
| Supported Lenderfit allows applicants to securely upload documents during the loan application process. |
| Supported Lenderfit offers document management integrated into its loan origination workflow. |
| Supported Lenderfit supports application status tracking with real-time updates and milestones. |
Lenderfit alternatives
Sageworks LendingBetter fit for mid-sized companies and has more momentum. A good Sageworks Lending alternative for those seeking robust reporting and workflow features. Some users find it difficult to learn and expensive.Read more
ATLOSBetter fit for small businesses. Has slightly more momentum. A Lenderfit alternative and competitor.Read more
Selly AutomotiveBetter for managing used car dealerships, especially those with in-house financing. Caters specifically to the automotive retail industry. Features a more user-friendly interface and strong customer support. Offers mobile functionality, including driver's license scanning. More affordable pricing, but has limitations in texting, integrations, and sales automation. A Lenderfit alternative, a Selly Automotive competitor.Read more
Mortgage AutomatorBetter for private lenders focused on residential and commercial loans in North America. It has a user-friendly interface, responsive customer support, and streamlined integrations. Mortgage Automator is growing faster and has more momentum than Lenderfit. It offers API access, payment processing, and more comprehensive reporting features. However, users have noted difficulties with investor reports and custom document creation.Read more
FinfluxBetter for larger enterprises. More features for loan management and servicing. Has positive customer reviews and is growing faster.Read more
DecisionProBetter fit for small businesses and has significantly more momentum. This Lenderfit competitor offers automated credit underwriting and workflows. DecisionPro is a strong Lenderfit alternative for financial institutions.Read more
Lenderfit FAQ
What is Lenderfit and what does Lenderfit do?
Lenderfit is a loan origination software designed for Community Development Financial Institutions (CDFIs) and mission-driven lenders. It streamlines loan applications through secure document management and communication, boosting efficiency and reducing errors, allowing lenders to increase capacity.
How does Lenderfit integrate with other tools?
Lenderfit integrates with various tools to streamline loan origination. It offers secure document management and application status tracking within its platform. More information on specific integrations is not readily available.
What the main competitors of Lenderfit?
Lenderfit's main competitors include Sageworks Lending (Abrigo), ATLOS, and DecisionPro. These platforms offer similar loan origination features, often targeting slightly larger financial institutions than Lenderfit's focus on CDFIs and mission-driven lenders.
Is Lenderfit legit?
Lenderfit appears to be a legitimate loan origination software catering specifically to Community Development Financial Institutions (CDFIs) and mission-driven lenders. It focuses on secure document management and communication, aiming to streamline the application process and boost efficiency. However, limited information is available regarding user reviews and ratings.
How much does Lenderfit cost?
Lenderfit pricing is not publicly available. Contact Lenderfit directly to obtain specific product pricing and determine if the product is worth it for your needs.
Is Lenderfit customer service good?
Lenderfit's customer service is highly praised in reviews. Users highlight the team's responsiveness and willingness to implement changes based on customer feedback. They are helpful in resolving any bugs or issues that may arise.
Reviewed by
Michal has worked at startups for many years and writes about topics relating to software selection and IT management. As a former consultant for Bain, a business advisory company, he also knows how to understand needs of any business and find solutions to its problems.
Tymon is a seasoned CTO who loves finding the perfect tools for any task. He recently headed up the tech department at Batmaid, a well-known Swiss company, where he managed about 60 software purchases, including CX, HR, Payroll, Marketing automation and various developer tools.