Lenderfit Loan Origination Process
Challenge
David Teliaferro began building Lenderfit in 2018 with the goal to transform the lending process for lenders and customers through technology. As an entrepreneur, he had experienced multiple inefficient loan application processes based on outdated technology, paper, emails, and fillable PDFs. David knew there had to be a better way to perform loan origination.
This inspired him to launch Lenderfit, a commercial lending platform that simplifies and streamlines the way loans are processed by combining the client and customer experience on one platform. As he built out this financial workflow solution, he realized he needed to find a data management system that could easily integrate into his tool. His team needed a secure solution for customizable forms, automated documents, and accessible eSignatures to replace manual loan processing with a streamlined financial workflow.
Solution
Instead of building their own internal solution, Lendferfit decided to integrate the Formstack Platform into their tool. This saved their internal teams months of development time and minimized cost. Forms, Documents, and Sign all easily integrated into their system, making it look like one complete, secure tool. Formstack’s flexibility and adaptability made it easy for the Lenderfit team to create the workflows needed for all types of loans with features like Conditional Logic, Calculating Fields, File Uploads, and an open API.
With Formstack’s powerful data collection and management tools added into their system, many clients were able to manage 10x their normal application volume. Lenderfit now uses the Formstack Platform to manage:
SBA Loans
COVID-19 Relief Funds
Financial Education Workflows
Grant Distribution
Commercial Loan Applications
Post-Loan Follow-Up
Results
Directly integrated Formstack within their system in under six weeks
Enabled lenders to take on up to 10x the amount of applicants and borrowers
Improved data capture and the client experience by eliminating all fillable PDFs
Streamlined the loan process from application to approval with a seamless and secure workflow
Launched fully customized, digital loan applications for clients in under three days
Increased the speed of loan origination for lenders and approval time for applicants
