The Silicon Review
We live in a financial landscape that is ever-evolving. Lenders are now on the lookout for new loan management software that is technologically superior in automating key processes. The need of the hour is fast, scalable, agile, and flexible systems, along with cost-effectiveness. In recent times, loan management software has become an integral part of mortgage and lending companies, and you may find yourself behind the curve without access to new technologies. Legacy systems make the lending management process extremely tiresome due to the manual processes involved. Outdated technologies and rigid approaches prove difficult to work with, so financial lending companies are now turning towards loan management software to get rid of tedious paperwork.
Globally, there are various experts in the loan management segment, but LoanPro stands out from the rest. LoanPro is a US-based, (LMS) Loan Management Software, that is empowering tech-forward lenders through loan workflow automation & improved data visibility. The LoanPro platform was started through necessity-driven innovation. In its early days, LoanPro was a lender who was frustrated with legacy systems and inadequate software to service loans. As serial entrepreneurs with a love of lending, the founders decided to build a loan-servicing operating system themselves. This new, custom solution significantly increased LoanPro’s lending success. Encouraged by this success, and looking to recuperate the significant investment in software development, the company decided to offer this new software to other lenders. Fast forward 14 years and that internal project has turned into what is now LoanPro. LoanPro’s products are used in all 50 US states and all Canadian provinces, by lenders of all shapes and sizes.
In conversation with Rhett Roberts, Co-Founder, CEO, and Product Officer at LoanPro
Q. Who founded LoanPro and why?
LoanPro was founded by three brothers who owned and operated a lending company. As they worked to scale their own lending business, they could not find an LMS that met their loan servicing needs. Because of this, they set out to build one. Originally, the software built was intended for internal purposes, however, as more and more lenders expressed interest, the scope of LoanPro was expanded and brought to market in 2016.
Q. Who does LoanPro serve?
LoanPro serves US and Canadian-based lenders. These include: Fintech lenders, Consumer lenders, Business-to-Business lenders, Point-of-Sales lenders, Small Dollar lenders, and Auto lenders, just to name a few.
Q. What steps of the loan lifecycle does LoanPro provide software for?
There are six steps in the loan lifecycle. These include: Customer Acquisition, Underwriting, Funding, Servicing, Collections, and Account Closure. LoanPro picks up the baton at the point of funding, forward. LoanPro specializes in all things loan creation, funding, servicing, and account collections.
Q. More than 600 lenders are currently using your software to service more than $14B in loan portfolios. What are some of the things that have attracted these lenders to LoanPro?
Honestly, there are a number of things that turn lenders on to LoanPro. Each lender’s needs are unique so we work with them to outline a game plan that gets them excited. These often include: improved loan processes, reduced overhead, loan creation and payment calculation accuracy, data security, loan workflow/lifecycle automation, a single source of truth, full RestAPI, and direct AWS database access.
Q. What roadblocks/hurdles has LoanPro experienced since its founding and how has LoanPro worked through these challenges to achieve your current success?
As with any business, LoanPro has experienced its own set of challenges. LoanPro’s desire was to build the best Loan Servicing Software in the US & Canadian marketplace before moving into growth mode. This is not the typical MO of a SaaS-based Fintech company. However, it was important to us that we got it right. Countless business, design, and development hours were spent working to build a better mousetrap. We came up with a product that our lender clients would be proud to use and gave them the competitive advantage they were looking for. Although this limited our revenue in the short-term, in early 2020, LoanPro officially entered growth mode, propelling us forward as the quality, flexibility, and scalability of our loan servicing software is in a class of its own. This has helped LoanPro partner with some marquee Midsized and Enterprise lenders. We believe this initial challenge will be key to our long term success.
Q. What would you say are the top three factors that have contributed to LoanPro’s rapid growth and success?
Approach - Because LoanPro entered the loan servicing software business from the perspective of a lender, LoanPro built software that actually met the need of Direct database access.
Lenders retain control - LoanPro decouples the loan servicing software from the loan servicer, giving control back to the lender.
Scalability - LoanPro is built entirely upon an API. This allows for maximum flexibility and scalability.
Q. What are some of LoanPro’s top achievements and/or success stories?
Some of LoanPro’s top achievements are how LoanPro has been able to assist lenders to achieve their loan servicing automation goals, decrease personnel overhead, decrease human error, and improve bottom line lender profitability. LoanPro is in the business of helping lenders win. When lenders win, these wins often flow to their borrowers in the form of improved user-experiences, saved time, and reduced loan costs.
Q. What are LoanPro’s future plans and where do you see LoanPro several years from now?
LoanPro plans to continue to focus on providing the best loan servicing software in the US and Canadian marketplace, expand brand awareness, and continue to partner with marquee lenders that are looking to streamline their lending tech. LoanPro aims to assist lenders in servicing $100B+ in loan portfolios. This lofty yet achievable goal drives the LoanPro team to build the loan management/servicing/collection (lending tech) of the future.