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Mortgage lender to offer fast-tracked application process, more accurate quotes

Aly J. YaleThe Mortgage Reports Contributor

Speed up your mortgage loan

Want to buy a home but don’t want to deal with the time-consuming, tedious process? One new mortgage lender may have the solution for you.

Verify your new rate (Sep 24th, 2018)

A five-day mortgage

Lenda, a new digital-focused mortgage lender, is offering what many home buyers dream of: an easy, convenient and fast-tracked application process. In fact, Lenda’s working to shorten its mortgage process to a mere five days.

Even better, potential borrowers can see an accurate estimate of their monthly payment and how much they can borrower, all within just 30 seconds.

Buyers dread mortgage applications, but love their lenders; what gives?

According to Jason van den Brand, CEO and co-founder of Lenda, the key is Lenda’s built-in algorithm that allows the process to go so quickly – and offer buyers such confidence.

“We built a lending platform to listen to customers, so they can shop for a mortgage online the way they shop for everything else,” van den Brand said. “Consumers plug in the information we need, and we do the underwriting and give them back a monthly payment that is accurate.”

Verify your new rate (Sep 24th, 2018)

Lower costs, too

Because Lenda relies on technology for much of its process, the company’s cost to produce a loan is half that of other lenders. These savings trickle down to the borrower, giving them lower rates and more accurate payment quotes.

“The dirty secret of the mortgage is that it costs banks $9,000 to produce one of these loans,” van den Brand said. “They have to put a profit margin on top of that, and so who is paying for that? The customer is. And in a mortgage, they are paying by having a higher interest rate or with additional fees. That’s it.”

Taking out the garbage: dumb mortgage closing costs

Lenda currently services buyers in California, Oregon, Washington, Colorado and Texas. The company plans to expand to Illinois, Pennsylvania, Michigan and Arizona in the coming months.

Get today’s mortgage rates

Want to see how Lenda’s rates measure up? Shop around and see what rates you qualify for today.

Verify your new rate (Sep 24th, 2018)