Saturday, December 2, 2023

LoanPro: The Next Generation LMS for Lenders

Today, the majority of industries are on the verge of evolution or are evolving at a rapid speed. The arrival of advanced technology and digitalization has pushed the industries to enhance the products and services. It has also allowed the customers to acknowledge the importance of businesses that are offering customized services and products. When we speak about the lending industry, the changes in the industry are quite evident. Over the last few years, the lending industry has graciously accepted the latest changes including offering mobile-friendly services. This has motivated the customers to opt for more convenient services which have injected the fuel of the growth in the lending industry. 

While acknowledging the growth of the lending industry, we must also address few noteworthy companies that have performed exceptionally over the years. Founded in 2016, LoanPro is one of the leading companies of the year 2021. The company was founded by three brothers who owned and operated a lending company. The initial experience of Rhett, Lloyd, and Ben Roberts was full of challenges as they were unable to find a completely transparent platform to complete the process of lending. After examining the situation, the trio decided to build an LMS which could solve all the existing problems. 

The initial software was built for internal purposes but the software offered far more. When other lenders started showing interest in it, the scope of LoanPro was expanded and brought to market in 2016. 

A Fully Enterprise-Ready Software

The founders built the LoanPro software with a unique approach that guaranteed a full-featured API. The software helped the lenders form a better strategy for the separation and management of data and better use of available technologies. Originally, LoanPro was marketed to all non-auto lenders to aid them in better management of their loans, but the unique features of LoanPro combined with the ability to integrate with existing platforms, led to larger and larger lenders becoming interested in the software. Lending is involved in high risk and needs proper management of funds to provide a comprehensive view of the business. Mismanagement of the funds could also lead to several unforeseen consequences. Starting as lenders themselves, the founders understood these consequences and built LoanPro in a way which provides lenders with complete confidence.

LoanPro is a US-based, (LMS) Loan Management Software, that is empowering tech-forward lenders through loan workflow automation & improved data visibility. Today, LoanPro serves as a full enterprise-ready software making it easy for large lenders to check due-diligence boxes. It allows companies to adopt LoanPro into their current operations and scale the use of it to meet their needs, which has helped the company to expand quickly. LoanPro currently serves US and Canadian-based lenders, which include Fintech lenders, Consumer lenders, Business-to-Business lenders, Point-of-Sales lenders, Small-Dollar lenders, and Auto lenders, just to name a few. 

A One-Stop Destination for All Lenders

The need for a lender can be unique for different leading options. Hence, it is important to offer a streamlined process. In the case of LoanPro, there are six different steps involved in the loan lifecycle. This includes Customer Acquisition, Underwriting, Funding, Servicing, Collections, and Account Closure. LoanPro picks up the baton at the point of funding, forward. The company specializes in all things loan creation, funding, servicing, and account collections. The bouquet of services has been able to successfully attract more than 600 lenders. Currently, lenders are using the software to service more than $18B in loan portfolios. 

“Honestly, there are several 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,” states Rhett Roberts, CEO of LoanPro. 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 RESTful API, and direct AWS database access.

“The initial challenge will be key to our long-term success”

Just like a coin, businesses also have two sides, along with growth & profit, entrepreneurs have to deal with challenges at regular intervals of time. Similar to any business, LoanPro also experienced its own set of challenges. One such challenge was when the company wanted to build the best Loan Servicing Software in the US & Canadian marketplace before moving into growth mode. Before growing in a different region, it was important for LoanPro to get it right the first time. This involved countless design and development hours that were spent working on and perfecting the product.

A sign of a good product is when the client is fully satisfied, and their immediate pain-points are remedied. The same can also be said for LoanPro. Its lender clients are proud to use the product which also gave them the competitive advantage they were looking for. Although this limited the company revenue in the short term. In early 2020, LoanPro officially entered growth mode, propelling it forward as its quality, flexibility, and scalability of the loan servicing software is in a class of its own. This has helped LoanPro partner with some marquee Midsized and Enterprise lenders. 

Top Three Factors of Growth and Success 

Every company has its own secret recipe for success and growth. When we asked about the three factors of growth and success for LoanPro. The founder trio responded to us with these three factors: 

  • Unique Approach – LoanPro entered the loan servicing software business from the perspective of a lender. It built software that actually met the need for 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.

Streamlining The Lending Tech

To expand in the future, it is important to acknowledge the achievements of today. It helps in tackling the challenges of the future with confidence. Addressing LoanPro’s achievement, the company 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. In continuation of such achievement in the near future, the company continues to plan 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.


“Make your lending processes uniform, automate payments and communication, and get your collections team moving.”