KANSAS CITY, MO - LendingStandard, a document management company in commercial lending, launched operations today. The company's web-based platform assists commercial mortgage lenders with automating manual processes in the loan application process, including third-party collaboration, risk analysis and document generation.
“This business is an outgrowth of the recent work our team has done in creating secure online borrowers’ packages for commercial lenders,” said Andy Kallenbach, LendingStandard CEO and former IT consultant for major commercial insurance providers including Chubb, American Family and State Farm.
“Six mortgage lenders are currently using our borrowers application to collect information that helps them determine engagement on a loan. We are developing two complementary modules for document archiving and document generation and have had great feedback. Combined, these three modules will represent the industry-leader in document management for commercial mortgage lending,” said Kallenbach.
LendingStandard’s suite of products for commercial mortgage origination will be web-based to allow users to operate from virtually any desktop or mobile platform. The product is sold on a subscription and per use basis. LendingStandard’s service is hosted in a state of the art SAS 70 Type II datacenter with 256-bit SSL encryption that is higher than what most banks use.
Jan Valencia, LendingStandard’s Business Development Director and underwriting specialist with 32 years in mortgage lending, noted the need for a relevant document management software in the commercial space. “Overall, the commercial mortgage lending field has not adopted the level of mortgage origination automation that is commonly used in residential lending. The majority of commercial real estate loans are processed and closed manually using Excel-based processing programs. There’s an industry scramble to get your hands on the best home-brewed spreadsheets. It’s severely underserved.”
LendingStandard is an outgrowth of FormZapper, a company founded in 2012 to automate business forms for small business and public sector clients. Kallenbach noted that the team’s experience in automating business forms provides the foundation for the development and launch of LendingStandard, including experience automating manual processes in a web environment, implementing secure new web-based processes and providing user support.