Posted by Les on October 01, 2003 at 11:35:57:
I do use LendingApps occationally.
The full version does not include borrower underwriting. It only collects credit score, net worth and BK history. This is sufficient for what the program is designed for. Unlike the residential programs (LP and DO), this program does not issue approvals, it only identifies recommended lenders.
Hope that helps.
PS: I realized something after my earlier response. RealData is primarily forward looking, where as LendingApps focuses on historic data and uses that to calculate income and expenses post-closing. Unless it’s a special situation, like new construction, start-up or turn-around, lenders in general don’t like to rely on future projects. They want to see that the numbers work now.