CondoPak, made by CondoTek, includes the necessary condominium documents for lenders to review in order to be able to warrant and approve condominium loans.
It is offered at a flat-rate fee that lenders can elect to pass through to the borrower, creating transparency and consistency when underwriting a condominium loan.
The integration means that when a user opens CondoPak in the Lending QB platform, all of the documents related to the transaction are uploaded directly into the LOS, thus streamlining the underwriting process. As a result, lenders will be able to improve the borrower experience.
“Integrating with CondoTek is an example of how LendingQB provides lenders with specialized solutions,” says David Colwell, vice president of strategy for LendingQB, in a release. “Our clients have told us that gathering condominium documents is a significant drain on their resources. Having a solution like CondoPak available through our APIs makes it easy for us to offer our clients access to this service and streamline the condominium underwriting process.”