What is Modernlend?
Modernlend.com is an online marketplace for potential borrowers looking for home loans for purchases, home refinancing, home equity lines of credit, and home loans for new construction. We provide information on current rates and insight on the home mortgaging and purchasing process then allow potential borrowers to request a loan online through our website.
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Why should I choose Modernlend instead of another lead source?
Modernlend is unique from other sources in several ways.
1. Modernlend provides lenders with complete 1003 applications delivered immediately after an application is submitted.
2. Modernlend allows you to set custom filters for leads that are sent to you. Allowing you to focus on the markets where you can best compete.
3. In addition to your filter, applicants sent to you have selected you themselves, requesting an offer specifically from your company after reviewing a brief advertisement and profile of your company. We do not arbitrarily send their information to you, only if you are selected by them to receive their information, providing a more validated lead who has already been familiarized with you before you received the lead.
4. Modernlend provides all participating lenders a free ad and profile which displays to applicants during the application process.
5. Modernlend provides the industry’s most cost-effective live application source available on the Internet with no setup fees, no security deposit, no broker fees, and no closing fees.
6. Modernlend is not a broker and does not compete directly or indirectly with lenders in our network. You never have to say, "I lost another loan to Modernlend."
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How are your leads generated?
Modernlend utilizes a variety of sources to generate quality applications for our participating lender network. These sources include but are not limited to:
1. Search Engine Placement
2. Internet Media Advertisements (i.e. banners, emails)
3. Print Media Advertisements (i.e. magazines, newspapers)
4. Corporate Affiliate Referrals (i.e. realtors)
5. Customer Referrals
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What are Modernlend's fees?
Modernlend provides the industry’s most cost-effective live application source available on the Internet. Here’s how:
Live Application Fee: $20 per Application
Monthly Access Fee: NONE (additional users optional)
Setup Fee: NONE (savings of up to $10,000)
Security Deposit: NONE (savings of up to $5,000)
Closing Fee: NONE (savings of up to 1% or more per closing)
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Why are Modernlend's fees lower?
Modernlend has perfected the administration process needed to generate home loan applications for our participating lender network. This allows us to generate potential borrowers at a much lower cost than our competitors. By passing on these savings to our participating lenders, we allow our lenders to pass some of these savings on to the potential borrowers who apply on our site.
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How will I be charged?
Modernlend.com will charge your credit card once your balance reaches $500.00 or at the end of each calendar month. You will also receive a monthly statement showing all charges and any spam credits.
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What is Modernlend's cancellation policy?
There are no penalties for cancellations and you may cancel at anytime by logging into the website and changing your budget settings to zero. These and any other changes will be updated within 72 hours.
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What is the return policy for invalid leads?
Lenders have the ability to mark/flag these applications as spam. Our lender services staff will review these applications and credit your account within 30 days if the application qualifies as spam.
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How will I receive my leads?
Modernlend.com leads are sent to you via our website in real time. You may review your inbox at anytime by logging in. We also allow you to either work the applications from within our comprehensive system, or download them into your existing system. You will also
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When will I begin receiving leads?
All lenders will go through our verification process which usually takes 1 to 7 days depending on the states in which you conduct business.
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Is Modernlend a lender or broker?
No. Modernlend is not a lender or broker. We serve as an unbiased liaison providing you with online tools and services that connect you to potential borrowers.
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What does Modernlend's online lender administration console do?
Modernlend’s online lender administration console is designed to manage all your application filter settings, budget settings, user accounts, and detailed reports. You may access your lender administration console at any time to change settings, view applications, or download applications into your internal system.
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How can I contact Modernlend?
You can contact Modernlend by clicking the "need help" button at the top of this page.
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Where is Modernlend located?
Modernlend is located in Louisville, KY. You can contact us by post mail at the following address:
Modernlend, Inc.
2022 Eastern Parkway,
Louisville, KY 40204
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If you have additional questions or cannot find your question listed above, please feel free to contact our lender services department at 1-866-688-4088.
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