Frequently Asked Questions

About Lenda

Lenda is the fastest and easiest way to refinance. Lenda allows you to complete your home loan entirely online. We prioritize customer convenience and transparency to remove all uncertainty from the refinancing process. If you want help it’s only a click away. Enjoy lower rates, lower fees, and a faster close with Lenda!
Yes, Lenda is a direct lender. You will work with our friendly team members from your rate quote through to closing. You’re also able to access the real-time status of your loan online at our website at any time.
We do not currently service our loans. When your loan funds, we tell you who to make payments to and how to make them. We have vetted the quality of each servicer we work with.

Loan Products Available

At this time, we do not offer loans for manufactured homes or mobile homes.
At this time, we only offer loans for residential properties.
Yes, under the guidelines of Fannie Mae and Freddie Mac.
Yes. This is not yet offered online yet so please contact a representative directly at 1-855-846-7334.
We are a rapidly growing company and we are currently building infrastructure to be able to handle the additional volume that will come with expanding into different states. Look for us in your home state soon!
We do not currently offer sub-prime or any other loan that is not guaranteed by Fannie Mae or Freddie Mac, but we are working on better risk models for these underserved products.
We do not currently offer adjustable rate mortgages (ARMs), but we plan to in the future.
No, we do not provide home equity line of credits (HELOCs).

Rates

Like all mortgage lenders, our rates are calculated based on the 10-Year Treasury market rate, plus a spread. Rates change daily based on a variety of factors, including market conditions and expectations around adjustments to the federal funds rate.
Yes - click the “See Rate Details” button on our Rate Quote page to see an estimated breakdown of fees and closing costs. We do our best to accurately calculate all fees up-front. Rates and fees are only as accurate as the information you provide us, so please be accurate with the information you provide!
After you fill out our online application, you will see a Loan Estimate that provides details on all loan terms, but you will still have a floating rate. Your Lenda Home Loan Advisor will reach out to you to perform a final confirmation that you want to lock the loan, and they you will receive confirmation of a locked rate within 24 hours. Alternatively you can call us at 1-855-846-7334 to speak to a Home Loan Advisor and lock right away.
Your rate is usually locked for 30 days after the date at which you lock your rate. Your Home Loan Advisor will let you know when it is locked if it is locked for a longer period.
Yes. The Rate Quote page provides a variety of loan options with higher and lower rates based on discount points paid at closing.
Closing Costs include all applicable transaction fees and other costs that are necessary to complete the process. We disclose all closing costs in accordance with the rules set by the Consumer Financial Protection Bureau.

Working With Lenda

After you submit your loan application, we will review and get back to you with one business day.
You'll pay for an appraisal for your home about midway through the process of working with Lenda. The cost of the appraisal is not refundable even if your loan is not approved, however you won’t pay for this unless we have a strong confidence that we can approve your loan through to completion.
Most of the time this is not an issue. If your credit score does come back and will affect your rate or your loan in any way, we will speak with you prior to taking any action.
Nope! Lenda pays for the fee for you.
We use tax transcripts ordered directly from the IRS to verify the income of our borrowers. We do this for a variety of reasons: 1) It helps prevent fraudulent submission of income information. 2) Up-to-date tax transcripts show a variety of items that can impact your ability to repay a mortgage that are not captured in W2 income from an employers, such as: ownership interests in any businesses; rental income and expenses from any owned properties; unreimbursed business expenses. 3) The government GSEs, Fannie Mae and Freddie Mac, require it.

Your Loan Closing

The balance on your impound account with your prior lender will be transferred directly back to you.
Yes. We can send a mobile notary to wherever you are located. Note that the subject property being financed must be located in a state that Lenda currently lends in.
When certain fees such as property taxes and homeowner's insurance are due within a certain timeframe from your closing (the timeframe varies from 60 to 90 days), we as a lender require that these fees are paid at closing as prepaid items. The primary reason for this is that most of our loans are ultimately securitized through Fannie Mae and Freddie Mac, and they require that there cannot be any other liens on a property. A lien could be created if for whatever reason prepaid items like property taxes go unpaid, so paying upcoming property taxes through closing reduces risk for us as a lender. Note that for property taxes in California, the invoice you receive for them may list a "delinquent date" that is different than the initial due date. For instance, the delinquent date for the first half payment in 2017 is 4/10/2017, but the initial due date is 2/1/2017.

Security

Lenda takes strong steps to safeguard information about you and your properties. We maintain a comprehensive security program based on industry standards and best practices to ensure your information is safe from unauthorized access or misuse. We take an in-depth approach to implementing rigorous physical, administrative, and technical safeguards. Our physical security includes security guards and personnel, building access badges, and a video surveillance system to protect our computing infrastructure from unauthorized access. We use administrative safeguards like security training program, employee background checks, and acknowledgment of our Acceptable Use Policy to ensure that your information is only accessed by trained staff on a need-to-know basis to provide services to you. Technical safeguards like perimeter security, industry standard encryption, and continuous monitoring ensure that your information is protected with layered and complementary controls. We use SSL technology to create an encrypted connection for all communication between all web browsers and our servers. The security safeguards are reviewed and adjusted periodically based on ongoing risk assessment. However, despite our substantial investment in protecting your personal information, ultimately no institution can guarantee its absolute security.
To protect your personal information, your session will time out after 45 minutes of non-use at Lenda.com. If you are leaving your computer unattended or if you used a public computer, we strongly recommend logging out to protect your information, regardless of how long it will be until your session expires.