We have news! LendAPI has successfully raised our seed round. See announcement here.

We’ve been doing a lot of planning this last month or so. Sam and I have a plan to beef up our onshore and offshore engineering team. We’ve been busy interviewing. We are also bringing on sales and project management talent. In the area of finance, we’ve found an awesome CFO, we can’t wait to make these announcements and crank up the volume

On the project front, we’ve released v2.5.9. It’s another monster release loaded with many enhancements and customer feedback items. One of the most important tenants of our company is that we listen to our customers constantly. Only they will tell us what hurts and where it hurts.

We are on the cusp of releasing our LendAPI Mortgage APIs that will support rapid prototyping of MortgagePOS for our customers. It will come out at the perfect time as US Federal Reserves are cutting rates towards the end of 2024 and heading into 2025.

Lastly, we are launching LendAPI Podcast, where we will conduct interviews with all of our marketplace participants to get more word on the streets about how we collaborate. We are working with a celebrity host and that announcement is forthcoming. 

Here are all the details in v2.5.9

Overall Platform Updates

• We enhanced the OTP screen UI to validate end clients when admins need to verify and resolve issues for the end applicants. This is released in v2.5.9 

• We added the History tab to the Personal Loans loan type. This is released in v2.5.9

• We enhanced and cleaned up some spacing UI issues in the applications. This is released in v2.5.9

• We synced the monthly pricing information during the sign up process. This is released in v2.5.9

• We fixed an issue where there are multiple default cards in the Billings section of the platform. This is released in v2.5.9

Product Studio 

• We finished a Real Estate financing workflow for a new client. This is released in v2.5.9

• We modified an API to pass Medical Provider and Medical Provider Type to the Health Care Financing firms. This is released in v2.5.9

• We implemented a Hard Credit Posting for an Energy Financing company. This is released in v2.5.9

• We corrected an email routing flow specifically for the state of Wisconsin where the applicant’s spouse needs to be notified of a credit application being initiated. This is released in v2.5.9 

• We added a search box when dealing with variables in the Product Studio to enhance quicker access to elements available while building the product. This is released in v2.5.9

• We further enhanced the “Scroll to the bottom” button on mobile UI. This is released in v2.5.9

• We developed a cloning technology where you can quickly clone a product that’s already built in your Product Studio library. This is released in v2.5.9

• We fixed a few display related bugs in Product Studio, these are released in v2.5.9

Rules Studio

• No changes

Variable Studio

• We addressed an issue where the raw variable is null and the raw variable is part of a derived variable customized by the bank. This fix is released in v2.5.9

• Edit Variable for a List Type variable was causing issues. This was fixed in v2.5.9

Pricing Engine

• You can now use custom and derived variables in the Pricing Engine mapping exercise! This provides even more flexibility for our lenders and banks to calibrate and update their pricing algorithms. This is now released in v2.5.9

• We added a new column where we can see who created each Pricing Algorithm in the Price Engine listing view. This is released in v2.5.9

Reports Studio

• No changes

Tenant Admin Features

• We added a User List tab in the Tenant setup so you can see all of the users assigned under each Tenant (Branch, Affiliates, Store etc). This enhancement is deployed in v2.5.9

• You can manage users inside of the Tenant management dashboard. To add more users under each tenant. This is released in v2.5.9

• Tenant admin panel now has a Tenant dashboard where it can view its own applications, users, sub-tenants etc. This is released in v2.5.9

Tools

• No changes

Integration Partners

• We added 200 more variables from TransUnion. This is now released in v2.5.9

• We are now displaying Credit Freeze indicators in the Underwriting section of the Application Dashboard under each applicant. This is released in v2.5.9

• We cleaned up some Plaid warning messages whenever Plaid is not fully set up by our clients. This reduced confusion. This is released in v2.5.9

• We’ve decoupled a few Integration Partners such as Pave and Chirp so each of these integrated partners can marry up with other integrated partners. This is released in v2.5.9

• We made enhancements where if two integrated partners are part of a parent tree and a child tree, only the partners on a certain path are called. If an applicant traverses through the parent tree, only the integrated partners attached to the parent tree will be called. Whereas if the applicant goes through the combination of parent and child tree, then each of the integrated partners attached to the parent and child tree will be called. This separation gives banks flexibility and reduces cost. This enhancement is deployed in v2.5.9

• We fixed a bug where the TransUnion Product Code edit is now showing the product code value. This is fixed in v2.5.9

• We also fixed the TransUnion Product Code error as well. This is fixed in v2.5.9

• We resolved an issue where the application is displaying “Request Code is Invalid” in the Chirp widget. We resolved this in v2.5.9

About LendAPI

LendAPI is the only digital onboarding platform for banks with a suite of Product Studio, Rules Studio, Pricing Engine, Integration Marketplace and Variable Studio all working in concert on one platform to help Banks and Fintech launch products in just a few clicks. Follow us on Linkedin, X, YouTube, LendAPI Podcast, Substack (Invite Only) and our “LendAPI v2.5.4 Platform Video!”