Reali Loans, formerly known as Lenda, is an online lending company that provides a fully digital application process. Headquartered in San Francisco, the company was founded in 2014 and acquired by Reali in 2019. Reali Loans offers purchase and refinance loans, and it does not charge lender fees on its mortgage products.
Reali Loans is licensed in 12 states. However, the company’s mortgage services are offered entirely online, so there are no locations where borrowers can meet with loan officers face to face. The states in which Reali Loans holds licenses are:
The minimum credit score Reali Loans will accept is 500, and the company will do manual underwriting when it’s required. Reali Loans provides financing for the following home types:
If borrowers wish to take out a mortgage product Reali Loans doesn’t currently offer, Reali Loans CEO Jason van den Brand said the company will connect them to partners that do provide those services. He offered an example of construction loans; Reali Loans does not offer these types of loans, but it works with partner companies that can.
How to apply. The Reali Loans application process is entirely digital. You can start an application via the website or mobile app, which works on smartphones and tablets. The first step is to input your basic application information, which is run in real time against the company’s underwriting algorithms. You’ll then be able to compare costs on title insurance, escrow and appraisal so you know up front what your key expenses will be for securing and closing the loan.
Disclosure process. After comparing those costs and selecting providers, you’ll proceed to document submission. Reali Loans’ machine-learning algorithm will adjust its queries based on your employment circumstances and other documents required according to your financial position and type of application. You’ll be able to give access to your financial accounts and tax data so the platform can return a lending decision fast.
Submitting loan for approval. After you’ve submitted your information, you’ll be able to track its progress via your online account. Van den Brand said borrowers will see updates at the same time as the company’s loan officers, so you’ll know instantly whether you need to submit additional information or when the loan has been approved.
Final approval. Once the full application is submitted, a loan advisor will reach out regarding locking your interest rate. Unless there are any potential issues in your application, you may be able to lock the loan within 24 hours.
Closing. Upon final approval, the loan may be closed within a day. Reali Loans offers both e-signature and e-closing options. When it’s time to close, you’ll be able to schedule a time that’s convenient for you, and you’ll meet with a notary via webcam. The notary will walk you through a series of digital documents you’ll review and electronically sign. Van den Brand said the closing process can be completed in 20 minutes.
Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.
The information in this article is accurate as of the date of publishing.