Comparison
LendPacket vs. email + Dropbox
Most lending teams don't use bad software to collect borrower documents — they use no software. Here's an honest look at what changes when the default workflow gets a purpose-built replacement.
Requesting documents
Email + shared folders
You write the list by hand in an email, per loan, and hope you didn't forget anything.
LendPacket
Pick a pre-built checklist (SBA 7(a), 504, Express, Conventional, FHA, VA, Non-QM, Commercial, DSCR) and send one link. Every item, every party, one send.
How borrowers upload
Email + shared folders
Email attachments (size limits, version confusion) or a shared folder the borrower must sign up for.
LendPacket
One magic link, no account, no password, any device. Guarantors and CPAs get their own scoped links.
Knowing what's missing
Email + shared folders
You open the folder and compare against the list in your head or a spreadsheet. Every day.
LendPacket
A live status board per file: received, missing, flagged, stale — visible at a glance without opening anything.
Checking what came in
Email + shared folders
Someone opens every PDF: right year? all pages? signed? Often discovered weeks later in underwriting.
LendPacket
AI reviews every upload on arrival — wrong tax year, missing pages, missing signatures get flagged instantly and bounced back with a plain-language note. Your team always has the final say.
Stale documents
Email + shared folders
Nobody notices the bank statement aged past 90 days until the file reaches underwriting — then you re-chase.
LendPacket
Recency rules tracked per document. Items flip to 'stale' automatically and the borrower can be re-asked without you lifting a finger.
Following up
Email + shared folders
You write the chase emails. Again. And again.
LendPacket
Automated reminders on your schedule, plus AI-drafted follow-ups for quiet borrowers that you approve before they send.
Security & audit
Email + shared folders
Documents sit in inboxes and shared folders; forwarding happens; there's no record of who did what.
LendPacket
Expiring scoped links, short-lived signed downloads, and a full audit trail of every action on every file.
Cost
Email + shared folders
Free in software, expensive in hours: processors spend days per file on chasing and checking.
LendPacket
From $149/month. Priced on active borrower files — unlimited borrower uploads, no per-borrower fees.
Weighing more than the default? Our buyer's guide to borrower document collection software covers the whole category.
FAQ
Common questions
Is email + Dropbox ever enough?
Honestly, yes: if you close a handful of simple loans a year with one document provider each, email works. Purpose-built collection starts paying for itself when files involve multiple parties (borrowers, guarantors, CPAs), document recency rules, or enough volume that chasing and re-checking eats real processor hours.
Do borrowers need to create an account?
No. Borrowers, guarantors, and accountants upload through a secure magic link — no login, no password, from any device. Links are scoped to exactly the documents that person owes, they expire, and they can be revoked.
What does the AI actually check?
Every upload is classified (document type, tax year, period) and reviewed for completeness: wrong tax year, missing pages, missing signatures, and documents that are already stale under recency rules. AI review is advisory — it is a tireless first reviewer, and your team can always override any flag.
What does LendPacket cost?
Starter is $149/month (2 users, 15 active files), Team is $399/month (7 users, 50 active files), Growth is $899/month (25 users, 150 active files). Pricing is based on active borrower files — unlimited borrower uploads, no per-borrower fees. Every plan starts with a 14-day free trial of Team, no credit card required.
How long does it take to switch?
Minutes, not a migration. There is no data to import: create your first loan file from a template, send the link, and the checklist starts filling itself in. Your old files can stay wherever they are.
Retire the chase-email.
Create a file, send one link, and watch the checklist fill itself in — free for 14 days, no credit card.
14 days of the Team plan. No credit card required.