Revolutionizing roof financing

By Emma Peterson.

Save time and money with Leap’s Universal Credit Application!

The traditional process of financing a new roof is frustrating and complicated for both the homeowners applying and contractors trying to help them. But Leap is revolutionizing that process with their Universal Credit Application. In this episode of Roofing Road Trips®, Karen Edwards spoke with Leap’s Head of FinTech, Craig Jones, about how this tool makes financial transactions more efficient.

Where traditional financing starts is with lending applications. Craig explained, “If a contractor wanted their homeowner to have two or three lender options, they’d have to go to two or three portals, complete two or three full-credit apps, which are pretty lengthy.” With the Universal Credit Application, all you have to do is fill out the information once and then it can be transferred to different applications. If you have kids applying to college, you can think of it like using the Common Application versus individual application forms for each school.

Further, once contractors establish a relationship with different lenders or financial institutions, they can get pre-approved to offer specific loan plans to homeowners. Craig explained, “Once you've established a relationship with that lender and they issue a lender ID that identifies that your company is approved with certain lenders, you can turn on certain plans in the Leap system that you want to offer to consumers, so you can say what's the most favorable.” Using the college example, getting this pre-approval is like getting a pre-requisite for a class. Leap makes it so that contractors can waive that pre-requisite step, saving them time and delivering offers to their homeowners quicker.  

These are only two of the features that Leap’s Universal Credit Application utilizes to make the financial side of the roofing industry smoother for everyone, both contractors and homeowners. Ultimately, this tool turns what could be a multi-day or even month long process into the click of a button. As Craig put it, “It varies by lender and it varies by circumstances. But if it's a clean application, meaning the data is prepared properly and it's good and we have edits and fields to make sure that we correct it before it even gets submitted, the decision comes back within seconds.”  

Read the transcript or Listen to the episode to learn more about how Leap is revolutionizing roof financing.