Whether between businesses, people, or both, loans are one of the most important things in the business world. Whether somebody wants a mortgage for a house or a business is looking to take out a loan to expand, loans have always and will always be important. After all, money makes the world turn, and if you don’t have the money you have to get it from somewhere. As banking entered the 21st century, loans ceased being matters of pen and paper, with lending software popping up rapidly as the world turned to computers. As with any other software, there is a lot to choose from. Thankfully, here’s a list of the best lending software, and why they might be a good fit for you.
Top 4 Best Lending Software
- Mortgage Automator– Best Lending Software for Automation
- Loansifter– Best Lending Software for Quick Loan Connections
- LoanPro– Best Lending Software for In-Depth Loan Servicing
- Margill Loan Manager – Best Lending Software for Flexibility and Customizability
1. Mortgage Automator– Best Lending Software for Automation
PRICING: Starting at $899 per month
If you’re looking for the most amount of return on the least amount of effort, look no further than Mortgage Automator. Mortgage Automator lives up to its name, with the goal of taking human error out of loan servicing. For a higher price, Mortgage Automator offers a wealth of features at three tiers, providing options that fit your budget and needs. Mortgage Automator also offers loan originator services as an extra tier, making it an ultimate program for all things loan-related.
KEY FEATURES:
- Automatic interest adjustment calculation when replacing investors mid-deal
- Automatic SMS notifications and emails to borrowers for NSF tracking
- Automatic warnings and alerts for payments
- Monthly statements, emailed automatically
- Ability to add custom fees
- Allows for adjustments mid-loan, such as schedule and frequency of payments
- Quickbooks integration
REASONS TO BUY:
- Mortgage Automator is extremely flexible, offering a wide variety of options and functionality
- Many features are automated, making your work easier and done quicker
- Takes checks, credit cards, and ACH
- Interest charges and calculations can be added at the push of a button
- Customized letterheads for emails and statements
- Populates all the annual accounting forms you will need, i.e 1099s, P&Ls, etc
REASONS TO AVOID:
- Higher price than other competitors
- It may have more functionality than you’re looking for, meaning you pay for functions you will not use
- Customer service is not available 24/7, meaning support may be heavily delayed depending on time zones
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2. Loansifter– Best Lending Software for Quick Loan Connections
PRICING: Starting at $79 per month
Loansifter from Black Knight has one goal, and it shows. Loansifter is all about efficiency and ease of use. With its powerful, dynamic search engine, Loansifter allows businesses to grow by helping match borrowers with the best possible investors. A PPE (product, pricing, and eligibility) engine, Loansifter may not be a true lending program in its own right, but it is a powerful tool to help enhance your day-to-day lending operations. To this end, Loansifter is uniquely certified to help meet the needs of your clients- living up to its name, it sifts through loans to find the best options!
KEY FEATURES:
- Integration with a variety of loan origination programs
- Over 100 loan investors are available
- Current loan rates update in real-time
- Efficient, dynamic searches provide multiple rate options per search
- ‘Edit’ feature allows you to change loan terms, such as amounts, within seconds
REASONS TO BUY:
- A very low starting price point in comparison to competitors
- Configurations and settings can be changed easily
- Contact system allows for borrowers and investors to be connected even easier
- Allows several modifiable parameters per search, so you only get accurate, worthwhile results
- Boasts over 6,000 users, 1,000,000 monthly searches, and 4.5/5 reviews
REASONS TO AVOID:
- Loansifter is not a true loan originator or loan servicing program and may have trouble serving their functions
- It may not be compatible with all loan origination programs
- The site may be slow at times
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3. LoanPro– Best Lending Software for In-Depth Loan Servicing
PRICING: Starting at $500 per month
Much like all the others on this list, LoanPro lives up to its name. LoanPro is a program made by professionals, for professionals, with the goal of allowing innovators to innovate and make lending as easy as possible. LoanPro is built off its own API, meaning it’s always up-to-date, and its reviews vouch for this. With almost five out of five stars, users specifically love how powerful LoanPro is.
KEY FEATURES:
- LoanPro is scalable, working with big and small loans
- Partnered with a wide variety of lenders
- Real-time database access
- Onboard tools help pull off calculations other software is not equipped for
- Cloud-based, so teams can access LoanPro from anywhere
- Web-based, so no download is required
- Allows for entirely-automated collections
REASONS TO BUY:
- Free trial available
- LoanPro, as both a software and a company, is built to work with companies of any size and business volume
- LoanPro is used by a selection of big-name banks and other lending companies, such as Snap! Finance
- Intelligent personnel eager to solve your problems and integrate LoanPro into your business
- Helps keep accurate records with a unified file management system
- Can easily handle tricky calculations
- The support team is notoriously helpful and knowledgeable
- LoanPro is extremely flexible, allowing for even leases rather than loan management
REASONS TO AVOID:
- Requires a half-hour ‘lending strategy session’ before getting a free trial or purchase
- LoanPro software may have issues with capitalization and grammatical case
- It may take some time and effort to customize the software to your needs
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4. Margill Loan Manager – Best Lending Software for Flexibility and Customizability
PRICING: One-time payment of $3995 for the on-premises version
Owned by Jurismedia, the Margill Loan Manager is an absolute beast in terms of options. Boasting almost twenty different categories of available loans, from student loans to energy efficiency loans, this is just the beginning of Margill’s powerful selections.
KEY FEATURES:
- The Cloud version is usable from any device on any operating system
- Automated reports generation
- Automated alerts to borrowers via email or SMS
- Fees automatically added based on the user’s rules
- Integrated with Salesforce
- Capable of advanced calculations regarding interest
- Handles multiple fee types and automated fees
- Browser-based web portal available
- Can populate financial projections
REASONS TO BUY:
- Thirty-day free trial available, along with a schedulable demo
- Also has loan origination services
- After a one-time setup, much of Margill’s features can be automated
- Exports reports to software formats usable by a variety of office programs
REASONS TO AVOID:
- On-premises version is exclusive to Windows
- On-premises version has an optional annual update that may be pricey
- The system may experience occasional downtime
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References & Links
- https://www.g2.com/categories/loan
- https://www.capterra.com/loan-servicing-software/
- https://www.capterra.com/p/191761/Mortgage-Automator/
- https://www.mortgageautomator.com/features/loan-servicing/
- https://www2.optimalblue.com/product-and-pricing-for-mortgage-brokers/
- https://www.g2.com/products/black-knight-loansifter/reviews
- https://get.loanpro.io/loan-servicing-software-gartner/
- https://www.capterra.com/p/158549/LoanPro-Software/reviews/
- https://www.capterra.com/p/158549/LoanPro-Software/
- https://www.capterra.com/p/79849/Margill-Loan-Manager/reviews/
- https://www.margill.com/en/loan-servicing-software2/