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- and loans have to start somewhere, too! Loan origination software makes loan origination easy, taking all the pen and paper out of this crucial step in the lending process. The only problem with loan origination software is that there are so many to choose from. Luckily, this list is here to show you your best options.

Top 4 Best Lending Software

  1. Mortgage Automator– Best Loan Origination Software for Automation
  2. Loansifter– Best Loan Origination Software for Quick Loan Connections
  3. The Mortgage Office– Best Loan Origination Software for Full-Spectrum Loan Origination and Servicing
  4. MeridianLink Mortgage– Best Loan Origination Software for Quick and Easy Loan Origination

1. Mortgage Automator– Best Loan Origination 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 origination. For a higher price, Mortgage Automator offers a wealth of features at three tiers, providing options that fit your budget and needs. Mortgage Automator is just as much a loan manager as it is a loan originator, 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

2. Loansifter– Best Loan Origination 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 loan origination program in its own right, but it is a powerful tool to help enhance your day-to-day loan originating. 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 program and may have trouble fully serving as one
  • It may not be compatible with all loan origination programs
  • The site may be slow at times
  • If you are a direct lender, Loansifter may not be right for you

3. The Mortgage Office– Best Loan Origination Software for Full-Spectrum Loan Origination and Servicing

PRICING: Starting at $595 per month

For The Mortgage Office, service is the name of the game. The Mortgage Office’s goal is to be a one-stop shop for all things loan-related and judging from customer feedback, this software has hit the mark! With over 200 reviews and a 4.8/5-star rating, customers have nothing but good things to say about The Mortgage Office. The Mortgage Office comes to you via Applied Business Software, a company founded in 1978 that is dedicated to providing companies with the best software possible, and with The Mortgage Office, many may say they’ve succeeded. If you’re in the business of both loan origination and loan servicing, The Mortgage Office may be just what you’re looking for.

KEY FEATURES:

  • Loan origination and loan servicing are both available in one system
  • Easy generation of loan documents
  • Pulls credit reports
  • Allows for custom processing workflows
  • Speeds up escrow and underwriting processes
  • Documents can be sent for signature easily
  • The online loan application portal allows for easy access at any time

REASONS TO BUY:

  • Free live demo available
  • Offers in-person training in select locations
  • The web-based, cloud-centric platform allows users to access the system from anywhere
  • The support team is extremely knowledgeable and helpful
  • Many types of loans supported
  • An unlimited number of lenders supported
  • Limited accounting features help you keep track of your money

REASONS TO AVOID:

  • The mobile version is not compatible with Android
  • The desktop version is not compatible with Chromebook
  • System layout may be difficult to understand

4. MeridianLink Mortgage– Best Loan Origination Software for Quick and Easy Loan Origination

PRICING: MeridianLink requires a demo before pricing is discussed.

MeridianLink Morgage was formerly known as LendingQB, a trusted name in lending software with over twenty years of use. Though LendingQB may have changed its name, it didn’t change any of its credibility- while it may not be the largest software on the market, it is a beloved one. With a built-in PPE, MeridianLink Mortgage is a strong loan origination software designed to set up loans as quickly as possible.

KEY FEATURES:

  • MeridianLink Mortgage’s “PriceMyLoan” tool allows for automatic underwriting, pricing, and fee management
  • Automated integrated help ensure compliance with any necessary regulations
  • Extremely comprehensive originator API
  • The modifiable business rules engine allows customizable workflow and loan task creation

REASONS TO BUY:

  • Strong customer service
  • Partnered with over 250 vendors
  • Free demo available
  • A built-in PPE allows borrowers to get the best options available
  • The cloud-based system allows access from anywhere
  • The desktop version supports all operating systems

REASONS TO AVOID:

  • Lack of customization on the user side of operations
  • The mandatory free demo requires more information than you may feel is necessary
  • No mobile support
  • Designed for large-scale lending operations like banks, and may not be useful for smaller businesses

References & Links

  • https://www.capterra.com/p/191761/Mortgage-Automator/
  • https://www.mortgageautomator.com/features/loan-servicing/
  • https://www.capterra.com/loan-origination-software/
  • https://www2.optimalblue.com/product-and-pricing-for-mortgage-brokers/
  • https://www.g2.com/products/black-knight-loansifter/reviews
  • https://www.capterra.com/p/9277/The-Mortgage-Office/
  • https://www.capterra.com/p/9277/The-Mortgage-Office/reviews/
  • https://www.themortgageoffice.com/loan-origination-software.aspx