Loan Origination reviews by real, verified users. Find unbiased ratings on user satisfaction, features, and price based on the most reviews available anywhere.
Loan origination software automates the end-to-end loan portfolio cycle, simplifying and improving both the application and approval of loans. Loan origination solutions offer a holistic view of borrower transactions across all channels and products within a single platform.
By centrally managing loan products, loan origination software reduces regulatory compliance risk. In addition, loan origination tools offer insight into each transaction through real-time business activity monitoring, as well as content and resource optimization through audit trails. Some loan origination tools include underwriting and rating software functionality and credit analysis. Loan origination software is often implemented through the cloud, and these solutions typically contain loan servicing software functionality or integrate with those solutions to provide a comprehensive loan management solution.
To qualify for inclusion in the Loan Origination category, a product must:
Floify is an automation solution for the mortgage industry that streamlines the loan origination process by providing a secure communications and document management portal that is shared between lenders, borrowers, real estate agents, referral partners, and other loan stakeholders. Mortgage brokers and loan officers use Floify to digitally collect and verify borrower documents, track loan progress, communicate with borrowers and real estate agents, and close loans faster and easier than ever.
TurnKey Lender is a global ULM (Unified Lending Management) leader. The company designs and develops intelligent award-winning software products that automate the entire lending process. The solution's capabilities cover traditional and alternative lending, SME financing, grant management, money lending, leasing, trade finance, in-house financing, and more. TurnKey Lender serves customers in 50+ countries, and the list keeps growing. As a pioneer in the development of AI software for lenders, T
LendingPad Corp provides a complete suite of loan origination solutions for mortgage brokers, lenders, banks, and institutions. LendingPad is designed to streamline lending operations, strengthen communication, and reduce costs in mortgage lending. The cloud-based solutions include end-to-end features such as the borrower portals, MLO app, document management, origination, processing, and fulfillment functionalities. LendingPad is a winner of the 2019 HousingWire's Tech100 award and one of the
Student Loan Servicing System provides customer service on your federal student loans, so this tool answers your questions, offers solutions if you're having trouble paying, and processes your payments.
Finflux is SaaS based lending platform that offers all-in-one solutions for needs of loan origination, loan management, financial accounting, marketplace integration, app based lending, alternative data based credit scoring, dashboards & reporting and analytics. At present we are serving about 4+ million borrowers with active loan portfolio of $3.2 billion. FinFlux is a fast-growing lending platform which offers classic and bespoke solutions. We can serve myriad institutions ranging from wh
Calyx® is an established provider of compliant mortgage software solutions used by banks, credit unions, mortgage lenders, and brokerages nationwide. The company’s easy-to-use technology, including its online borrower interview, loan origination systems, and secure electronic signature software, is designed to streamline, integrate and optimize all phases of the loan process for customers of various sizes, workflows, channels, and complexities. Combined with its extensive network of integrated p
Snapdocs is a digital closing platform that connects lenders and settlement so each can efficiently manage their closings and offer a referral-worthy experience for their shared customer, the borrower. Powering over 2,000,000 closings a year, Snapdocs is the only solution with a proven track record of creating a single, scalable process for every closing--whether wet, hybrid, or fully eClose.
LoanSifter by Optimal Blue operates the mortgage industry's digital marketplace which connects lenders, investors and providers with comprehensive secondary marketing solutions, market leading capabilities and value-added services that deliver results.
We are a B2B Saas that allows companies to rapidly take on clients where a mortgage application can be done in 7 minutes with documentation taking a further 20. We have integrated AML/KYC and PSD2 which all goes into our proprietary DAVV-ops (Detection, Authorization, Validation and Verification) engine so that lenders can do an end to end mortgage faster than ever before. Our software can be used by brokers or direct via lenders.
LoanSphere Empower is a state-of-the-art, enterprise loan origination system (LOS) that provides the functionality for every facet of the origination process from point-of-sale to post-closing. Offered as both an ASP and self-hosted solution, Empower supports consumer, retail and wholesale point-of sale channels; loan fulfillment and closing; pre- and post-closing audit and compliance functions; product and pricing; electronic document management; and industry-standard interfaces.
PCLender delivers the only “Total Mortgage Solution” designed specifically to simplify today’s lending complexities for small and mid-sized lenders. PCLender provides simple, elegant web-based mortgage solutions for community banks, credit unions and mortgage bankers. With a proven record of providing immediate return on your investment, PCLender is the most cost effective lending solution available. Owned and operated by Mortgage Bankers since 1997, we engage with lenders in a collaborative
RiskOrigins software is a next-generation, credit decisioning and monitoring platform that delivers improved risk management over the credit life cycle. The software offers a robust framework for regulatory compliance while helping banks retain their competitive edge through improved efficiencies and time-to-cash for customers.
absVision is an advanced loan origination and management software which supports many types of loans and interest calculations, including simple interest, fixed, blended and step rates, Rule of 78s, and average daily balance.
LendingWise is a web based, all-in-one CRM, LOS, Servicing & Marketplace platform used by lenders and originators of all sizes. At the core of our system is a point-of-sale system that is turnkey & configurable to almost any loan product. We make it easy to intake a custom loan application, automate the collection of required docs & work flow steps.
Vaultedge AI is an artificial intelligence & machine learning software that helps you extract relevant information from unstructured documents. Vaultedge software is being used by top BPO and Banking/Lending companies to automate the sorting/splitting, indexing, data extraction and validation of complex documents like Legal agreements, Mortgage application packages, Credit reports, Financial statements, Invoices etc. Compared to traditional OCR software that works only for structured documen
Loan origination software manages the application, decisioning, and issuing process for lenders of various types of loans. These solutions automate large portions of the loan process for lenders and often streamline the application process for borrowers. Loan origination solutions are typically bundled with loan servicing functionality to provide users with full-service loan management tools. These solutions are designed to automate credit scoring and decisioning while reducing risk, give customers more agency by providing a self-service portal, manage loan related documents, and allow lenders full insight into what loans are being extended to who.
Key Benefits of Loan Origination Software
Loan origination software is beneficial for a few reasons. These solutions facilitate the essential digitization of the loan industry, giving lenders the tools to improve back end processes and front end user experience.
Cost reduction — Loan origination solutions reduce the number of tasks that need to be taken care of by human agents, reducing unnecessary overhead. By automating decisioning at the credit approval stage and allowing customers to self-service accounts via client portals, loan origination software gives lenders valuable time to focus on more value adding tasks. These tasks can be centered around strategy or prospective client outreach. Clients can upload documents, update information on file, check up on the status of their requests, and more without needing to get in touch with a human agent. As long as the routing is well crafted and the back end set up handled properly, loan origination tools should make significant progress in reducing the amount of work lending agents need to sink into servicing their accounts. Financial institutions are always looking to reduce fixed costs, and the potential for a reduction in the number of agent hours spent on servicing accounts doing tasks that could be automated means that they can focus on growing the business.
Increased control — Lenders can set the rules in their automatic decisioning engines, and have more insight into their business with the analytics tools that loan origination solutions provide. Financial institutions that use loan origination solutions have a consolidated data set, with all origination activities in a single place. Lenders can drive increased efficiency and improved processes by using loan origination software. Loan origination solutions provide a single dashboard from which to manage an entire loan portfolio.
Automation — Loan origination solutions automate large swaths of the back end processes that lenders conduct. The automation accelerates the loan process, driving quicker decision making and allowing institutions using loan origination solutions to make rapid offers to potential customers. Financial institutions are increasingly looking to automation to cut costs and improve efficiency, and loan origination solutions can help a great deal when it comes to that.
Within the broader designation of lenders, there are several subsections of the industry that use loan origination software. Financial institutions that offer loans are the primary users of loan origination solutions leveraging these tools to automate underwriting, verify documents, approve credit, and more.
Commercial lenders — Commercial lenders are loan professionals in credit unions, banks, and other financial institutions.
Mortgage lenders — Lenders who focus entirely on mortgage lending. These are end-customer focused lenders dealing with relatively large loans for the purpose of purchasing a home.
Borrowers — Borrowers interact with the customer portal provided by the loan origination solution.
Construction lenders — These lenders focus primarily on extending loans for construction projects.
Loan origination software often contains, but is not limited to, the following features.
Document management — Loan origination solutions manage borrower documents, including the ability to verify relevant documents to help determine an individual applicant’s creditworthiness.
Loan processing — Maintains a repository of loan related documents, collecting new ones from incoming customers and aiding in the preparation of the documents.
Compliance management — Provides compliance management functionality for loan origination specific policies and the ability to change to comply with updated regulations.
Underwriting and rating — Automates underwriting and rating functions by providing built-in risk analysis. This feature allows users to construct custom approval rules.
Client management — Contains client information and facilitates client-lender communication. Consolidating client communications within the platform reduces the number of channels clients have to communicate with the lender.
Audit trail — This feature ties to compliance, and allows lenders to audit loan origination activities. Audit trails also provide better visibility into loan changes and streamline the process for any external third-party audits.
Pricing engine — Allows customers and potential customers to build out different potential loan situations and test out different inputs.
Customer portal — Self-service customer portal through which borrowers can upload documents, update information, check on account status, make loan payments, and more. The portal drives more engagement with fewer resources expended by the lender.
Loan servicing — Either provides bundled loan servicing functionality or integrates closely with a loan servicing solution. This provides a full service loan management solution for lenders.
Dashboards — Contains centralized dashboards for loan portfolio management.
Integration — Loan origination software needs to have solid integrations to other types of software like loan servicing software and mortgage CRM software, or contain integrated functionality that mirrors the feature sets of those types of solutions. Loan origination solutions should be relatively comprehensive, providing lenders with a holistic tool designed to take care of all loan management related needs. The goal of loan origination solutions is to drive success for lenders, which is why ease of use is key. Good integrations are vital to the ease of use, as they facilitate a consolidation of lending related data and eliminate possible headaches that accompany the use of multiple disparate systems that are not connected.
Security — Data security is extremely important for lenders looking to stay compliant with increasingly strict regulations around financial data. Financial data is important information that needs to be protected. Loan origination systems collect and maintain detailed financial records on lenders’ clients and prospective clients, making the systems’ security vitally important.