Loan Servicing reviews by real, verified users. Find unbiased ratings on user satisfaction, features, and price based on the most reviews available anywhere.
Loan servicing software automates and manages the loan lifecycle, from origination to reporting. Many lenders opt to service their own loans, as this allows for increased profits and greater control over regulatory compliance. Loan servicing software minimizes error and effort when tracking and reconciling loans. These solutions control service loans internally, helping to improve regulatory compliance and manage customer service operations.
Loan servicing software is designed to help lenders increase revenue, simplify portfolio management, improve customer satisfaction, and reduce operating expenses. Because loan servicing software improves workflow efficiency, it should integrate with existing CRM tools. Loan servicing software typically contains loan origination software functionality or integrates with loan origination solutions to provide comprehensive full-cycle loan management.
To qualify for inclusion in the Loan Servicing category, a product must:
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
Calyx PointCentral is a mortgage platform that offers potent administrative control in a single centralized database providing data integrity and reporting features to help manage your business practices and processes.
With FIS Commercial Lending Suite, you can choose from a complete solution for the entire commercial loan process with built-in workflow and analytics or specific modules based on your individual needs to deliver an exceptional customer experience and reduced costs.
DownHome Loan Manager is a loan managemetn software designed to streamline loan tracking for multiple loan funds with adjustable modules and customizations available, and navigation for billing and reports.
Margill Loan Manager is a loan servicing and credit management system that allows you to manage costly calculation errors, risk and bad debts, staff time and productivity, access to critical, consolidated information, accounting reporting time, and more.
Mortgage Servicer is a mortgage loan software suite that includes solutions for servicing, automated accounting capabilities, imaging, report writing, and online access that allows you to manage your bottom line.
The Mortgage Office Loan Servicing is a module that streamlines and automates your current loan servicing tasks allowing you to assign funding sources per loan, track loan charges and advances, process payments, and more.
ACES Risk Management's (ARMCO) flagship product is ACES (Automated Compliance and Evaluation System) Web Audit Technology™ which enables full understanding of mortgage loan quality, how to control it and how to convey it. According to the vendor, their web-based solution includes highly customizable technology that places audit plans, policies and procedures in motion to significantly reduce time and risk.
CL Collections is a customer-centric collections application designed to enable lenders to define and automate collection strategies, optimize customer interaction across channels, lower risk and reduce technical and operational costs.
The Cloudvirga Enterprise POS includes all the features of the Mobile POS and includes an environment for LOs that helps them structure the deal and service their customers. The Enterprise POS also includes directed workflows, calculates risk, and checks compliance to create underwriter-ready loans.
DrawTrak is a system for lenders of residentail and commerical construction loans that allows you to track each stage of the loan from the builders cost estimate through the final draw, with reports at each stage to allow you to catch potential problems.
LOAN SERVICING SOFT is a cloud-based or installed loan servicing system. Flexible, scalable & easy to use. Ideal for originating and servicing all loan types. Origination, Servicing, Investors, Trust Accounting, Reporting, Collections. An ideal solution for both private money/hard money lenders up to large financial institutions. The platform offers customizable web applications and live web portals for both borrowers and investors.
SoFi is a values-driven company on a mission to help our members get their money right. Creates modern financial products and services that help people borrow, save, spend, invest, and protect their money better, so that they can achieve financial independence and realize their ambitionsfrom owning a home to saving for retirement, paying off their student loans, and more.
The Loan Office streamlines and automates your current loan servicing tasks, allowing you to handle your loads with modules incluiding tracked loan charges and advances, process payments, schedule loan reminders, and more.
Trakker is a loan servicing software solution that has fuctions and features to help you manage your loans, such as managing reports, print couponbooks and reciepts, develop and print custom letters or use pre-designed letters, track insurance, tax due dates , and more.
Loan Origination System is written in a visual pascal programing language with a graphical point and click interface that incorporates SQL client/server database architecture for single and multi-user network applications, and more.
Loan servicing software is vital to lenders’ operations. This software is typically used in conjunction with loan origination software, but also offered as a stand-alone piece of software. Loan servicing software handles all loan activity after funds are distributed to the borrower. Loan servicing software automates loan servicing activities, including notifying borrowers of payments due, collecting payments, and dealing with any customer information updates.
Key Benefits of Loan Servicing Software
For lenders in the digital age, a loan servicing system is not just nice to have, it’s a necessity. Loan servicing systems, when coupled with a good loan origination tool, provide lenders a comprehensive system to manage the entire lending process from end to end. Lenders use loan servicing systems to be more efficient, profitable, and deal with customers more effectively. High customer satisfaction will always be vital to customer retention and acquisition, particularly in the digital age. Of course, all the tech in the world won’t make up for poor rates, but in a field of similar rates, a well curated digital experience can be the difference between competitors. Loan servicing software helps automate large portions of the loan management process. This includes everything from handling payments, sending messages to borrowers, dealing with multiple currencies and payment types, and creating workflows to improve the process.
Efficiency — Loan servicing software allows lenders to automate many administrative tasks that loan management requires. These tasks include payment reminders, administering penalties and fees, and accurately recording relevant information. Eliminating the need for human agents makes business more efficient and reduces many of the costs associated with running a lending business.
Consolidation — Comprehensive loan management software consolidates loan related information into a single system. Retaining a single record where all loan related activity is deposited, including client information, is a boon for businesses. This software helps ensure the correct transfer of information, and eliminates discrepancies between systems, as long as the information is recorded correctly.
Tracking — Loan servicing software allows users to track payments, collateral, statements, and more. Depending on the depth of functionality in the specific product, loan servicing solutions sometimes offer customized workflows for payment application options, multicurrency reconciliation, amortized fee schedules, and more.
Any organization that lends money can use a loan servicing system, but there are a few major types of lenders that use these solutions. The primary users of loan servicing systems are direct lenders, typically banks and credit unions, that loan money directly to the borrower. They are responsible for the distribution and collection of the loans, and must maintain meticulous records of all the active loans they have.
Loan servicing software may include, but is not limited to, the following features:
Payment management — Loan servicing solutions all include payment management capabilities. Payment management capabilities allow lenders to collect on the loans they’ve extended.
Analytics — Many of these solutions provide lenders with built-in analytics tools. These tools give lenders insight into repayment rates, client-lender interactions, and more. Many solutions contain customizable analytics features as well.
Messaging — Loan servicing solutions contain messaging functionality so lenders can communicate with borrowers via SMS, email, and other channels. This feature helps lenders ensure they are contacting the correct borrower. This is important to maintain the privacy of sensitive borrower information.
Client management — This feature gives users the ability to manage client relationships within the tool. This includes client information and credit bureau information to help lenders determine a borrower’s credit-worthiness, and more.
Client portal — Many tools offer a built-in portal for clients to upload important documents for application review, change information, and make payments.
Reporting — Most solutions have built-in reporting functionality. This helps lenders gain insight into their business’s efficiency and effectiveness.
Automation — Like many other types of software, loan servicing software helps automate a variety of tasks. This tool helps flag potential upsells, track interactions between borrower and lender, and send push reminders to borrowers.
Workflow management — Every business has a slightly different workflow that works best for them. This software allows users to build workflows within the tool.