# Best Loan Servicing Software for Small Business *By [Neya Kumaresan](https://research.g2.com/insights/author/neya-kumaresan)* Products classified in the overall Loan Servicing category are similar in many regards and help companies of all sizes solve their business problems. However, small business features, pricing, setup, and installation differ from businesses of other sizes, which is why we match buyers to the right Small Business Loan Servicing to fit their needs. Compare product ratings based on reviews from enterprise users or connect with one of G2's buying advisors to find the right solutions within the Small Business Loan Servicing category. In addition to qualifying for inclusion in the Loan Servicing Software category, to qualify for inclusion in the Small Business Loan Servicing Software category, a product must have at least 10 reviews left by a reviewer from a small business. ## How Many Loan Servicing Software Products Does G2 Track? **Total Products under this Category:** 171 ## How Does G2 Rank Loan Servicing Software Products? **Why You Can Trust G2's Software Rankings:** - 30 Analysts and Data Experts - 800+ Authentic Reviews - 171+ Products - Unbiased Rankings G2's software rankings are built on verified user reviews, rigorous moderation, and a consistent research methodology maintained by a team of analysts and data experts. Each product is measured using the same transparent criteria, with no paid placement or vendor influence. While reviews reflect real user experiences, which can be subjective, they offer valuable insight into how software performs in the hands of professionals. Together, these inputs power the G2 Score, a standardized way to compare tools within every category. --- **Sponsored** ### TaskSuite TaskSuite is a revolutionary cloud-based solution designed to transform the loan management landscape. Our platform streamlines every phase of the loan lifecycle, from origination through servicing to credit management, with unparalleled efficiency. By leveraging TaskSuite, financial institutions can enjoy a seamless, automated process that reduces manual work, accelerates decision-making, and enhances customer satisfaction. Our innovative system offers robust customization options, allowing for a tailored approach that meets the unique needs of brokers and lenders alike. TaskSuite stands out by providing comprehensive analytics, real-time tracking, and a user-friendly interface, ensuring that our clients stay ahead in the competitive financial market. [Visit website](https://www.g2.com/external_clickthroughs/record?secure%5Bad_program%5D=ppc&secure%5Bad_slot%5D=category_product_list&secure%5Bcategory_id%5D=392&secure%5Bdisplayable_resource_id%5D=392&secure%5Bdisplayable_resource_type%5D=Category&secure%5Bmedium%5D=sponsored&secure%5Bplacement_reason%5D=page_category&secure%5Bplacement_resource_ids%5D%5B%5D=392&secure%5Bprioritized%5D=false&secure%5Bproduct_id%5D=1208157&secure%5Bresource_id%5D=392&secure%5Bresource_type%5D=Category&secure%5Bsource_type%5D=category_page&secure%5Bsource_url%5D=https%3A%2F%2Fwww.g2.com%2Fcategories%2Floan-servicing%3Fpage%3D3&secure%5Btoken%5D=50c3fde416903c9210c10568d6691010538e3b841b51c94ba9102574d1de0050&secure%5Burl%5D=https%3A%2F%2Fwww.tasksuite.com%2F&secure%5Burl_type%5D=company_website) --- ## What Are the Top-Rated Loan Servicing Software Products in 2026? ### 1. [The Mortgage Office Loan Servicing](https://www.g2.com/products/the-mortgage-office-loan-servicing/reviews) The Mortgage Office is a comprehensive loan management platform designed to assist lenders in managing their lending operations efficiently. With over 45 years of industry experience, this solution caters to a diverse range of users, including private lenders, municipalities, educational institutions, and non-profits. The platform supports various lending types, such as conventional loans, construction financing, and specialized lending programs, making it a versatile tool for organizations with diverse portfolios. The Mortgage Office offers end-to-end loan management capabilities that streamline the entire lending process. From loan origination to servicing and fund management, the platform facilitates seamless connections between borrowers, lenders, and investors. Key features include automated workflows for loan origination, efficient payment handling and escrow administration for loan servicing, and robust tools for fund tracking and investor reporting. These features are designed to enhance operational efficiency and ensure compliance with regulatory requirements across all states. Lenders choose The Mortgage Office for its proven expertise and commitment to compliance. With a legacy of supporting 1,100+ lenders managing more than $190 billion in loans globally, the platform has established itself as a trusted solution in the industry. The Mortgage Office automates various regulatory requirements, including RESPA and HMDA, ensuring that users can focus on their lending operations without the burden of manual compliance checks. Additionally, the user-centric design of the platform, featuring intuitive borrower and investor portals, enhances communication and accessibility. The platform's cloud-based infrastructure provides unmatched reliability and scalability, allowing it to grow alongside the needs of its users. Customizable dashboards deliver actionable insights into portfolio performance and trend analysis, while the Pro Pilot AI Assistant simplifies workflows with automated processes and contextual help. Seamless integrations with industry-leading tools further enhance the platform's capabilities, enabling users to streamline document preparation, default management, and payment processing. The Mortgage Office also prioritizes security, adhering to SOC 2 compliance and employing rigorous data protection protocols. By transforming the lending experience, The Mortgage Office empowers lenders to focus on building meaningful relationships with borrowers and improving operational efficiency. The platform's innovative features and commitment to user support position it as a valuable asset for organizations looking to optimize their lending operations and unlock new revenue opportunities. **Average Rating:** 4.9/5.0 **Total Reviews:** 78 **How Do G2 Users Rate The Mortgage Office Loan Servicing?** - **Ease of Use:** 9.1/10 (Category avg: 8.8/10) - **Quality of Support:** 9.6/10 (Category avg: 8.8/10) **Who Is the Company Behind The Mortgage Office Loan Servicing?** - **Seller:** [The Mortgage Office](https://www.g2.com/sellers/the-mortgage-office) - **Company Website:** https://www.themortgageoffice.com/ - **Year Founded:** 1978 - **HQ Location:** Huntington Beach, CA - **Twitter:** @TMOsoftware (2,979 Twitter followers) - **LinkedIn® Page:** https://www.linkedin.com/company/the-mortgage-office/ (108 employees on LinkedIn®) **Who Uses This Product?** - **Top Industries:** Financial Services, Real Estate - **Company Size:** 81% Small-Business, 8% Mid-Market #### What Are The Mortgage Office Loan Servicing's Pros and Cons? **Pros:** - Ease of Use (28 reviews) - Customer Support (26 reviews) - User-Friendly (17 reviews) - Loan Management (15 reviews) - Quick Response (15 reviews) **Cons:** - Loan Issues (5 reviews) - Poor Performance (5 reviews) - High Interest (1 reviews) ### 2. [Lendr](https://www.g2.com/products/lendr/reviews) ​Lendr is an all-in-one loan origination and servicing platform tailored for hard money and private money lenders. Designed to streamline and scale lending operations, Lendr offers a suite of robust features that address the unique challenges of managing multiple loans.​ If you're still using Excel to manage your entire loan portfolio, it's time to upgrade to a more modern solution. Key Features: Comprehensive Loan Origination: Automate loan intake and underwriting processes, reducing manual tasks and expediting approvals.​ Advanced Loan Servicing: Efficiently manage existing loans with tools that simplify payment collection and tracking.​ Capital Management: Easily oversee and track investor portfolios, ensuring transparency and effective communication.​ Payment Collection: Facilitate seamless payment processes between borrowers and lenders, enhancing the overall lending experience.​ Tax Automations: Generate 1099 and 1098 tax forms with a single click, simplifying compliance and reducing administrative burdens.​ Draw Management: Streamline the handling of construction or renovation loan disbursements, ensuring timely and accurate fund releases.​ Dynamic Document Generation: Create customized loan documents, payoff letters, and more, tailored to specific loan requirements.​ joinlendr.com Borrower & Investor Portals: Provide clients with secure, user-friendly portals for real-time access to loan information and updates.​ E-Signature Integration: Simplify document execution with integrated e-signature capabilities, reducing delays and enhancing efficiency.​ ACH Payment Processing: Enable electronic payments, ensuring timely transactions and improved cash flow management.​ Credit Report Integration: Access credit reports directly within the platform, aiding in informed decision-making during the underwriting process.​ Public Record & Valuation Metrics: Leverage integrated public records and valuation data to assess property values and borrower credibility.​ Multi-User Support & Permissions: Collaborate effectively with team members by assigning roles and permissions, ensuring secure and organized operations.​ Broker Portal: Allow brokers to submit and track loan applications, expanding your lending network.​ API Access: Integrate Lendr with other systems to create a seamless workflow tailored to your business needs.​ Lendr's platform is designed to replace disjointed tools like spreadsheets and cloud drives, offering a cohesive solution that enhances efficiency and scalability. By consolidating loan origination, servicing, capital management, and compliance into a single platform, Lendr empowers lenders to focus on growth and client satisfaction. **Average Rating:** 5.0/5.0 **Total Reviews:** 27 **How Do G2 Users Rate Lendr?** - **Ease of Use:** 9.4/10 (Category avg: 8.8/10) - **Quality of Support:** 10.0/10 (Category avg: 8.8/10) **Who Is the Company Behind Lendr?** - **Seller:** [Lendr](https://www.g2.com/sellers/lendr) - **HQ Location:** N/A - **LinkedIn® Page:** https://www.linkedin.com/company/No-Linkedin-Presence-Added-Intentionally-By-DataOps (1 employees on LinkedIn®) **Who Uses This Product?** - **Top Industries:** Real Estate, Financial Services - **Company Size:** 96% Small-Business #### What Are Lendr's Pros and Cons? **Pros:** - Ease of Use (10 reviews) - Customer Support (8 reviews) - User-Friendly (7 reviews) - Quick Response (6 reviews) - Loan Management (5 reviews) **Cons:** - High Cost (1 reviews) - Poor Performance (1 reviews) ### 3. [Mortgage Automator](https://www.g2.com/products/mortgage-automator-mortgage-automator/reviews) Mortgage Automator is a purpose-built loan origination and servicing platform designed for private and hard money lenders in North America. It streamlines the entire loan lifecycle, from initial application and underwriting to document generation, servicing, renewals, reporting, and fund management, all within a single, centralized system. Whether you're managing residential, commercial, or construction loans, the platform helps reduce manual work and improve operational efficiency at every stage. The software was originally created by private lenders to solve real-world inefficiencies in their own lending operations. Since then, it has evolved into a robust SaaS solution used by hundreds of lenders across the industry. With powerful automation tools, Mortgage Automator simplifies key tasks like document creation, compliance checks, borrower communication, and investor reporting. Payment tracking, interest calculations, servicing workflows, and fund disbursements are fully automated, minimizing human error and freeing teams to focus on growth. Standout features include customizable workflows, branded borrower, broker, and investor portals, and a built-in CRM for deal tracking and client management. Documents such as commitment letters, loan agreements, and discharges can be generated instantly. Lenders can give borrowers, brokers, and investors secure, real-time access to updates, statements, and communications, all under their own brand. Mortgage Automator also integrates with leading tools like Zapier, credit bureau agencies, and QuickBooks, ensuring seamless adoption within your existing tech stack. As a cloud-based platform, it offers secure remote access and scalability as your business grows. But what truly sets it apart is its customer-centric approach: the team offers personalized onboarding, responsive support, and continues to develop the platform based on client feedback. Whether you're a small lender or scaling a high-volume operation, Mortgage Automator helps eliminate bottlenecks, boost transparency, and modernize your lending process from end to end. **Average Rating:** 4.9/5.0 **Total Reviews:** 71 **How Do G2 Users Rate Mortgage Automator?** - **Ease of Use:** 9.5/10 (Category avg: 8.8/10) - **Quality of Support:** 9.7/10 (Category avg: 8.8/10) **Who Is the Company Behind Mortgage Automator?** - **Seller:** [Mortgage Automator](https://www.g2.com/sellers/mortgage-automator) - **Company Website:** https://www.mortgageautomator.com/ - **Year Founded:** 2017 - **HQ Location:** Toronto, Canada - **Twitter:** @AutomatorGroup (82 Twitter followers) - **LinkedIn® Page:** https://www.linkedin.com/company/mortgageautomator/ (83 employees on LinkedIn®) **Who Uses This Product?** - **Top Industries:** Financial Services, Real Estate - **Company Size:** 96% Small-Business, 4% Mid-Market #### What Are Mortgage Automator's Pros and Cons? **Pros:** - Ease of Use (9 reviews) - Customer Support (6 reviews) - User-Friendly (5 reviews) - Quick Response (4 reviews) - Automatic Updates (2 reviews) **Cons:** - Poor Performance (1 reviews) ### 4. [Upstart](https://www.g2.com/products/upstart/reviews) Upstart is a platform that leverage artificial intelligence and machine learning to price credit and automate the borrowing process. **Average Rating:** 4.0/5.0 **Total Reviews:** 16 **How Do G2 Users Rate Upstart?** - **Ease of Use:** 8.4/10 (Category avg: 8.8/10) - **Quality of Support:** 8.6/10 (Category avg: 8.8/10) **Who Is the Company Behind Upstart?** - **Seller:** [Upstart](https://www.g2.com/sellers/upstart) - **Year Founded:** 2012 - **HQ Location:** San Mateo, CA - **Twitter:** @Upstart (19,316 Twitter followers) - **LinkedIn® Page:** https://www.linkedin.com/company/upstart-network/ (1,890 employees on LinkedIn®) - **Ownership:** NASDAQ: UPST **Who Uses This Product?** - **Company Size:** 94% Small-Business, 6% Mid-Market ### 5. [Abrigo Loan Origination](https://www.g2.com/products/abrigo-loan-origination/reviews) Abrigo Loan Origination software is a comprehensive solution designed to assist community banks and credit unions in reducing loan origination costs and enhancing lending efficiencies. This software addresses the challenges faced by smaller financial institutions in competing with the rapid digital lending experiences offered by larger banks. By equipping these institutions with the tools to swiftly assess and respond to creditworthy borrowers, Abrigo enables them to deliver superior customer service while simultaneously increasing their value within the community. Built specifically for banks and credit unions, Abrigo Loan Origination software caters to financial institutions aiming to expand their loan portfolios. Borrowers today expect quick turnaround times on their loan applications, and loan officers require solutions that can withstand rigorous loan-review processes. Abrigo’s software not only facilitates faster loan processing but also empowers financial institutions to enhance their revenue streams and operational efficiency. This dual focus on speed and reliability positions Abrigo as a vital resource for institutions looking to thrive in a competitive lending landscape. One of the standout features of Abrigo Loan Origination software is its ability to support multiple loan types within a single system. This versatility allows financial institutions to streamline their operations and improve the overall borrower experience. By integrating various loan products, Abrigo enhances internal processes and aligns them with the strategic goals of the institution. The software fosters collaboration among teams, ultimately leading to a more cohesive approach to loan origination and management. The advantages of using Abrigo extend beyond mere efficiency. The software automates critical processes that are essential for financial institutions, effectively replacing data silos that can hinder performance. By consolidating data and improving reporting capabilities, Abrigo paves the way for actionable insights and scalability. This not only helps institutions manage their current operations more effectively but also positions them for future growth and digital revenue expansion. In summary, Abrigo Loan Origination software is a powerful tool for community banks and credit unions seeking to enhance their lending capabilities. By focusing on automation, data integration, and borrower experience, Abrigo empowers financial institutions to navigate the complexities of the lending landscape while maintaining a competitive edge. **Average Rating:** 4.6/5.0 **Total Reviews:** 79 **How Do G2 Users Rate Abrigo Loan Origination?** - **Ease of Use:** 8.6/10 (Category avg: 8.8/10) - **Quality of Support:** 9.3/10 (Category avg: 8.8/10) **Who Is the Company Behind Abrigo Loan Origination?** - **Seller:** [Abrigo](https://www.g2.com/sellers/abrigo) - **Company Website:** https://www.abrigo.com/ - **Year Founded:** 2000 - **HQ Location:** Austin, TX - **Twitter:** @weareabrigo (2,607 Twitter followers) - **LinkedIn® Page:** https://www.linkedin.com/company/weareabrigo/ (926 employees on LinkedIn®) **Who Uses This Product?** - **Top Industries:** Banking, Financial Services - **Company Size:** 63% Mid-Market, 36% Small-Business #### What Are Abrigo Loan Origination's Pros and Cons? **Pros:** - Loan Management (14 reviews) - Customer Support (12 reviews) - Ease of Use (10 reviews) - Customization (8 reviews) - Versatile Platform (8 reviews) **Cons:** - Loan Issues (5 reviews) - Poor Performance (3 reviews) - High Cost (2 reviews) ### 6. [HES LoanBox](https://www.g2.com/products/hes-loanbox/reviews) HES LoanBox is an all-in-one loan origination and management platform designed for banks, alternative lenders, and fintech companies looking to streamline their lending operations. Built with flexibility and scalability in mind, HES LoanBox offers end-to-end solutions for automating loan processes, enhancing decision-making, and delivering exceptional borrower experiences. **Average Rating:** 4.8/5.0 **Total Reviews:** 51 **How Do G2 Users Rate HES LoanBox?** - **Ease of Use:** 9.3/10 (Category avg: 8.8/10) - **Quality of Support:** 9.1/10 (Category avg: 8.8/10) **Who Is the Company Behind HES LoanBox?** - **Seller:** [HES FinTech](https://www.g2.com/sellers/hes-fintech) - **Year Founded:** 2012 - **HQ Location:** Vilnius, LT - **Twitter:** @hesfintech (299 Twitter followers) - **LinkedIn® Page:** https://www.linkedin.com/company/3053637 (48 employees on LinkedIn®) **Who Uses This Product?** - **Who Uses This:** Operations Manager - **Top Industries:** Financial Services, Marketing and Advertising - **Company Size:** 63% Mid-Market, 31% Small-Business #### What Are HES LoanBox's Pros and Cons? **Pros:** - Loan Management (20 reviews) - Workflow Automation (20 reviews) - Customization (12 reviews) - Ease of Use (11 reviews) - Compliance (10 reviews) **Cons:** - Poor Performance (7 reviews) - High Cost (1 reviews) - Loan Issues (1 reviews) ### 7. [LoanPro](https://www.g2.com/products/loanpro/reviews) LoanPro is a modern credit and lending platform used by more than 600 financial organizations to build, launch, and manage a wide variety of lending programs. The platform is built on cloud-native infrastructure with an API-first, composable architecture. It offers full lifecycle functionality—covering origination, servicing, collections, payments, and reporting—through one configurable loan management system (LMS). Credit providers partner with LoanPro to overcome limitations of legacy systems, enabling faster product innovation, improved compliance, and scalable operations. Common use cases include consumer installment loans, credit cards, lines of credit, and niche custom programs such as healthcare financing, construction lending, solar financing, and merchant cash advances. Key features and value propositions: - Operational efficiency via the Automation Engine that enables workflow automation, reducing manual effort. Some clients report reallocating 15% of servicing staff thanks to borrower self-service. - Compliance and risk mitigation through dynamic compliance guardrails that adapt to evolving regulations and support easy auditability and real-time reporting. Clients report an average 37% decrease in credit losses one year after switching to LoanPro. - Product innovation facilitated by a configurable platform, including support for new transaction-level credit configurations in a CARD Act‑compliant manner. - Reliability at scale with support for over 24 million accounts, validated performance under high volume, and fast problem resolution. - Integration flexibility, with support for over 100 data providers for credit, fraud, and KYC, along with native support for card issuers such as Visa DPS, Lithic, and Galileo. LoanPro is trusted by leading organizations, from commercial to small business and consumer, including customers such as SoFi, Chime, Intuit, WaFd Bank, and Dave.com. The platform aims to modernize lending infrastructure, ensure regulatory alignment, and deliver customizable credit experiences—while supporting high-volume operations consistently and reliably. **Average Rating:** 4.4/5.0 **Total Reviews:** 55 **How Do G2 Users Rate LoanPro?** - **Ease of Use:** 8.3/10 (Category avg: 8.8/10) - **Quality of Support:** 7.9/10 (Category avg: 8.8/10) **Who Is the Company Behind LoanPro?** - **Seller:** [LoanPro](https://www.g2.com/sellers/loanpro) - **Company Website:** https://loanpro.io - **Year Founded:** 2014 - **HQ Location:** Farmington - **Twitter:** @loanpro365 (14 Twitter followers) - **LinkedIn® Page:** https://www.linkedin.com/company/loanpro-software (237 employees on LinkedIn®) **Who Uses This Product?** - **Top Industries:** Financial Services, Banking - **Company Size:** 51% Small-Business, 39% Mid-Market #### What Are LoanPro's Pros and Cons? **Pros:** - Loan Management (14 reviews) - Best Solution (10 reviews) - Easy API Integrations (8 reviews) - Ease of Use (7 reviews) - Customer Support (4 reviews) **Cons:** - Poor Performance (4 reviews) - Loan Issues (1 reviews) ### 8. [TurnKey Lender](https://www.g2.com/products/turnkey-lender/reviews) 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, TurnKey Lender is quickly gaining traction within regions like the United States, APAC, and the EU. All types of lenders are already using the company's solutions ranging from large/mid-size banks, digital lenders, and multi-finance companies to trade finance operators, traditional and non-traditional lenders, and telecoms. Reach out and request a free personalized demo from the TurnKey Lender team. **Average Rating:** 4.7/5.0 **Total Reviews:** 19 **How Do G2 Users Rate TurnKey Lender?** - **Ease of Use:** 9.1/10 (Category avg: 8.8/10) - **Quality of Support:** 9.3/10 (Category avg: 8.8/10) **Who Is the Company Behind TurnKey Lender?** - **Seller:** [Turnkey Lender](https://www.g2.com/sellers/turnkey-lender) - **Year Founded:** 2014 - **HQ Location:** Austin, TX - **Twitter:** @TurnkeyLender (1,366 Twitter followers) - **LinkedIn® Page:** https://www.linkedin.com/company/5121730/ (129 employees on LinkedIn®) **Who Uses This Product?** - **Top Industries:** Financial Services - **Company Size:** 79% Small-Business, 11% Mid-Market #### What Are TurnKey Lender's Pros and Cons? **Pros:** - Customer Support (1 reviews) - Customization (1 reviews) - Efficient Process (1 reviews) - Quick Response (1 reviews) - Simple Process (1 reviews) **Cons:** - Poor Performance (1 reviews) ### 9. [CloudBankin](https://www.g2.com/products/cloudbankin/reviews) CloudBankin is a complete end-to-end digital lending stack and happily offers services to financial institutions such as Banks, NBFCs, and Fintechs. Our suite comprises Digital Onboarding, Digital Banking, Loan Origination, Loan Management, Rule Engine, and APIs. It supports both secured and unsecured loans for individuals and businesses. We offer various loan products, such as business loans, property loans, housing loans, gold loans, buy-now-pay-later, and personal loans. Additionally, we extend our support for savings, deposits, bill payments, transactions, mobile banking, and cards. CloudBankin allows business users to independently configure and implement the required changes. Our platform enables the quick and easy launch of financial operations, such as loans or deposits. It is an automated and flexible digital lending stack with seamless integrations and is designed to meet the diverse needs of lenders. It is an automated and flexible digital lending solution with seamless integrations, designed to meet the diverse needs of lenders. **Average Rating:** 5.0/5.0 **Total Reviews:** 123 **How Do G2 Users Rate CloudBankin?** - **Ease of Use:** 9.9/10 (Category avg: 8.8/10) - **Quality of Support:** 10.0/10 (Category avg: 8.8/10) **Who Is the Company Behind CloudBankin?** - **Seller:** [CloudBankin (Formerly known as Habile Technologies)](https://www.g2.com/sellers/cloudbankin-formerly-known-as-habile-technologies) - **Year Founded:** 2008 - **HQ Location:** Chennai, Tamil Nadu - **LinkedIn® Page:** https://www.linkedin.com/company/cloudbankinlendingsoftware/ (75 employees on LinkedIn®) **Who Uses This Product?** - **Top Industries:** Financial Services, Banking - **Company Size:** 47% Mid-Market, 44% Small-Business ### 10. [Calyx PointCentral](https://www.g2.com/products/calyx-pointcentral/reviews) 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. **Average Rating:** 3.7/5.0 **Total Reviews:** 13 **How Do G2 Users Rate Calyx PointCentral?** - **Ease of Use:** 8.6/10 (Category avg: 8.8/10) - **Quality of Support:** 7.2/10 (Category avg: 8.8/10) **Who Is the Company Behind Calyx PointCentral?** - **Seller:** [Path Software](https://www.g2.com/sellers/path-software-e7e31fe4-8f6a-4039-9d62-7c97302ff475) - **Year Founded:** 2007 - **HQ Location:** San Jose, CA - **Twitter:** @CalyxSoftware (2,838 Twitter followers) - **LinkedIn® Page:** https://www.linkedin.com/company/path-software/ (2 employees on LinkedIn®) **Who Uses This Product?** - **Top Industries:** Financial Services - **Company Size:** 85% Small-Business, 15% Mid-Market ## What Is Loan Servicing Software? [Loan Software](https://www.g2.com/categories/loan) ## What Software Categories Are Similar to Loan Servicing Software? - [Loan Origination Software](https://www.g2.com/categories/loan-origination) - [Loan Management Software](https://www.g2.com/categories/loan-management) --- ## How Do You Choose the Right Loan Servicing Software? ### What You Should Know About Loan Servicing Software ### What is Loan Servicing Software? Loan servicing software is vital to lenders’ operations. This software is typically used in conjunction with [loan origination software](https://www.g2.com/categories/loan-origination), 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 - Improve customer satisfaction and experience - Enhance lenders’ efficiency by leveraging AI and automation - Improve profitability - Reduce servicing costs ### Why Use 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](https://www.g2.com/categories/loan-origination), 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. ### Who Uses Loan Servicing Software? 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 Features 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. ### Trends Related to Loan Servicing Software Loan servicing software may not sound like the hottest topic in the tech world, but it occupies a vital place in the financial services industry; advances in this space bode well for both lenders and borrowers. **Increased use of analytics —** Lenders are increasingly leaning on analytics tools to help them improve the lending experience for borrowers. Analytics can be used to identify pain points and craft comprehensive strategies to combat them. Analytics parse data to drive better decision making. One specific way lenders use analytics is to assess creditworthiness based on multiple data points, not just credit bureau scores. **Focus on customer experience —** This may be a trend everywhere in the tech world, but there has been a renewed focus on the customer experience. Focusing on the customer means curating digital experiences that are efficient and easy to navigate. Loan servicing software plays a vital role in this for lenders, who should look to automate as many portions of the loan experience as possible. **Influx of AI —** [Artificial intelligence (AI)](https://www.g2.com/categories/artificial-intelligence) has proliferated across industries. Many lenders are employing it extensively to help automate manual processes. This is particularly relevant when it comes to [loan origination](https://www.g2.com/categories/loan-origination) and decisioning, but also helps flag potential problem accounts and identify possible upsells. ### Software and Services Related to Loan Servicing Software All lending specific software is related to loan servicing software. [**Loan origination software**](https://www.g2.com/categories/loan-origination) **—** Loan origination software handles the assessment of potential borrowers and helps craft and distribute the loan itself. It is the beginning of the loan experience, and feeds directly into loan servicing solutions. Often, loan servicing software contains origination features. If it doesn’t, it will usually integrate with separate loan origination solutions to provide a comprehensive loan management solution. [**Mortgage CRM software**](https://www.g2.com/categories/mortgage-crm) **—** Mortgages are a huge part of the loan ecosystem, so it makes sense that mortgage CRM software would integrate with loan servicing solutions. Loan servicing software handles mortgages, and mortgage CRM solutions are focused on the customer relationship with home buyers, so the systems complement each other. [**Financial services CRM software**](https://www.g2.com/categories/financial-services-crm) **—** Financial services CRM solutions develop the customer base, and loan servicing software handles everything after the onboarding process.