3 Key Loan Originator Softwares For SMBs: Mortgage Lead Generation

As a mortgage lender or loan originator, streamlining the home buying process for your customers not only benefits your potential homebuyers, but also increases your business productivity. By automating your commercial loan origination process, you can make a profit, create shareholder value, and reduce the risk of errors when handling customers. With the right loan originator software for your businesses, mortgage lenders can provide high-quality services and customized experiences that homebuyers will recommend to their peers and family members.

Loan Originator Softwares

To find the appropriate loan originator software or platform that aligns with your business practices can be the with following Capterra, G2 and even through google search engine. When looking for your loan originator software there are certain criteria to keep in mind to find the right software solution. Some of these criteria can focus on being able to manage multiple loan applications in a database that can be easily accessed by you, its functionality on various operating systems and devices, the number of account users that can be supported with the software, and most importantly if it allows you to nurture your potential homebuyers. Both business technology reviewing sites provide allows mortgage lenders to filter your results of the types of mortgage loan software that can help with your specific needs. Overall the goal of the software is to allow for ease in managing and automating different stages of the loan servicing cycle. Some of the loan originator platforms that are highly rated on the are Loan Serving Soft, The Mortgage Office, and BytePro. These platforms have been highly regarded due to your abilities to focus on pipeline management, assist in loan origination as well as servicing, electronic applications, document management and has a client database. Let’s explore the mentioned loan originator platforms more closely to see if they can accommodate you and your prospective customer’s needs.

Loan Servicing Soft

A simple but comprehensive loan origination software, Loan Servicing Soft enables loan officers to add on optional custom items such as custom-built web applications or AutoLOS automated loan origination, as well as underwriting web portals. In addition, the platform allows loan originators to manage loan applications, automated credit pull, automated loan decisions, loan disclosures, and final loan docs. As a result, one can manage higher volume of applications and more users since the workflow is automated and tasks are organized through the software. 

Overall, reviews of Loan Servicing Soft are positive in regards to ease of use, customer service, features, and value for money. The majority of reviewers mentioned they would definitely recommend the software to loan officers who need a complete and easy to use loan originator or LOS platform.

To quote one reviewer: “LSS is very customized to our company. It handles every aspect of servicing, insurance information, escrow analysis etc. The customer service support is exceptional. I worked with Rep during setup and training, and he was knowledgeable, patient and pleasant. Learning new software is a big job, but Rep made it the best possible experience. I am very comfortable knowing that our new software has top-notch support.” 

As for downsides of Loan Servicing Soft: “We service loans for more than one investor. My investors need reports for their loan portfolios (Sorted by investor/lender). We are customizing reports ourselves, as this is not a standard request. LSS can and will customize reports for a price, but fortunately, LSS reports offer the ability to customize yourself if you have the knowledge and ability.”

The Mortgage Office

The Mortgage Office’s loan origination software focuses on helping loan officers close more loans in less time, using a minuscule amount of human resources. With the software, loan officers  can automate the majority of the mortgage origination process, enabling greater efficiency and providing a customized experience for customers through one’s own customized documentation and processes. 

The Mortgage Office’s borrower and lender portals support online payments, text alerts, document scanning, Quickbooks interface, one-click imports/exports, ACH/EFT. The platform also offers complete investor management, including fractionalized loans, three different mortgage pool modules, and quality reports. Furthermore, The Mortgage Office is flexible in its license options, with both desktop and web/SaaS applications on a variety of devices such as Windows PC, Mac, iPad, Android Tablets, etc.

Like Loan Servicing Soft, the reviews for The Mortgage Office are overwhelming positive based on ease of use, customer service, features, and value for money. With over 100 reviews, the platform is highly recommended.

One of the reviews states: “For what's out there, this tool works well. As far as I can see there is no holistic product that manages the lending side of a MIC, the capital side of a MIC, robust and standard accounting tasks (financial statement generation) and exempt market issuance. But this one works really well at getting me data that can be imported into the accounting system with minimal fuss and high accuracy. The more we use it and learn about it, the more time this tool creates for our MIC team.”

Bytepro

Bytepro,  is a loan origination software for multi-state lenders of all sizes, with solutions that can be customized to meet the unique workflow needs of any business. Bytepro’s  solutions include features such as real-time compliance checks, HUD-1 fee tolerance tracking, fraud reports, and audit trails. Bytepro can be especially beneficial for an organization with limited IT resources, and can be installed locally on the loan officers’ own network. This allows loan officers to securely handle your data as well as maintain full control of the application and data. 

Overall, reviews of Bytepro’s loan origination software are positive, with one user mentioning that the platform is "Very detail oriented and likes that you can have multiple users on a platform and can communicate through the conversation log.”

Homebuyer Trends with Digital Applications as of 2019 

Whether you choose one of the solutions above, or another loan officer platform, it is clear that technology is key for driving efficiency and providing superior service to borrowers. As the mortgage industry becomes more technology-oriented, and with 34 percent of U.S. borrowers initiating contact with a lender online, a digital-first approach is crucial to loan officers’ success.  It is also important to note that as of 2019, the National Association of Realtors® stated that approximately 36% of U.S. homebuyers are Millennials. This generation is is said to be the largest American generation to enter the home buying and mortgage lending market. Therefore, ensuring that the lending process is user-friendly, simple, and high quality is essential to ensure profitability. 

NestReady bridges the gaps between consumers, banks, and real estate professionals, enabling financial institutions to offer a personalized and seamless home search process. With NestReady, lenders can enhance their marketing, increase engagement and client loyalty, and achieve higher and faster conversions — all through their own digital environment. If this sounds interesting - we invite you to reach out to our team here. You can also follow us on Twitter or LinkedIn for product updates, industry news and more.

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