10 Game-Changing Mortgage Broker Software and Tools for the Modern Pro
Mortgage brokerage software is a tool that can bring efficiency to specific facets of the mortgage lending process. Lenders can rely on them to manage leads, fast-track loan applications, and correspond with borrowers along the way.
What is mortgage brokerage software?
Brokers and loan officers use mortgage software to log and store all the data in one location. They also look to customer relationship management (CRM) systems and loan origination software (LOS)’s capabilities for compliance management, data collection, loan submission, and marketing purposes.
Mortgage industry software performs tasks such as:
Lead Management: Bring in leads, track updates, and assign them to team members.
Loan Origination: Save time and effort through automation, including important areas like data entry, document collection, and underwriting.
Document Management: Collect and manage loan documents safely and securely. This way, you can rest assured you’re staying on top of compliance requirements.
Underwriting and Processing: Speed up the underwriting process by using origination software to free up time spent on steps like income verification, credit checks, and property appraisals.
Closing and Funding: Increase client satisfaction by using automated tools to draft closing documents, collaborate with title companies, and release funds.
Client Communication: Keep in close contact with clients through channels like email and text messages so they feel in the loop.
Compliance and Reporting: Fulfill regulatory requirements and produce accurate lending reports.
Mortgage brokerage software helps loan officers do their jobs more effectively and create an optimal client experience. Here are a few of the reasons you might consider using one:
Increased Efficiency: Worry less about the grunt work associated with routine tasks in the mortgage industry. Plus, you’ll benefit from more accurate work that takes less time to complete.
Improved Accuracy: Trust origination software to produce error-free work related to data entry and calculations.
Enhanced Client Experience: Inspire confidence in clients by streamlining and initiating regular communication.
Enhanced Compliance: Take the guesswork out of satisfying industry regulatory requirements.
Data-Driven Decision Making: Use technology to tease out trends, refine processes, and make decisions grounded in facts, not emotion.
Scalability: The right software can help mortgage professionals enhance productivity, curb costs, and keep clients happy and engaged.
Keeping pace with the modern world demands leveraging the right technology. In this post, we have curated a list of the top origination software tools designed to streamline and grow your operations in your mortgage brokerage.
10 Best Loan Origination Software(LOS)
Loan origination software (LOS) automates the loan process and keeps loan officers and clients on task. Platforms like these listed below can guide loan professionals through all facets of loan origination, from initial application to final approval. These 10 industry software solutions might be worth a second look:
1. Floify
Floify is a popular, dynamic loan origination software designed to streamline the mortgage process. It excels in improving communication between lenders and borrowers, speeding up document collection and reducing the cost of mortgage origination.
Businesses find Floify a gem, given its intuitive dashboard design, robust integration capabilities, and high-security standards that are perfect for the mortgage industry. Florify costs $74 a month for single users. They have custom plans for larger mortgage industry organizations, and the pricing isn’t available upfront.
2. Blue Sage
Mortgage professionals can greatly benefit from Blue Sage, a cloud-based, highly intuitive digital lending platform designed to streamline the loan process.
Blue Sage’s real power also lies in its end-to-end capabilities, supporting retail, wholesale, and consumer direct channels, making it an all-around tool for streamlining mortgage brokers’ operations. We recommend Blue Sage for its innovative approach to mortgage brokerage and loan origination.
Blue Sage doesn’t make its pricing public. However, they encourage you to book a demo to explore the features of the loan origination product.
3. Encompass by Ellie Mae
Encompass is a comprehensive tool by Ellie Mae that seamlessly amalgamates loan origination and enterprise management. The platform offers a complete digital mortgage solution, assisting lenders with compliance, quality, and efficiency.
For its all-in-one platform covering loan origination and enterprise management, we suggest Encompass as a game-changing tool in the mortgage industry. The fact that it also assists with regulatory compliance makes it a must-have for brokers and lenders.
Encompass doesn’t disclose its pricing structure. You might consider booking a demo to determine if the software is a good fit.
4. Calyx Point
Boasting a rich set of capabilities, Calyx Point makes the strenuous task of loan marketing, originating, and processing easier than ever. It’s a user-friendly solution that is easy to install and use.
We admire Calyx Point for its direct communication capabilities with lenders and investors, which increases high-quality loan submissions and reduces the time to close loans. Calyx Point is an excellent choice for mortgage brokers offering comprehensive loan solutions. No pricing information is available at this time.
5. TurnKey Lender
TurnKey Lender is an award-winning unified lending management system for every lending business. Its advanced credit decision algorithms and machine learning tools ensure efficient online lending.
For automating all stages of the lending lifecycle, we recommend TurnKey Lender. Its automation capabilities result in cost reduction, risk mitigation, and faster decision-making.
The platform is built to scale with your business’ growth and activity, so you only pay for the level of access that makes sense. Their sales team can provide a custom quote for your lending operation.
6. Finmo
Finmo is Canada’s largest mortgage origination platform. It helps mortgage professionals offer their clients the digital mortgage experience they expect: simple, transparent, and on their own terms.
In terms of a flexible, user-friendly platform for mortgage applications and management, Finmo rises to the top.
Like TurnKey Lender, Finmo’s pricing for loan officers is based on volume.
7. MeridianLink® Mortgage
MeridianLink® Mortgage is a provider of an innovative web-based loan origination system. It helps streamline lending operations by driving and maximizing process efficiency and improving margins.
We advocate for LendingQB due to its extensive integrations and adaptability to meeting lenders’ unique needs. Its commitment to continuous improvement and responsiveness places it among our top recommendations for mortgage brokerages.
The company doesn’t make its pricing menu available online. They encourage prospective users to set up a demo.
8. LendingPad
LendingPad helps brokers do their jobs faster and more confidently, bringing efficiency from application to closing and all activities in between.
This solution is great for juggling the demands of multiple loan applications, logging progress, and automating tasks. LendingPad makes it easy to organize and store documents with compliance in mind. Brokers can take advantage of its automated workflow tools. Its built-in CRM functionality allows you to stay in touch with borrowers at every step.
The company offers several pricing plans, but loan officers need to book a demo to get the details.
9. BankPoint
BankPoint is known as a trusted banking and lending platform. You can use it to track activities across the loan origination process. You can take advantage of its automation features to save time while knowing your client’s data is protected. The platform integrates with commonly used banking systems, so you don’t have to lose time and energy toggling between multiple windows.
BankPoint’s pricing caters to the requirements of each financial institution. Contact BankPoint to get a custom quote.
10. Finflux
Finflux’s cloud-based mortgage origination platform is intuitive and keeps you on track as you help clients navigate the mortgage process. You can use it to store, manage, and access files. It works well with other mortgage-adjacent systems, so you don’t have to input the same data twice.
Finflux’s pricing varies according to the size of the lender. Contact Finflux for details.
Podium Solutions
Podium helps mortgage brokers manage the day-to-day tasks required of them while devoting less time to document management. Two products, Podium Webchat and Payments, can set your loan officers up for success. Learn more about each one below:
Podium Webchat
Accessibility is vital in the mortgage industry, and Podium Webchat fits the bill. This tool turns your website traffic into messages, allowing you to conduct real-time conversations with borrowers.
Our recommendation for Podium Webchat isn’t surprising—it lets businesses speedily respond to customer inquiries, schedule appointments, and solicit and manage online reviews. Plus, with its ability to turn web traffic into text message conversations, client interactions become faster and easier than ever.
Podium Payments
Podium Payments integrates every interaction point into one inbox—from appointment scheduling to automated review requests all the way to receiving payments. It simplifies the payment process while increasing security and convenience.
In the loan origination industry, Podium Payments emerges as a convenient, secure, and cost-effective solution to handle transactions smoothly. Whether you’re collecting a fee, down payment, or final payment, its seamless operations make it a worthy addition to your mortgage industry business toolkit.
Ready?
Remember, complementing these with a comprehensive communication platform like Podium can further propel your lending operation toward remarkable success. Podium empowers those in the mortgage industry by managing their online reviews and facilitating invaluable borrower interactions, paving the way for improved client relationships and business growth in the mortgage brokerage industry. Watch a demo and own your success today.
