5 Best Mortgage Accounting Software Apps for Brokers and Bankers (2024 Reviews)

Real Estate Bees’ editorial team asked a number of industry-leading mortgage brokers to share their expertise on the best mortgage accounting software apps to help our readers make a more educated purchase decision when researching available solutions.

With the help of the experts, we identified the best mortgage banking accounting software tools and evaluated them based on critical factors that are important for mortgage brokers and bankers. Visiting retailers of the listed products by clicking links within our content may earn us commissions from your purchases, but we never receive any compensation for the inclusion of products and/or services in our consumer guides. Read our editorial guidelines to learn more about our review and rating process.

— Kimberly Anderson, Senior Creative Editor at Real Estate Bees

Sage 50 is leading accounting software designed to meet the specific needs of small businesses, mortgage bankers, and brokers.

Developed in 1981 by David Goldman, Sage 50 has been a pioneer in mortgage banking accounting software, offering critical features such as automated invoicing, automatic bank reconciliations, and real-time business reports.

What sets Sage 50 apart is its ability to handle multi-currency transactions and its accessible-anywhere design, ensuring complete financial control and transparency for brokers and bankers operating in the global marketplace.

Features

Cash Flow and Invoice Manager

Sage 50 helps to increase cash flow efficiency by automating the invoicing process.

The software permits the creation of customizable invoices that can be tracked, and for which reminders can be dispatched with a click.

Sage 50 also allows you to view selected invoicing periods and automate payment reminders.

Business Reporting

With Sage 50 Accounting, all critical financial reports, including cash flow statements, balance sheet data, profit analysis, sales tax reports, and 1099 vendor reports, are readily accessible in real time.

Bank Reconciliation

Sage 50 offers seamless integration with your bank feeds, which ensures your bank account data aligns with your invoices and payments.

This saves you time and increases data accuracy. Sage 50 integrates with hundreds of banks, including American Express, Citibank, and Bank of America.

AutoEntry

Sage 50 Accounting speeds up the processing of financial documents, such as receipts, invoices, and bank statements, through its AutoEntry integration.

With this feature, you can easily capture receipts and data from your desktop or device, automatically categorize them, and add them to the accounting software.

Job Costing

Sage 50 allows you to gain comprehensive insights into all your jobs and projects.

By using this feature, you can monitor your spending and investments. It also allows you to track the duration of jobs and projects and estimate the profit earned from each.

Plans and Pricing

Sage 50 offers three pricing packages. They include:

Pro Accounting plan: Meant for sole entrepreneurs and small businesses, this plan costs $578.00/year for one user.

Features include invoice and bill tracking, purchase order and approval, expense management, automated bank reconciliation, reporting, inventory management, job costing and Sage security shield cyber-protection.

Premium Accounting plan: This plan is priced at $824.50/year for one user, but can accommodate up to five users for $1,888.70/year.

It offers everything in the Pro Accounting plan, plus advanced budgeting tools, detailed reporting, advanced job cost estimating, accurate inventory tracking, audit trails, and industry-specific functions.

Quantum Accounting plan: This plan is built for medium to large sized companies and can take up to 40 users.

It is priced at $1,368.50/year for one user but for more than 10 users, you have to contact customer support for an exact quote.

This plan includes all Premium Accounting plan features, plus role-based user permissions and workflow management.

Users can add the Microsoft 365 integration to any plan for $180 per year.

Pros and Cons

Pros

• Affordability. Sage 50 Accounting software has a cost-effective pricing plan relative to competitors.

• Full-featured mobile app. Sage 50 offers a comprehensive mobile app that provides on-the-go access to financial data. You can monitor transactions, manage invoices, and review balances right from your mobile device.

• Great customer support. Sage 50’s proactive customer support helps minimize downtime issues.

• Third-party integrations. Sage 50 Accounting software integrates seamlessly with numerous third-party applications. This allows you to consolidate and automate your workflows, increasing productivity and efficiency.

Cons

• Limited report customization. While Sage 50 Accounting offers a suite of useful standard financial reports, the flexibility to customize them is limited. If you need exceptionally detailed or industry-specific reports, this might be a constraint.

• High training costs. Proper utilization of the Sage 50 software demands comprehensive training, which comes at a significant cost.

Integrations

• Gusto
• HubSpot
• Salesforce
• Airtable
• Zapier
• Stripe
• ClockShark
• Microsoft 365
• Xero
• Expensify
• BigTime
• Tipalti

Loan Vision is a specialized financial management and mortgage banking accounting software built for mortgage brokers and banks.

It offers cutting-edge features, including loan card, asset, and lease management and loan level reconciliation.

The platform excels at presenting real-time financial data and insights into various factors such as loan activity, branch performance, and profitability of loan officers.

Acquired by Banyan Software in 2022, Loan Vision aims to revolutionize and streamline accounting for mortgage bankers.

Features

Loan Card

This feature works as a centralized repository for individual loans.

It stores all essential loan details in an easily accessible location which helps you simplify reference and reporting processes, thereby increasing organizational efficiency.

Import Schema

Loan Vision’s Import Schema is a powerful feature that allows you to create custom imports of your loan information directly from supported loan origination systems (LOS).

You can selectively pick and choose each data field you want to import and validate this against customer and vendor files.

Loan-Level Reporting

As specialized mortgage banker accounting software, Loan Vision provides detailed insights into your lending operations.

With a blend of pre-configured and customizable loan-level reports, you gain a deeper understanding of key metrics, including origination costs and loan-level profitability.

Assets and Lease Management

With Loan Vision, you can efficiently manage long-term assets and depreciation, reducing your reliance on other business systems or manual spreadsheets.

This feature also helps manage branch and corporate leases according to ASC 842 Leasing Standards.

You can determine lease terms, calculate lease liability and Right-of-Use (ROU) assets, separate non-lease components, and more.

Commission Calculation and Reporting

This feature allows you to calculate commissions quickly and send out commission reports to employees within seconds. It streamlines the process, saving you time.

Plans and Pricing

Loan Vision’s pricing details aren’t listed on their website. To obtain accurate pricing information, it is advised to reach out directly to their customer support team.

Pros and Cons

Pros

• Easy implementation. Loan Vision leverages Microsoft Dynamics Sure Step deployment methodologies, making it easy to implement the solution into your business.

• Quick loan-level profitability and metrics reporting. By using Loan Vision, you can generate comprehensive profit and loss statements for individual loans with just a few clicks, enabling a swift assessment of your portfolio’s performance. Additionally, Loan Vision offers valuable loan-level reports, such as multi-account reconciliations and origination breakdowns by dimension, facilitating deeper financial insights.

• Lease management. Upholding its reputation as leading mortgage broker accounting software, Loan Vision’s integration with Soft4Lessee enables you to manage leases according to the new ASC 842 standards.

Cons

• Loan import issues. Some users have reported challenges with the loan import feature. These difficulties could require multiple troubleshooting attempts, potentially leading to inefficiencies and frustrations when using the system.

• Limited training materials. The limited availability of training resources may make it difficult for new users to navigate the software.

• Limited integrations. By using Teraverde’s Loan Vision connector, users can integrate Loan Vision with the Encompass LOS software. However, integrating Loan Vision with other LOS tools isn’t possible.

Integrations

• Teraverde
• Microsoft Dynamics NAV
• Soft4Lessee

AMB (Accounting for Mortgage Bankers) software is a robust mortgage banking accounting tool that surpasses traditional credit and debit systems.

Its distinguishing feature is its ability to track transactions at a loan level, putting an end to redundant spreadsheets.

Designed to cater specifically to brokers and bankers, AMB’s mortgage broker accounting software allows for quick data entry and instant reporting.

Features

Loan-Level Detail

This feature of AMB’s mortgage broker accounting software allows transactions to be recorded on a loan-by-loan basis.

You can manually input and import transaction data at loan level, which gives you access to granular insights and versatile analysis options.

You can also seamlessly download funding data from loan origination systems, as well as warehouse advance and settlement entries from warehouse lender websites.

Cash Management

By using this mortgage broker software, you can easily reconcile your bank accounts by importing cleared checks from banks.

You can also generate cash requirements reports and statements of cash flow. This will provide insight into your financial position and aid in effective management of cash.

Mortgage Commission Calculator

AMB’s mortgage commission calculation software simplifies the computation of commissions, adjustments, bonuses, and “overrides.”

Once calculated, the output can be viewed through various channels like printed reports, emails, or through web-based branch reporting or web-based loan officer reporting modules.

Financial Reporting

AMB’s accounting software for lending businesses includes an extensive range of financial reporting tools.

From multiple versions of trial balance and general ledger reports that are immediately available, to customizable balance sheets, income statements, and statements of changes, giving you granular-level financial computation.

Budgeting

AMB’s budgeting tool allows budgeting for any chosen duration.

It enables performance comparison of budgeted volume versus actual loan volume along time dimensions (monthly, quarterly, yearly) and uses this data for “Basis Point” and “Average Cost per Loan” calculations for each income and expense line.

Plans and Pricing

AMB’s accounting software for lending businesses operates on dynamic pricing, primarily dependent on the level of functionality you require and the number of users you wish to onboard.

Beyond software costs, implementation assistance is also available, with the service being billed per hour.

For an exact quote tailored to your specific needs, it is recommended to reach out to AMB’s customer support directly.

Pros and Cons

Pros

• Module customization. AMB allows customization of modules to cater to individual business needs. This gives businesses greater flexibility in their accounting practices.

• Full-featured general ledger. The general ledger in AMB is highly developed, boasting a built-in “drill-down” capability and the ability to report on a wide range of periods.

Cons

• Poor customer support. One notable drawback of using AMB is the lengthy response times from the vendor when issues arise. The turnaround time for resolving reported issues can be very slow, leading to operational inefficiencies and potential financial losses.

• Limited reviews. AMB has a poor online presence and there aren’t many reviews of the software. New users may not have much to base their decision on.

• Limited integrations. AMB doesn’t integrate directly with any LOS tool. Its import feature only works with comma-delimited text files (.csv files).

Integrations

• LendingQB

LoanAssistant is a loan servicing software add-on for QuickBooks, designed to simplify the management of multiple loans and credit lines.

This accounting software for lending businesses offers advanced features such as immediate transaction posting, multi-currency support, security management, data analytics, data exporting capabilities, and a useful escrow module for holding third-party assets.

This streamlined solution dramatically enhances loan management capabilities within QuickBooks.

Features

Loan Management

This residential and commercial loan management software offers a versatile platform to manage an unlimited number of loans and credit lines, covering a broad spectrum of the lending industry like mortgages, education loans, installment sales, and car loans.

This feature allows for efficient preparation and seamless management of loans, making it simpler to deal with vast loan portfolios.

Reporting Features

LoanAssistant offers robust reporting functionalities to provide insightful reports.

These include borrower reports such as amortization tables, billing statements, account statements, pay-off details, and managerial reports like payment summaries, portfolio summaries, escrow collection, and late accounts.

Investor Tracking

This feature tracks investor certificates of deposit. It allows investor allocation based on fixed percentages or capital invested.

Moreover, it generates comprehensive investor participation reports, which can be exported into Excel for deeper analysis.

This facilitates better investor management and helps maintain complete transparency with investors.

Interest Calculation Options

This mortgage lending software offers a range of interest calculation options supporting diverse types of loans — self-amortized, balloon, and interest-only loans.

You can calculate interest by using various industry-standard methods: Actual/365, Actual/360, 30/365, and 30/360.

Automated Alerts

This feature allows you to automate alerts for key events or milestones, ensuring you never miss important deadlines or tasks related to loan management.

Plans and Pricing

• Professional package license: This plan costs $999/year for a single user. Features include up to 2 QuickBooks Company file integrations, support for amortized, interest-only loans, installment sale, escrow collection, adjustable rate loans and more.

• Premium package license: Charged at $1,299/year for up to 3 users. It offers everything in the Professional package, plus connection to unlimited QuickBooks Company files. It also includes 1098 reporting, customized documents, investor tracking, and a customer communications module.

• Premium accrual package license: This costs $1,500/year for up to 5 users. Features include everything provided in the Professional package, plus the Accrual Accounting module.

LoanAssistant also offers a standalone package:

• Stand-alone premium package license: This plan costs $999/year. It includes all the features of the Premium package with Trial Balance reporting but excludes QuickBooks integration.

Pros and Cons

Pros

• Seamless integration with QuickBooks. The ability to seamlessly integrate with your existing QuickBooks system offers dual benefits. You can leverage the power of both platforms without juggling between different systems for different tasks.

• Comprehensive loan management capabilities. From calculating monthly payments to managing billing and payoff statements, LoanAssistant provides an all-around loan management solution.

• Responsive customer support. According to user reviews, the LoanAssistant team is highly responsive and quick to provide constructive solutions to any questions or issues.

Cons

• Platform limitations. LoanAssistant is only usable for Windows users. This limits the user base, excluding businesses and individuals who use other operating systems, such as macOS or Linux.

• High cost. When compared to other mortgage broker accounting tools, LoanAssistant is pricey.

Integrations

• Microsoft Access
• QuickBooks Accountants
• QuickBooks Desktop Pro
• QuickBooks Online
• Microsoft 365
• QuickBooks Commerce
• QuickBooks Checking (formerly QuickBooks Cash)
• QuickBooks Enterprise

Telemetry BI by 5X Solutions is a cloud-based data analytics platform designed for the mortgage industry.

The software tracks the top 100 vital mortgage Key Performance Indicators (KPIs) and financial reports, merging financial and performance data for a comprehensive operational outlook.

Equipped with resources for branch reporting, pipeline, Profit and Loss statements (P&Ls), and scorecards, Telemetry BI sharpens the mortgage reporting process and gives you the ability to make data-informed decisions, promoting unrivaled business optimization.

Features

Automated Financial Reports

Telemetry BI saves you precious time by automating the creation and distribution of intricate financial reports.

Branch and regional managers receive reports in a timely manner, which allows them to make data-driven decisions swiftly and confidently.

You get access to different concise financial reports including:

• Branch and corporate profit and loss statements (P&Ls): Telemetry BI brings to your fingertips real-time profit and loss statements and financial data vital for branch and corporate analysis. It presents an in-depth view of key items like branch income, expenses, and loans outstanding.

• Cost per loan reports: Through smart automation, Telemetry BI rapidly generates cost per loan reports, ensuring you always have the freshest data on product profitability. This key feature empowers you to transform your regular lending decisions into strategic steps, fostering informed decision-making.

Data Dashboard

Telemetry BI’s dashboards help visualize data, making it easier to understand mortgage KPIs and forecasts.

The dashboards track daily/monthly productivity, sales funnels, and pipeline management.

Future Funding Projections

With Telemetry BI’s automated mortgage financial reporting, you can always know your future cash requirements.

This proactive approach to funding allows you to make well-informed decisions, leading to stable and predictable business growth.

Scorecards

Telemetry BI provides scorecards for loan officers, processor rankings, underwriter rankings, and shipper/funder rankings.

This encourages a healthy competitive environment and assists in performance management within your company.

Plans and Pricing

Pricing for Telemetry BI isn’t publicly available. To get accurate pricing information, reach out to a member of their support team.

Pros and Cons

Pros

• Customizable reporting. Unlike most platforms that only provide canned templates, Telemetry BI focuses on delivering highly customized reporting options, catering to your specific requirements, and driving effective results.

• Expense Outlier Reports. The Expense Outlier Report on Telemetry BI enables accounting staff, regional, and branch managers to scrutinize ledger entries for values exceeding or falling below set thresholds. This feature makes it easy to identify and filter anomalies in ledger entries by account type, basis points (BPS), and mortgage branch.

• Frequent updates. The software is consistently updated with innovative tools and features, ensuring an ever-evolving system that stays abreast of industry developments and grants you a competitive edge.

Cons

• Low number of reviews. Not many reviews of the software are available.

• Subpar user interface. Telemetry Bi has an outdated user interface. This can make the software difficult to navigate for new users.

• No third-party software integrations. Telemetry Bi doesn’t integrate with any LOS or other mortgage accounting solution.

Integrations

No integrations with third-party software.

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About the Author:

Kristina Morales is both a licensed mortgage loan originator and real estate agent in the State of Ohio. Inspired by her years of working with buyers and sellers and seeing a need for more consumer education, Kristina created loanfully.com, an online educational resource for borrowers and industry professionals. In addition to real estate sales and mortgage lending, Kristina had an extensive corporate career in banking, treasury, and corporate finance. She ended her corporate career as an Assistant Treasurer at a publicly traded oil & gas company in Houston, TX. Kristina obtained her MBA from the Weatherhead School of Management at Case Western Reserve University and her B.A in Business Management from Ursuline College.