6 Best Mortgage Origination Software Systems for Loan Processing and Application Automation (2024 Reviews & Comparison)

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

With the help of the experts, we identified the best loan origination automation software for lenders and mortgage brokers and evaluated their features, plans, and pricing information. 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

START 30-DAY FREE TRIAL

LendingWise is a comprehensive digital lending platform, seamlessly interconnecting a spectrum of vital tools, including a mortgage CRM, LOS, marketplace, pricing engine, and mortgage loan servicing software.

Its hybrid functionality and sophisticated software place it among the best web-based mortgage loan origination software (LOS) systems in the market today, catering to a wide variety of users.

This includes commercial lenders, brokers, financial institutions, and private lenders operating in the real estate and business funding sectors.

This residential and commercial loan system provides an enterprise-level software solution designed to oversee both conventional and tailor-made loan programs.

Features

Loan-Specific Workflows

LendingWise enables users to craft intricate workflow steps tailored to specific loan programs and other key parameters.

This customization extends to factors such as transaction type, property type, property state, entity type, entity state, credit score range, and more.

Automated events can also be configured to automatically assign tasks or emails, ensuring efficient communication between all parties involved.

Smart Document Collection

LendingWise’s loan origination software takes the guesswork out of document collection.

It intuitively requests the necessary documents at precisely the right moments, taking into account factors like the chosen loan program, transaction type, property details, entity specifics, credit score range, and more.

Smart Online Loan Application

This commercial real estate underwriting software offers a dynamic and user-friendly online loan application system that simplifies the loan application process with pre-built yet customizable web forms.

These forms dynamically adapt based on selected loan programs and key parameters, activating relevant fields and document requirements.

From Bridge to SBA loans and more, it covers various loan categories while allowing customization for specific programs, ensuring an efficient and tailored application experience.

Detailed Loan Calculations and Ratios

LendingWise’s loan origination system takes the complexity out of loan calculations.

It effortlessly computes critical ratios like DTI (Debt-to-Income), DSCR (Debt Service Coverage Ratio), LTV (Loan-to-Value), and ARV (After Repair Value), among others.

This versatile residential and commercial loan management platform caters to a wide range of lending niches, including fix and flip, construction, rental loans, commercial real estate, and SBA business loans.

We have these and other features reviewed in greater detail in our dedicated LendingWise review.

Plans and Pricing

LendingWise offers three distinct pricing plans tailored to different business needs: Starter, Professional, and Enterprise.

The Starter plan includes essential features such as:

• 1 user
• Point-of-sale functionality
• Built-in key loan documents (term sheet, 1003, and Full App)
• Dashboard
• Pipeline
• Contact manager and email tools for mortgage lending marketing
• Customization of fields, workflows, required documents, and loan stages
• Document upload portal.

The Professional plan offers all Starter plan features, plus borrower, broker, and loan officer login portals.

It also offers:

• Document generation
• Custom reports and data export/import for loan tapes and loan servicing
• Third-party integrations
• Website template and hosting
• Access to the lender marketplace.

The Enterprise plan is tailored to dynamic institutions and teams, and encompasses all Professional plan features, plus:

• 50 back-office users and 50 loan officer/broker users
• Growth and implementation strategy sessions
• Custom-designed web forms
• Dedicated account support
• Lender marketplace
• Mortgage loan servicing software
• A website with free hosting
• Full white label customization
• Custom training manuals and videos
• Data migration services.

Please note that specific pricing details are not available on the website, and interested users are encouraged to sign up for more information.

Pros and Cons

Pros

• Structured and user-friendly interface. The user-friendly design of this residential and commercial loan origination system makes data entry and retrieval straightforward and efficient.

• High customization capabilities. This residential and commercial loan system offers a highly customizable software solution, allowing users to tailor the mortgage CRM, mortgage marketing tools, and other elements of the system to their specific needs and requirements.

• Collaboration tools. This mortgage software system simplifies collaboration by allowing users to effortlessly involve external stakeholders in the loan process, ensuring essential parties stay informed, even if they don’t have direct access to the platform.

Cons

• Screen latency. Users experience screen latency issues, which can result in delays in accessing and editing information. This latency is particularly noticeable when trying to edit data within certain dialog boxes, requiring unnecessary scrolling.

• Advanced customization may be needed. Occasionally, LendingWise users run into limitations with adding certain tags, requiring the use of alternative fields. A few users report difficulties configuring the application’s extensive features to fit their workflow.

Integrations

• CIX
• LendingTree
• Candy Leads
• Salesforce
• Velocify
• Zoho CRM
• HubSpot
• Pipedrive
• Microsoft Dynamics
• Infusionsoft
• HouseCanary
• CoreLogic
• Appraisal Nation
• Mercury Network
• RicherValues
• MeridianLink
• Credit Plus
• Universal Credit
• Advantage Credit
• CIS Credit Solutions
• Clear Choice Credit
• Clear Technologies
• Equifax
• PCB Credit
• Experian
• Birchwood Credit Services
• Certified Credit
• CIC Credit
• Aloware
• Data Facts

START 30-DAY FREE TRIAL

Maxwell distinguishes itself among the top mortgage LOS systems with its comprehensive suite of technology-driven solutions.

More than just a loan application and document management system, it also functions as robust mortgage originator software for credit unions, independent mortgage brokers, and lenders.

Maxwell’s comprehensive offerings encompass an industry-leading mortgage point-of-sale software system, onshore fulfillment and diligence services, access to the secondary market, and a unified platform for building mortgage operations from the ground up.

Features

eClose

This tool supports wet signatures and hybrid closings, offering borrowers flexible options.

It eliminates manual tasks for loan officers, such as creating task lists, managing deadlines, sending reminders, and guiding borrowers through the closing process.

QuickApply

This is a proprietary tool designed to enhance the borrower experience during the loan application process.

With a simple click of a button, this online mortgage application software app empowers borrowers by automatically prefilling critical information.

It prefills names, addresses, contact details, employment history, and more during loan application, significantly expediting customers’ journey for a seamless and efficient experience.

eSign

The eSign feature revolutionizes the signing process by eliminating the need for manual signatures, making it more efficient and convenient for borrowers.

With the ability to sign documents directly within the point-of-sale platform, borrowers can securely complete this step at their convenience from anywhere they choose.

Smart Workflow Automation

Maxwell takes the hassle out of routine tasks by automating various essential processes.

The mortgage process automation services include monitoring the progress of loan files, gathering necessary documents, conducting credit checks, presenting pricing scenarios, and validating income or employment by using tools like Day 1 Certainty.

FlexLetters

This feature enables lenders to efficiently issue and oversee pre-approval and pre-qualification letters, even while on the move.

It allows lenders to generate these letters directly from the borrower’s loan files, automatically populating crucial known fields.

The maximum loan amount can also be predefined in advance, reducing errors, and allowing unlimited edits.

Plans and Pricing

Maxwell offers customized pricing plans tailored to the unique needs of each user.

Unfortunately, specific pricing details are not available on the website. Interested users are encouraged to reach out, schedule a call, and request a demo.

Pros and Cons

Pros

• Streamlined document management. Maxwell’s FastTrack feature simplifies the process of uploading borrower-specific documents, providing a secure and convenient way for borrowers to submit the necessary paperwork.

• Task reminders. Maxwell’s built-in task reminders are a valuable tool for busy applicants. These reminders help borrowers stay organized and on track throughout the mortgage application process.

• Efficient data syncing. Maxwell’s robust system seamlessly syncs with popular file management and mortgage management tools and systems, creating a smooth flow of data between platforms. The integration eliminates manual data entry errors by transferring all approved documents and critical information automatically without manual intervention.

Cons

• Slow loan status updates. This mortgage workflow process automation software tool may not promptly reflect changes in loan file statuses. Users may need to manually update milestones within Maxwell.

• Occasional syncing errors. Occasional synchronization errors with the LOS system have been reported, impacting workflow efficiency.

Integrations

• Encompass
• LendingQB
• Integra
• Byte Software
• Equifax’s The Work Number
• Plaid
• Docutech
• Optimal Blue
• CBCInnovis
• Factual Data
• Credit Plus
• CIS Credit Solutions
• Certified Credit
• DocuSign
• Matic

Integrating advanced technologies such as big data and artificial intelligence into its operations, BeSmartee has successfully cemented itself as one of the top mortgage broker tools available today.

This innovative loan origination software is specifically designed to revolutionize loan application and origination processes, effectively meeting the needs of today’s mortgage enterprises.

BeSmartee smoothly handles various key steps, like loan application management, credit monitoring, and even automating income and employment verifications.

This makes it one of the top mortgage loan origination system vendors, facilitating a seamless mortgage experience.

Features

Loan Dashboard

The loan dashboard is equipped with all the tools and resources borrowers need to manage their loan application process effortlessly.

From document uploads to data entry, BeSmartee’s loan dashboard simplifies the borrower’s experience, making it efficient and user-friendly.

Loan Pipeline Visibility

This feature allows users to monitor every critical step of the loan lifecycle, offering a clear view of the progression from start to finish.

It allows users to efficiently track the status of each loan, ensuring that nothing falls through the cracks and that borrowers receive the attention and service they need at every stage of the lending process.

Collaboration Tools

From borrowers to loan officers, processors, and underwriters, this feature facilitates seamless communication and collaboration among all stakeholders involved in the loan origination process.

Third-Party Appraisal Verification

This mortgage loan underwriting software, in collaboration with Arivs, a licensed appraisal management company, offers mortgage appraisals.

This allows mortgage businesses to provide accurate and unbiased property appraisal estimates to borrowers, enhancing trust in their services and the mortgage process.

It eliminates the guesswork and uncertainty often associated with mortgage lending, giving borrowers the confidence to move forward with their loan applications.

HELOC Automation

BeSmartee provides a customer-centric HELOC automation solution that streamlines HELOC application processes.

It offers the flexibility to modify application intake through smart forms, enhancing the overall HELOC application experience.

Plans and Pricing

BeSmartee’s website does not display pricing information. Interested users can request a demo to explore their pricing plans in detail.

Pros and Cons

Pros

• Automated, soft-pull credit checks. BeSmartee’s loan origination software for mortgage brokers enables lenders to perform hassle-free credit score checks that do not affect borrowers’ credit histories.

• Diverse workflow options. BeSmartee’s point-of-sale (POS) system offers various workflows that cater to different lender preferences, avoiding the one-size-fits-all approach seen in other POS systems.

Cons

• Program glitches. Users have reported occasional glitches within the program, leading to potential hang-ups in the loan process. These can cause disruptions and frustration for borrowers, co-borrowers, and loan officers.

• No mobile app. While the web software is mobile-friendly, BeSmartee still lacks a mobile app.

Integrations

• Twilio
• Byte Software
• Zillow
• MGIC
• Salesforce
• Surefire CRM
• MeridianLink Mortgage
• Docutech
• Snapdocs
• DocMagic
• Finicity
• IDology
• Black Knight Empower
• Arch
• LodeStar
• FormFree
• LoanTek by Bankrate
• CoreLogic Credco

SimpleNexus is a mortgage automation solutions platform that offers a comprehensive suite of tools to streamline the entire mortgage process, from initial engagement to origination, closing, and business intelligence.

This comprehensive solution is geared towards enhancing loan officers’ productivity with a powerful mobile-first toolkit, enabling them to streamline loan production.

It offers borrowers a user-friendly and straightforward application process accessible from any device.

Features

Nexus Engagement

This is a dynamic feature that allows users to engage proactively and efficiently with borrowers and partners right from the initial application.

The tool helps strengthen relationships and contributes to higher lead conversion rates, ensuring that potential borrowers are guided seamlessly through the loan origination journey.

Nexus Closing

This is a fully integrated eClose solution that accommodates a range of closing methods, from traditional to hybrid and fully digital.

It is a versatile tool that provides lenders and borrowers alike with modern convenience, making the closing process smoother and more efficient.

Compensafe

This feature is designed to streamline and simplify compensation management in the mortgage industry.

It eliminates manual compensation calculations and complex spreadsheets.

The tool offers a modern and efficient solution to help mortgage businesses manage and track incentives with ease, ultimately saving them time and reducing the margin for error.

Nexus Vision

Nexus Vision provides key insights and business intelligence specific to the mortgage industry.

With its real-time operational performance data, mortgage businesses can discern what strategies work and which areas need improvement.

Automatic Verification of Income/Employment

SimpleNexus offers automated income and employment verification, available both within the mobile app and on desktop.

Through their Verification of Income/Employment (VOTE) integration with Finicity, borrowers simply provide basic information, enabling Finicity to establish connections with payroll providers, retrieve W-2/paystub data, and confirm income and employment details.

Plans and Pricing

SimpleNexus pricing plans are not publicly available on the website. To get detailed pricing information, interested users can request a demo.

Pros and Cons

Pros

• User-friendly interface. Users find the SimpleNexus interface to be remarkably user-friendly and intuitive.

• Comprehensive mortgage payment calculator. SimpleNexus offers a handy mortgage payment calculator that helps users determine their future mortgage payments. It also offers a direct connection to various pricing tools, enabling them to check live rates easily and stay updated with current mortgage information.

• White-label mobile app. SimpleNexus offers a highly customizable white-label solution that allows businesses to create a fully branded mobile app, complete with customized app names, icons, descriptions, internal verbiage, and visual branding.

Cons

• Bugs and glitches. Users encounter bugs and glitches from time to time, causing the app to freeze.

• Limited landing page customization. With SimpleNexus, customizing loan officer landing pages requires special requests and comes with limitations on what can be changed. This can be a drawback for users looking for more control over their pages.

Integrations

• Surefire CRM
• Calyx Point
• Finicity

Floify is a top-tier loan origination software for mortgage brokers that excels in streamlining the loan origination process through its cloud-based mortgage automation and point-of-sale tools.

With a primary objective to foster seamless workflows between mortgage lenders, borrowers, real estate professionals, and other stakeholders, Floify has solidly positioned itself among top mortgage LOS systems.

The platform integrates with asset, income, and employment verification providers, credit reporting agencies, LOS systems, and more, making it a powerful tool for the mortgage industry.

Features

Branded Digital Portal

This customizable portal facilitates various essential tasks, including completing loan applications, uploading necessary documents, electronically signing disclosures, and keeping track of loan status.

Borrowers can conveniently access and manage these crucial aspects of their loan journey all from a single, central location.

Communication Tools

As one of the best digital mortgage POS software systems, Floify provides automated and highly customizable communication solutions, ensuring timely updates for all involved parties.

These tools are not only highly customizable but also automated, ensuring that all parties receive the information they need promptly and according to their preferences.

1003 Loan Application

Floify offers a web-based 1003 loan application that provides borrowers with a user-friendly and intuitive interface, guiding them through the application process at their own pace.

This application is designed to meet the specific needs of loan originators, providing branding options, flexibility, and automation capabilities to streamline various front-end tasks.

Disclosure Desk

This feature is designed to assist lenders and enhance borrower experience by simplifying the disclosure process.

It enables borrowers to conveniently receive, review, and electronically sign their documents within a familiar, mobile-friendly web portal used throughout their transaction.

They can seamlessly manage their disclosure-related tasks within the same web-based portal where they initially submit their loan application and upload supporting documentation.

Plans and Pricing

Floify offers three pricing plans: Business, Team, and Enterprise.

The Business plan is available for $79 per month, or $840 annually. It caters to 1 LO or support user, providing:

• A secure borrower portal
• Customizable digital 1003 loan application
• Automated updates and notifications
• Native eSignature via Floify eSign
• A suite of productivity integrations
• A comprehensive Reporting and Analytics dashboard

The Team plan costs $250 per month, or $2,400 annually. This plan accommodates 1 LO and 4 support users, with all the Business plan features included.

The Enterprise plan uses a customized pricing model tailored to users’ specific needs. It includes all the features of the Business and Team plans.

It also offers:

• Enterprise-grade LOS Integrations (Encompass, MeridianLink, BytePro)
• Disclosure desk
• Fannie Mae Desktop Underwriter® integration
• LOS milestone sync
• Single sign-on with Active Directory
• Settlement agent portal
• Hybrid e-closing capabilities

Pros and Cons

Pros

• Efficient document management. Floify simplifies document capture and management by centralizing all documents in one location. This eliminates the risk of multiple requests from borrowers and ensures that documents are easily accessible when needed.

• Excellent security and compliance. Floify prioritizes the security and safety of client information and documentation, ensuring that all data is handled securely and in compliance with industry regulations.

• Affordability. Floify is one of the most affordable mortgage origination software platforms for small lenders.

Cons

• Limited integrations. It doesn’t integrate with popular LOS platforms like Calyx Point and OpenClose. Also, a user complained that its integration with LendingPad was unreliable.

• Limited template customization. Some templates and fields within Floify cannot be changed or deleted, limiting customization options. For instance, certain predefined fields like “closing date” cannot be altered.

Integrations

• Google Drive
• Slack
• Dropbox Business
• DocuSign
• Salesforce Sales Cloud
• Box
• Microsoft Azure
• Jungo
• Surefire CRM
• LendingPad
• Plaid
• MeridianLink Mortgage
• eEndorsements.com
• BluMortgage

ABBYY is a prominent player in the realm of digital mortgage POS software systems, offering state-of-the-art document conversion, data capture tools, intelligent document processing, and advanced optical character recognition (OCR) technology.

This suite of solutions enhances operations and efficiency for businesses, providing financial services.

By facilitating the extraction of valuable data from both paper documents and images, ABBYY provides banks and mortgage lenders with superior methods of accessing and utilizing financial information.

Features

Mobile Capture

ABBYY helps lenders optimize and simplify mortgage loan processes by seamlessly converting complex, high-volume, document-centric operations into streamlined, efficient workflows.

This makes ABBYY a top-tier choice among mortgage processing software programs.

By utilizing a blend of cutting-edge technologies such as Process Intelligence, advanced OCR, targeted scanning, and stringent verification of every loan document at the point of entry, ABBYY simplifies mortgage loan processes.

KYC Compliance

ABBYY offers a comprehensive solution for effectively managing Know Your Customer (KYC) requirements.

The tool focuses its approach on identifying and understanding suspicious interactions between customers and banks as a way to identify KYC/AML breaches.

It identifies a variety of processes involved in such interactions, as well as content that may be suspicious, mitigating KYC-related risks.

Automated Document Classification and Extraction

ABBYY offers automated and centralized processing of documents, incorporating verification of customer information, behavioral patterns, and KYC policies.

Utilizing cutting-edge NLP-focused entity extraction, ABBYY’s system can automatically identify and extract crucial data, including hand-printed text, from checks and documents.

Plans and Pricing

ABBYY’s website does not provide pricing information. Individuals and businesses interested in learning more about pricing options are encouraged to sign up and request more information from ABBYY directly.

Pros and Cons

Pros

• Cross-platform compatibility. ABBYY is a versatile solution compatible with multiple operating systems, including Windows, macOS, and Linux.

• Multilingual support. ABBYY stands out for its extensive multilingual support, surpassing other OCR software solutions. It offers robust language recognition capabilities, making it a valuable choice for businesses dealing with diverse languages and regions.

• Image enhancement. ABBYY enhances images captured with mobile devices for streamlined processing. It excels at handling intricate documents, like transcripts, IDs, and transport forms, automatically fine-tuning the image to meet the standards required for efficient processing and offering prompt feedback for poor-quality images.

Cons

• Media file compatibility. ABBYY primarily focuses on images and PDF documents and does not support all types of multimedia files. This limitation could be a drawback for users who need to handle various media formats aside from PDFs.

• High cost. ABBYY comes with a relatively high price tag compared to other similar software options. This makes it less convenient for small businesses or individuals on a tight budget.

Integrations

• Alteryx
• Bizagi
• Pegasystems
• Blue Prism
• UiPath
• Automation Anywhere
• SAP
• M-Files
• FlexiCapture
• Microsoft SharePoint®

__

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.