Being in the loan lending business may be risky. However, loan servicing software allows people to offer loans to people who need it and effectively manage their loan servicing to ensure they can keep track of their loans possible. Here are some of the best loan servicing software right now.
10+ Loan Servicing Software
1. Turnkey Lender
2. Loanpro
3. Fileinvite
4. Loandisk
5. Creditonline
6. Floify
7. Crowdsofts
8. The Mortgage Office
9. Mortgage Automator
10. Nortridge
11. LoanAssistant
What Is Loan Servicing Software?
Loan servicing software is a loan management software where lenders manage their loan lifecycles with automated tools available. This serving software is used by lenders to opt for their loans in an attempt to get more profit which manages the loan management process from the moment a loan is being lent to reporting.
Benefits
Loan servicing software allows lenders to control their loan management service, allowing them to get increased profits. The loan bill pay software also helps lenders to comply with loan regulatory compliance laws as the software’s compliance management software tools ensure that lenders operate their lending service legally. The loan management system also minimizes the errors that lenders might encounter. The lending software also lessens the efforts needed in tracking and collecting loan payments. The loan processing software also improves the way lenders communicate with their customers with its customer service software tools. The software also simplifies the portfolio management process within the lending service to ensure they keep track of their loan payments due.
Features
Loan servicing software should be able to enable lenders to manage their credit decision process in approving or denying loans. The commercial loan origination software should also provide payment processing software tools to allow lenders to collect loan payments from their customers. The loan tracking software should also be able to give tracking tools to lenders in seeing the pending loans that their customers owe for easy tracking. The loan mortgage software should also be able to allow lenders to manage multiple borrowers’ accounts possible. The software should also be able to serve different types of customers and clients such as personal customers, businesses, governments, etc.
- Credit management
- Payment processing tools
- Track pending loans
- Manage multiple borrower accounts
- Serve to different clients and customers
Top 10 Loan Servicing Software
1. LoanAssistant
Loanassistant is owned and developed by Integrated Accounting Solutions, which the parent company has around 25 employees and earns a revenue of around $5 million.
2. Turnkey Lender
Turnkey Lender has 123 employees and earns annual revenue of $17.8 million.
3. Nortridge
Nortridge has 61 employees and earns annual revenue of $8.8 million.
4. Loanpro
Loanpro has 56 employees and earns annual revenue of $8.1 million.
5. Loandisk
Loandisk has around 25 employees and earns a revenue of around $5 million.
6. Floify
Floify has 36 employees and earns annual revenue of $5.2 million.
7. Crowdsofts
Crowdsofts has 26 employees and earns annual revenue of $5 million.
8. The Mortgage Office
The Mortgage Office has around 25 employees and earns a revenue of around $5 million.
9. Mortgage Automator
Mortgage Automator has around 25 employees and earns a revenue of around $5 million.
10. Creditonline
Creditonline has 14 employees and earns annual revenue of $2 million.
FAQs
Does loan servicing software integrate with CRM software?
Yes. Loan servicing software integrates well with CRM software because it improves the workflow efficiency of the loan services and how it reaches out to customers. As such, loan services are advised to use customer relationship management software as part of their operations.
What other software integrates with loan servicing software?
Loan servicing software integrates with other loan software such as loan origination solutions software to allow loan services to have extensive full-cycle loan management in their operations.
How much does loan servicing software cost?
Pricing for loan servicing software can range from free to $999 per month or more, with some software providing custom pricing. Pricing for loan servicing software varies depending on the features available and the intended target loan companies. Small loan services may benefit from low-cost loan servicing software while large companies may benefit from high-cost software.
With loan servicing software, loan services and companies can easily manage their loan service system which is often looked down but it also strikes a similarity of heartreak.
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