The demand and acceptance of loan servicing software for private lenders have been increasing swiftly over the past few years due to stringent compliance requirements and need for agility. According to a recent report by Technavio, the global loan servicing software market will grow at a CAGR of more than 14% between 2017 and 2021.
Traditionally, lenders preferred to manage the whole lending practice on their own with in-house tools and processes. But, today loan servicing software is making it easier for them to automate the complete loan lifecycle, thereby making the process more efficient, compliant and less error-prone. With the help of loan servicing software, lenders are able to easily manage their entire portfolios, enhance customer satisfaction, optimize revenue, and minimize expenses. Loan servicing and processing software significantly reduces the risk and makes the loan management process faster. This write-up is a compilation of top loan servicing software in the industry.
The loan servicing software market has many small and big players catering to different needs, but no dominant market leaders, making it a highly fragmented market. The competition among the existing players is intense and new innovative products are coming up to meet the specific demands of the market. Here is O2I's list of the top loan servicing software for private lenders -
FICS's Commercial Servicer software is one of the most widely used software with comprehensive features and capabilities that enable users to service all the different types of commercial loans like real-estate, property construction, multi-family loans, equipment loans, and a lot more. It offers a wholesome package that includes loan administration, asset management, payment processing, Escrow administration, reporting, and collections management.
Fiserv's product LoanServ is a single serving platform that supports all types of retail loans and credits. The selling point for this loan servicing and processing software is that it offers a single place for all types of loan management activities, so that users can consolidate their operations. LoanServ has been recognized as a "best-in-class" solution for: core servicing functions, shared systems and enterprise support.
Mortgage Builder's loan servicing software is known as Colonnade. The solution is popular among mid-sized banks and credit unions for automating all the aspects of loan management lifecycle including loan set-up, cash management, investor reporting and accounting, default management, Escrow administration, and federal and state reporting. Mortgage Builder is liked by the users because if provides outstanding customer service and supports the users from planning to implementation and beyond.
Nortridge Loan System is among the best loan servicing software because is it simple and flexible to use, while being a full-fledged enterprise-grade loan servicing software. Apart from the key modules: Loan Origination, Loan Servicing, and Collections, Nortridge Loan System also offers modules for Escrow, Participations, Multi-Book Accounting, and Client Web Portal. Users of the solution can also find hundreds of pre-defined reports with 40+ filter criteria, quite useful. A consolidated dashboard that gives complete loan information about each customer is popular as well.
IBM is perhaps the only big name in the list of loan servicing software 2018. IBM aims to redesign the mortgage and lending business by automating it completely with the use of business process automation, analytics, and machine learning. IBM also frequently comes up with new APIs and provides its services through the IBM Cloud. By forging partnerships with key players in the global loan servicing market, and offering IBM-backed technological support, IBM will definitely capture a big share of the loan management world.
Applied Business Software provides The Mortgage Office, which is a powerful loan servicing software for private lenders. Applied Business Software has strived to leverage its 40+ years of experience into designing a truly comprehensive and user-friendly loan service software that is suitable for financial institutions of all sizes. The Mortgage Office can be implemented on premise, in the cloud, or can be used as SaaS. The solution is extremely feature-rich and comes with almost all the capabilities required for streamlining loan management operations.
Cassiopae defines itself as a market leader in finance and asset management software. It provides an all-in-one solution for managing any kind of loan, lease or asset. With over 500 customers, Cassiopae not only provides loan servicing capabilities but a range of other financial management tools for commercial lending, equipment finance, consumer finance, real-estate finance, auto finance, fleet management, and asset & property management. Cassiopae offers a configurable workflow, pricing, authority delegation and more. This makes the solution highly customizable for individual business needs.
While some solutions in the market are still on premise, Cloud Lending Platform's unique selling point is that is it completely cloud-based. Cloud Lending Platform is built on Salesforce, thereby making it highly flexible and agile. It is an end-to-end lending solution that offers six sub-products including: CL Portal, CL Originate, CL Loan, CL Lease, CL Collections and CL Marketplace. All these products can work together as well as independently to offer a complete and comprehensive loan management solution to the customers.
This solution is aimed at not-for-profit Community Lenders, primarily start-ups, and small lenders. It is a simple, affordable, and flexible solution that offers all the basic capabilities that are needed to manage the lending process. Add-on modules are available for extra needs and capabilities. It is a great tool for small lenders to get digitalized and start automating the lending process in order to increase customer satisfaction and efficiency.
The unique proposition of Loan Assistant software is that it offers an add-on for integration with QuickBooks. So, for businesses that are already using QuickBooks, getting started with Loan Assistant becomes seamless and quick. Loan Assistant is an easy, affordable and light solution that comes with all the basic capabilities for loan management for residential and commercial mortgages, education loans, vehicle loans, construction loans, etc.
Once the loan has been originated, there are hundreds of tasks involved in servicing that loan. Traditional lenders used to carry out all those functions in-house, but today's lenders are opting to outsource loan servicing due to advantages like lower cost, faster processing, complete loan lifecycle support, and ensure regulatory compliance.
A reliable outsourcing partner, like O2I, can help lenders expand their customer base by providing experts who can leverage advanced loan servicing technologies and also reduce the risk associated with the lending process.
Outsource2india offers a complete range of mortgage services including support for pre-processing, processing, post-closing, appraisal, underwriting, and more. O2I is an ISO-certified company which offers various mortgage support services to 200+ financial institutions across the globe. We have an experienced team of mortgage experts who can offer customized services for any kind of mortgage support needs. With close to two decades of industry experience, we can help you implement and integrate loan servicing software for your business and enable you to take advantage of all the features of that solution.
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