Best Loan Servicing Software

Reap the benefits of seamless loan servicing management with the best Loan Servicing Software.
Banking and other financial institutions that offer auto loans, business loans, construction loans, student loans, personal loans, etc., need flawless loan servicing management to serve their customers better and meet regulatory obligations. The best loan servicing systems allow collateral tracking, collections management, customer database, fee management, application management, accounting management, compliance management, communications logs, and more.

What Is Loan Servicing Software?

A loan servicing system is a set of comprehensive automation tools created to streamline and control end-to-end loan servicing management for businesses dealing with lending money or loans. It covers various processes involved in three broad stages of the loan lifecycle, including loan origination (application, underwriting, processing), servicing, and loan repayment/debt collection. Modern online loan servicing software also provides other crucial tools for taxation, compliance, insurance, audits, covenants, escrow services, and Artificial Intelligence (AI) based predictive analytics for risk management/fraud detection to enhance security.

How Does Loan Servicing Software Help Businesses?

A loan servicing system benefits loan servicing companies through process automation, time-saving, quick/real-time updates, data accuracy, faster processing/prevention of delays, increased efficiency, enhanced customer satisfaction, reduced process costs, and improved profitability. Software-based loan servicing management allows easy scalability for business growth.

How to Choose the Best Loan Servicing Software for Your Business?

Choosing the perfect loan servicing system for your business is a complex task. The software must offer all the tools your business needs, fit in your budget, and enhance business profits. GoodFirms has performed extensive research and analysis of loan management to formulate a list of the top loan servicing software with their prominent features, verified reviews, ratings, and pricing information. Utilize filters for business size, features, pricing model, deployment type, and more to hunt out the best loan management system for your business.

35 Softwares   |  Last updated: Jul 20, 2024
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List of the Best Loan Management software | Best Loan Servicing System

  • TurnKey Lender`s intelligent automation of the entire loan management process allows for flexible loan disbursal and servicing. Loan Servicing comes as part of an end-to-end tools suite that can be easily integrated ... read more about TurnKey Lender

    Turnkey lender is the best loan servicing software we have used as there are simple user transactions reviewed by: Lorie Carson, Founder at RealPeopleFinder
    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    16% in Loan Servicing Software
    • Audit Trail
    • Compliance Management
    • Credit Approval
    • Customer Management
    • Document Management
    • Electronic Signature
    • Loan Processing
    • Loan Sanctioning
    • Online Application
    • Pricing Management

    LICENSING & DEPLOYMENT

    • Cloud Hosted
    • Web-based
    • Windows

    SUPPORT

    • Phone

    Knowledge Base

    • Help Guides
    • Video Guides
    • Blogs
    • Webinars
    • Infographics

    What User‘s Say

    Turnkey lender is the best loan servicing software we have used as there are simple user transactions
    Lorie Carson, Founder at RealPeopleFinder
    TurnKey Lender is a complete system that automates all phases of the loan
    JM Littman, Director at Webheads
    TurnKey Lender has automated the whole lending process and has excellent decision-making quality
    Olive Grat, Marketing Director at Techiegarden

    REVIEW SUMMARY

    We RealPeopleFinder use Turnkey lender. It is the loan servicing software our company uses the most. We have used this software for the last three years, once weekly or as needed. Both setting up the system and receiving support went well. Software with low costs, excellent customer service, and simple user transactions. The support personnel is very accommodating and detailed in their explanations of the features.

    Lorie Carson
    Lorie Carson, Founder at RealPeopleFinder

    Pricing Type

    • Contact Vendor

    Free Version

    • No

    Payment Frequency

    • Quote Based
  • Integrated API-driven loan origination & servicing management software with additional secondary marketing (loan portfolio sales) & partner channel management options. Our lending software is designed for SME, mortgage, consumer, micro lending, leasing, ... read more about Lendstream

    Lendstream is easy to use, simple to navigate and has a clean design and an intuitive interface reviewed by: Daniel Morris, Founder at My Caring Plan
    Entry Level Price
    $99 Per Month
    Free Trial
    More than 30 days
    50% in Loan Servicing Software
    • Credit Approval
    • Dashboard
    • Fleet Management
    • Cafeteria Management
    • Loan Processing
    • Loan Sanctioning
    • Audit Planning
    • Pricing Management

    LICENSING & DEPLOYMENT

    • Cloud Hosted
    • On Premises
    • Web-based
    • Windows
    • Linux

    SUPPORT

    • Chat
    • Phone

    Knowledge Base

    • Help Guides
    • Video Guides
    • Webinars
    • Case Studies
    • Whitepapers
    • On-Site Training

    What User‘s Say

    Lendstream is easy to use, simple to navigate and has a clean design and an intuitive interface
    Daniel Morris, Founder at My Caring Plan
    It creates its own conclusion and analysis based on the criteria which saves a lot of time for us
    Steve Wilson, Founder at Bankdash
    Lendstrem's customised work-flows enable the use of a single system in several markets.
    Edward Mellet, Director at WikiJob

    REVIEW SUMMARY

    We My Caring Plan use Lendstream. I’ve worked in the lending industry for years, and during that time, I've used a variety of loan origination software. The one I use most often is Lendstream. However, it does not have all the features of other software programs on the market today. For example, it does not allow you to export data into Excel, or another spreadsheet program like some of its competitors do. In addition, it lacks certain reporting capabilities, such as the ability to create charts from data sets that you import into your system (although they do offer this capability with their web-based version). But overall, I am happy with its performance.

    Daniel Morris
    Daniel Morris, Founder at My Caring Plan

    Pricing Type

    • Flat Rate

    Free Version

    • No

    FREE TRIAL

    • More than 30 days Trial

    Payment Frequency

    • Monthly Payment
    • Annual Subscription
    • Quote Based

    AVAILABLE PACKAGES

    Standard
    $99 Per Month
  • It streamlines and automates all of your current loan servicing tasks. Our automated software tools make it easier to scale your loan servicing capacity. The entire system is powerful, flexible and incredibly ... read more about The Mortgage Office

    All the duties can be performed by The Mortgage Office, saving time and effort. reviewed by: Melissa Terry, CFA at VEM-Tooling Co. Ltd.
    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    100% in Loan Servicing Software
    • Audit Trail
    • Dashboard
    • Cafeteria Management
    • Audit Planning

    LICENSING & DEPLOYMENT

    • Cloud Hosted
    • On Premises
    • Web-based
    • Windows

    SUPPORT

    • Phone

    Knowledge Base

    • Help Guides
    • On-Site Training

    What User‘s Say

    All the duties can be performed by The Mortgage Office, saving time and effort.
    Melissa Terry, CFA at VEM-Tooling Co. Ltd.
    Mortgage Office Loan enables small businesses to efficiently and effectively manage their loan portfolios
    Lukee Li, Co-Founder & Project Manager at Neutypechic
    It is a comprehensive solution that enables small businesses to efficiently and effectively manage their loan portfolios
    Lukee Li, Co-Founder & Project Manager at Neutypechic

    REVIEW SUMMARY

    We VEM-Tooling Co. Ltd. utilize The Mortgage Office; formerly, I managed many spreadsheets for insurance expiry monitoring, escrow analysis, planned future expenses, and so on. All those duties can be performed by it, saving time and effort. It is well-tailored to our needs. It manages all aspects of service, such as insurance information and escrow analysis. The customer service is outstanding. During setup and training, I worked with Rep, who was competent, polite, and friendly. We used it for 15 days to check all progress. I'm relieved to hear that our new software is well-supported. It is well-tailored to our needs. It manages all aspects of service, such as insurance information and escrow analysis. The customer service is outstanding. During setup and training, I worked with Rep, who was competent, polite, and friendly. Learning new software is difficult, but Rep made it as easy as possible.

    Melissa Terry
    Melissa Terry, CFA at VEM-Tooling Co. Ltd.

    Pricing Type

    • Contact Vendor

    Free Version

    • No

    Payment Frequency

    • Quote Based
  • Let’s win together. LoanPro specializes in the servicing of loans, but acts as your lending core for every step in the loan lifecycle. LoanPro takes a configuration-first approach which means we give ... read more about Loanpro

    LoanPro unifies all components of the loan lifecycle into a single source of truth reviewed by: Jason McMahon, Digital Strategist at Bambrick
    Entry Level Price
    Contact vendor
    Free Trial
    Available
    100% in Loan Servicing Software
    • Compliance Management
    • Document Management
    • Loan Processing
    • Loan Sanctioning

    INDUSTRIES

    • Banking
    • Financial-services
    • Investment-banking-venture

    LICENSING & DEPLOYMENT

    • Proprietary
    • Cloud Hosted
    • Web-based

    SUPPORT

    • Email
    • Chat
    • Phone
    • Weekdays

    Training

    • Webinar
    • In-person
    • Documentation

    What User‘s Say

    LoanPro unifies all components of the loan lifecycle into a single source of truth
    Jason McMahon, Digital Strategist at Bambrick
    LoanPro offers software with great capabilities that are significant for our business
    Robert Warner, Head of Marketing at VirtualValley
    Loanpro will save you time and money and give you the tools you need to make your business more efficient and functional.
    Angus Chang, Founder at Petswithme

    REVIEW SUMMARY

    We Bambrick use LoanPro. It is a undamental piece of lending software that focuses on loan servicing. By providing users with the tools they need to realize their loan ideas, it drives financial innovation. LoanPro, which was developed using its own API, integrates with users' existing software, promotes the usage of strong integrations, and unifies all components of the loan lifecycle into a single source of truth. LoanPro empowers entrepreneurs to do what they do best by providing real-time database access, automation systems, and the capacity to design and serve different loan products on a single platform.

    Jason McMahon
    Jason McMahon, Digital Strategist at Bambrick

    Pricing Type

    • Contact Vendor

    Preferred Currency

    • USD ($)

    Free Version

    • No

    FREE TRIAL

    • Available Trial

    Payment Frequency

    • Quote Based
  • White-label and fully customizable loan software that gets your lending business covered, from origination to servicing. The HES platform is a fusion of modules tailored to your high-growth business needs. Whether you ... read more about HES Fintech

    Skilled vendor in the end-to-end development of Microfinance Lending Platforms reviewed by: Владимир Коротков
    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    34% in Loan Servicing Software
    • Audit Trail
    • Compliance Management
    • Credit Approval
    • Document Management
    • Electronic Signature
    • Loan Processing
    • Loan Sanctioning
    • Online Application
    • Pricing Management

    INDUSTRIES

    • Accounting
    • Banking
    • Financial-services
    • Hospital-health-care
    • Insurance
    • Legal-services

    LICENSING & DEPLOYMENT

    • Proprietary
    • Cloud Hosted
    • On Premises
    • Web-based

    SUPPORT

    • Email
    • Chat
    • 24x7 Support

    Knowledge Base

    • Help Guides
    • Video
    • Blog
    • Case Studies
    • On-Site Training

    What User‘s Say

    End-to-end credit pipeline development for online lending platform - exactly what we wanted
    Aliya Akchurina
    Skilled vendor in the end-to-end development of Microfinance Lending Platforms
    Владимир Коротков

    REVIEW SUMMARY

    Our objective was the end-to-end development of the credit pipeline for the online lending platform. This pipeline allowed us to automate the entire lending process as efficiently as possible: from tracking leads and submitting applications, to working with overdue debts. Also, thanks to the technological solutions of the HES team, we were able to significantly improve the customer experience and create a stable competitive advantage in the online lending market in Kazakhstan. The team: each company’s employee we interact with has deep knowledge in their professional field matched with great soft skills, like understanding, friendliness, and helpfulness. The approach: HES business analysts suggested beginning with an MVP and then improve the product functionality and add new features. Doing that after the launch was a smart idea because we received many insights and feedback. Such a plan looked very good, and this is why we selected HES FinTech as the technology provider for our project. The result: In 2021, we are in the 3rd stage of improvements and functionality extensions. Everything works just fine. We never doubted or regretted the choice made in favor of HES and recommend this vendor.
    Aliya Akchurina
    Aliya Akchurina

    Pricing Type

    • Contact Vendor

    Preferred Currency

    • USD ($)

    Free Version

    • No

    Payment Frequency

    • Quote Based
  • SoFi is a values-driven company on a mission to help our members get their money right. We create modern financial products and services that help people borrow, save, spend, invest, and protect ... read more about Sofi

    It helps us track the bank account and automatically updates credit scores in real-time reviewed by: Robert Zeglinski, Managing Editor and Researcher at BreakingMuscle
    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    100% in Loan Servicing Software
    • Compliance Management
    • Customer Management
    • Document Management
    • Loan Processing
    • Loan Sanctioning
    • Online Application

    INDUSTRIES

    • Banking
    • Investment-banking-venture

    LICENSING & DEPLOYMENT

    • Proprietary
    • Cloud Hosted
    • Web-based

    SUPPORT

    • Email
    • Everyday

    What User‘s Say

    It helps us track the bank account and automatically updates credit scores in real-time
    Robert Zeglinski, Managing Editor and Researcher at BreakingMuscle
    SoFi is best for first-time investors because of its limited investment selection and features
    Steve Anderson, CEO at Junk-Yard-Near-Me

    REVIEW SUMMARY

    Our organization BreakingMuscle uses Sofi loan servicing software. According to my assessment, the advantage of Sofi is that I have trade alternatives, I can track my primary bank account and spending in Sofi, and I absolutely adore that when I get into my app, all I have to do to view my credit score in real-time is scroll down, and there it is, automatically updated. In addition. Sofi rewards you with actual cash for completing different activities within the app, so it's like a game while you're managing your money! The only thing I dislike about the app is how cluttered and confusing the trade and investment section is. I wish things were significantly more organized and user-friendly.

    Robert Zeglinski
    Robert Zeglinski, Managing Editor and Researcher at BreakingMuscle

    Pricing Type

    • Contact Vendor

    Preferred Currency

    • USD ($)

    Free Version

    • No

    Payment Frequency

    • Quote Based
  • LoanDynamix is a loan servicing software solution for loan servicers challenged by increasing costs and a changing regulatory environment or new servicers entering the market looking for a system within their budget. ... read more about LoanDynamix

    It is a mortgage loan servicing programme that supports the complete servicing lifecycle reviewed by: David Janssen, CEO and Founder at VPNOverview
    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    100% in Loan Servicing Software
    • Audit Trail
    • Credit Approval
    • Dashboard
    • Fleet Management
    • Cafeteria Management
    • Loan Processing
    • Loan Sanctioning
    • Audit Planning
    • Pricing Management

    LICENSING & DEPLOYMENT

    • Cloud Hosted
    • Web-based
    • Windows

    SUPPORT

    • Phone

    Knowledge Base

    • Help Guides
    • Blogs
    • Case Studies

    Pricing Type

    • Contact Vendor

    Free Version

    • No

    Payment Frequency

    • Monthly Payment
  • CreditOnline is an end-to-end integrated loan business management software helping organizations connect and integrate all relevant parties in a state-of-art lending ecosystem. Our solutions were designed by working closely with software developers ... read more about CreditOnline

    CreditOnline always stands out because it is simple, fast, and cost-effective reviewed by: Kathy Taylor, Founder at WeloansUk
    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    50% in Loan Servicing Software
    • Compliance Management
    • Credit Approval
    • Document Management
    • Loan Processing
    • Online Application
    • Pricing Management

    LICENSING & DEPLOYMENT

    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Android
    • Windows
    • Mac
    • Linux

    SUPPORT

    • Chat
    • Phone

    Knowledge Base

    • Help Guides
    • Blogs
    • Webinars
    • On-Site Training

    Pricing Type

    • Contact Vendor

    Free Version

    • Yes

    Payment Frequency

    • Monthly Payment
    • Free
  • Discover timveroOS: Your comprehensive solution for efficient loan servicing & collection. With our platform, save up to 80% of costs during credit division scaling or expansion, empowered by end-to-end automation. Get instant ... read more about TimveroOS

    Easy to implement all-in-one lending operating system reviewed by: Ben Goldin, Founder & CEO at Plumery
    Entry Level Price
    Contact vendor
    Free Trial
    More than 30 days
    50% in Loan Servicing Software
    • Compliance Management
    • Credit Approval
    • Customer Management
    • Document Management
    • Electronic Signature
    • Loan Processing
    • Loan Sanctioning
    • Online Application
    • Pricing Management

    INDUSTRIES

    • Banking
    • Financial-services

    LICENSING & DEPLOYMENT

    • Proprietary
    • Cloud Hosted
    • On Premises
    • Web-based

    SUPPORT

    • Email
    • Chat
    • Phone
    • 24x7 Support

    Training

    • In-person
    • Documentation

    Pricing Type

    • Contact Vendor

    Preferred Currency

    • USD ($)

    Free Version

    • No

    FREE TRIAL

    • More than 30 days Trial
      (Credit card required)

    Payment Frequency

    • Annual Subscription
  • Loan servicing software to track the balance and payments on virtually any type of loan or lease. Easily manage hundreds or thousands of loans generating customizable statements, reports. Borrower online access and ... read more about Moneylender Professional

    It makes it easy to manage your loans and provides detailed and concise information on each loan reviewed by: Caitlin Cascade, Founder at Atlanta Social Media Superstars
    Entry Level Price
    Contact vendor
    Free Trial
    30 Days
    100% in Loan Servicing Software
    • Compliance Management
    • Document Management
    • Loan Processing
    • Loan Sanctioning
    • Pricing Management

    INDUSTRIES

    • Banking
    • Financial-services
    • Investment-banking-venture

    LICENSING & DEPLOYMENT

    • Proprietary
    • Cloud Hosted
    • Windows

    SUPPORT

    • Email
    • Weekdays

    Training

    • Documentation

    Pricing Type

    • Per User

    Preferred Currency

    • USD ($)

    Free Version

    • No

    FREE TRIAL

    • 30 Days Trial

    Payment Frequency

    • One-Time Payment
  • The company’s flagship offering, Nortridge Loan System is an all encompassing loan servicing software platform that helps lenders and servicers better track, manage and service their loan portfolios.It includes, at its core, ... read more about Nortridge

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    50% in Loan Servicing Software
    • Audit Trail
    • Credit Approval
    • Dashboard
    • Fleet Management
    • Cafeteria Management
    • Loan Processing
    • Loan Sanctioning
    • Audit Planning
    • Pricing Management

    LICENSING & DEPLOYMENT

    • Cloud Hosted
    • Web-based
    • Windows
    • Mac

    Knowledge Base

    • Help Guides
    • Video Guides
    • Blogs
    • Webinars
    • Case Studies
    • On-Site Training

    Pricing Type

    • Contact Vendor

    Free Version

    • No

    Payment Frequency

    • Monthly Payment
  • AutoPal Software is cloud-based and, like a lending partner, can be accessed anywhere you have an Internet connection, any time you need it.Having software in the cloud also means your loan data ... read more about AutoPal

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    100% in Loan Servicing Software
    • Audit Trail
    • Credit Approval
    • Dashboard
    • Fleet Management
    • Cafeteria Management
    • Loan Processing
    • Loan Sanctioning
    • Audit Planning
    • Pricing Management

    LICENSING & DEPLOYMENT

    • Web-based
    • Windows

    SUPPORT

    • Phone

    Knowledge Base

    • Help Guides
    • Blogs

    Pricing Type

    • Contact Vendor

    Free Version

    • No

    Payment Frequency

    • Monthly Payment
  • Margill products are used in 38 countries by thousands of professionals and organizations, including the prestigious U.S. Securities and Exchange Commission, the Department of Justice Canada, Deloitte, SBA Bank, and Manulife Financial.

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    100% in Loan Servicing Software
    • Audit Trail
    • Credit Approval
    • Dashboard
    • Fleet Management
    • Cafeteria Management
    • Loan Processing
    • Loan Sanctioning
    • Audit Planning
    • Pricing Management

    LICENSING & DEPLOYMENT

    • Cloud Hosted
    • Windows

    SUPPORT

    • Phone

    Knowledge Base

    • Help Guides
    • Blogs
    • Case Studies

    Pricing Type

    • Contact Vendor

    Free Version

    • No

    Payment Frequency

    • Monthly Payment
  • GOLDPoint Systems offers an Omnichannel Lending Software for the growing consumer, retail, and specialized lending market. For more than a decade, GOLDPoint Systems has been at the forefront of the Loan Management ... read more about GOLDPoint Systems

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    100% in Loan Servicing Software
    • Audit Trail
    • Credit Approval
    • Dashboard
    • Fleet Management
    • Cafeteria Management
    • Loan Processing
    • Loan Sanctioning
    • Audit Planning
    • Pricing Management

    LICENSING & DEPLOYMENT

    • Cloud Hosted
    • Web-based
    • Windows

    SUPPORT

    • Chat
    • Phone

    Knowledge Base

    • Help Guides
    • Blogs
    • Webinars
    • Case Studies

    Pricing Type

    • Contact Vendor

    Free Version

    • No

    Payment Frequency

    • Monthly Payment
  • Mortgage Builder provides enterprise mortgage software solutions for today’s lenders that empower teams, quickly adapt to changing regulations, and are customizable to unique workflows. A subsidiary of Constellation Mortgage Solutions, MB is ... read more about Mortgage Builder

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    100% in Loan Servicing Software
    • Audit Trail
    • Credit Approval
    • Dashboard
    • Cafeteria Management
    • Loan Sanctioning
    • Audit Planning
    • Pricing Management

    LICENSING & DEPLOYMENT

    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Windows

    Knowledge Base

    • Help Guides
    • Video Guides
    • Blogs
    • Webinars
    • On-Site Training

    Pricing Type

    • Contact Vendor

    Free Version

    • No

    Payment Frequency

    • Monthly Payment
  • Lending Pro Software is an affordable, easy to use, loan management software that can handle the most complex loans out there. With Lending Pro Software, you will have all the necessary tools ... read more about Lending Pro Software

    Entry Level Price
    Contact vendor
    Free Trial
    30 Days
    100% in Loan Servicing Software
    • Audit Trail
    • Credit Approval
    • Dashboard
    • Fleet Management
    • Cafeteria Management
    • Loan Processing
    • Audit Planning
    • Pricing Management

    LICENSING & DEPLOYMENT

    • Cloud Hosted
    • Web-based
    • Windows

    Knowledge Base

    • Help Guides
    • Blogs
    • Case Studies

    Pricing Type

    • Contact Vendor

    Free Version

    • No

    FREE TRIAL

    • 30 Days Trial

    Payment Frequency

    • One-Time Payment
  • LOAN SERVICING SOFT is a best-of-breed loan servicing software platform, or mortgage LOS, designed from the ground up to increase lending and loan servicing efficiencies and empower lending professionals. With a modern, ... read more about Loan Servicing Soft

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    100% in Loan Servicing Software
    • Audit Trail
    • Credit Approval
    • Dashboard
    • Fleet Management
    • Cafeteria Management
    • Loan Sanctioning
    • Audit Planning
    • Pricing Management

    LICENSING & DEPLOYMENT

    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Android
    • Windows
    • Mac

    Knowledge Base

    • Help Guides
    • Blogs
    • Case Studies

    Pricing Type

    • Contact Vendor

    Free Version

    • No

    Payment Frequency

    • One-Time Payment
  • LA Pro offers a complete package for business loan servicing. One of the great things about it is that it has the flexibility to interface with our core system and other software. ... read more about LA Pro

    Entry Level Price
    Contact vendor
    Free Trial
    More than 30 days
    100% in Loan Servicing Software
    • Audit Trail
    • Credit Approval
    • Dashboard
    • Cafeteria Management
    • Loan Sanctioning
    • Pricing Management

    LICENSING & DEPLOYMENT

    • Cloud Hosted
    • Web-based
    • Windows

    Knowledge Base

    • Help Guides
    • Blogs

    Pricing Type

    • Contact Vendor

    Free Version

    • No

    FREE TRIAL

    • More than 30 days Trial

    Payment Frequency

    • Monthly Payment
  • Apache Fineract is open source software for financial services. It provides a reliable, robust, and affordable solution for entrepreneurs, financial institutions, and service providers to offer financial services to the world’s 2 ... read more about Apache Fineract

    Entry Level Price
    Free version
    Free Trial
    Available
    50% in Loan Servicing Software
    • Audit Trail
    • Credit Approval
    • Cost Database
    • Document Management
    • Loan Processing
    • Loan Sanctioning
    • Online Application

    LICENSING & DEPLOYMENT

    • Cloud Hosted
    • On Premises
    • Web-based

    Knowledge Base

    • Help Guides

    Pricing Type

    • Free

    Payment Frequency

    • Free
  • LenderSuite is a powerful and innovative loan servicing software information and loan control system that does the job. LenderSuite targets the needs of enterprises that have any mortgage loans, lines of credit, ... read more about LenderSuite

    Entry Level Price
    Free version
    Free Trial
    Available
    100% in Loan Servicing Software
    • Audit Trail
    • Credit Approval
    • Audit Planning

    LICENSING & DEPLOYMENT

    • Cloud Hosted
    • On Premises
    • Web-based

    Knowledge Base

    • Help Guides
    • On-Site Training

    Pricing Type

    • Free

    Payment Frequency

    • Free
  • Trakker is your affordable and comprehensive Loan Servicing Solution offering a wide range of features and ability to handle numerous types of loans. Trakker is a user-friendly Windows-based program easily networked on ... read more about Trakker

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    100% in Loan Servicing Software
    • Audit Trail
    • Credit Approval
    • Fleet Management
    • Loan Sanctioning
    • Audit Planning

    LICENSING & DEPLOYMENT

    • Cloud Hosted
    • On Premises
    • Web-based

    SUPPORT

    • Phone

    Knowledge Base

    • On-Site Training

    Pricing Type

    • Contact Vendor

    Free Version

    • No

    Payment Frequency

    • Quote Based
  • The Loan Office, a complete suite of powerful lending software products. Our software is designed from the ground up to specifically address every need of those in the mortgage lending business.

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    100% in Loan Servicing Software
    • Credit Approval
    • Fleet Management
    • Loan Sanctioning
    • Audit Planning

    LICENSING & DEPLOYMENT

    • Cloud Hosted
    • On Premises
    • Windows

    SUPPORT

    • Phone

    Knowledge Base

    • Help Guides
    • On-Site Training

    Pricing Type

    • Contact Vendor

    Free Version

    • No

    Payment Frequency

    • Quote Based
  • Emphasys Software provides an array of software solutions and related services to public housing authorities (PHAs), housing finance agencies (HFAs), local governments, real estate organizations, and financial lenders. Formed in 2000 through ... read more about Kwik-Loan

    Entry Level Price
    Contact vendor
    Free Trial
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    50% in Loan Servicing Software
    • Compliance Management
    • Cost Database
    • Electronic Signature
    • Online Application

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    • No

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    • Monthly Payment
  • Nucleus Software is the leading provider of lending and transaction banking solutions to the global financial services industry. Its software powers the operations of more than 150 customers in 50 countries, supporting ... read more about FinnOne Neo

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    33% in Loan Servicing Software
    • Audit Trail
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    LICENSING & DEPLOYMENT

    • Cloud Hosted
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    • Windows

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    • No

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    • Quote Based
  • Amplifying the power of the Salesforce.com platform, the World’s #1 Customer Relations Management system, FUNDINGO provides the alternate lending industry with an automated, easy-to-use system that gives you the tools you need ... read more about FUNDINGO Loan Origination

    Entry Level Price
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    50% in Loan Servicing Software
    • Compliance Management
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    • No

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    • Monthly Payment
  • Captaloans CRM and Tracking Software combines robust yet simple lead management with mortgage, loan modification, bankruptcy, and debt settlement tracking so you can process more business. Collaborate with affiliates, processors and attorneys ... read more about Captaloans

    Entry Level Price
    $22 Per Month
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    50% in Loan Servicing Software
    • Document Management
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    • Flat Rate

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    • 15 Days Trial

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  • Designed for commercial banks, insurance companies, and other financial agencies, it is a mortgage and loan management tool that assists with loan progress monitoring, creating audit trails, etc. Mortgage and loans management ... read more about StreamLoan

    Entry Level Price
    $49 Per Month
    Free Trial
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    50% in Loan Servicing Software
    • Audit Trail
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    • Online Application
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    • Flat Rate

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    • No

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    AVAILABLE PACKAGES

    Standard
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  • Mortgage solution that assists organizations of all sizes with loan processing, information management, branding and email management. Web-based mortgage solution that helps lending firms with lead distribution, email marketing, partner management and ... read more about MORTGAGESIMPLIFY

    Entry Level Price
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    50% in Loan Servicing Software
    • Audit Trail
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    • Online Application

    LICENSING & DEPLOYMENT

    • Cloud Hosted
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    SUPPORT

    • Phone

    Knowledge Base

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    • No

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    • Quote Based
  • Future-proof your banking journey with Novopay's state-of-the-art Banking Platform that is cloud-native, mobile-first, API enabled, and AI-driven. Whether it is digital lending, prepaid card and wallet, or payment solutions, Novopay's products can ... read more about Novopay

    Entry Level Price
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    25% in Loan Servicing Software
    • Compliance Management
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    • Loan Processing
    • Loan Sanctioning
    • Online Application

    LICENSING & DEPLOYMENT

    • Cloud Hosted
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    • iPhone/iPad
    • Android

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    • Help Guides
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    • No

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    • Quote Based
  • Originate and service loans and leases more quickly and efficiently while minimizing risk to your lending operations. Fiserv offers superior loan processing solutions that reduce costs, generate revenue, allow you to stay ... read more about Fiserv Lending

    Entry Level Price
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    50% in Loan Servicing Software
    • Audit Trail
    • Compliance Management
    • Document Management
    • Loan Processing
    • Loan Sanctioning
    • Online Application

    LICENSING & DEPLOYMENT

    • Cloud Hosted
    • Web-based
    • Windows
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    • Linux

    SUPPORT

    • Phone

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    • No

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  • Smart loan management software used by lenders & brokers for CRE, Bridge, Fix & Flip, Construction, SBA & More. A modern borrower experience with online, mobile-friendly portals, customized workflows & paperless origination. ... read more about LendingWise

    Entry Level Price
    $75 Per Month
    Free Trial
    15 Days
    50% in Loan Servicing Software
    • Audit Trail
    • Credit Approval
    • Document Management
    • Electronic Signature
    • Loan Processing
    • Loan Sanctioning
    • Online Application
    • Pricing Management

    LICENSING & DEPLOYMENT

    • Cloud Hosted
    • Web-based
    • Windows
    • Mac

    SUPPORT

    • Chat

    Knowledge Base

    • Help Guides
    • Video Guides
    • On-Site Training

    Pricing Type

    • Flat Rate

    Free Version

    • No

    FREE TRIAL

    • 15 Days Trial

    Payment Frequency

    • Monthly Payment
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    AVAILABLE PACKAGES

    Standard
    $75 Per Month
  • Powering banking transformation at scale. Their component-based and cloud banking platform provides the broadest range of capabilities. Whether large or small, local or global, pick the components from our wide catalog. Or ... read more about Sopra Banking

    Entry Level Price
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    50% in Loan Servicing Software
    • Compliance Management
    • Customer Management
    • Loan Processing
    • Loan Sanctioning
    • Online Application

    LICENSING & DEPLOYMENT

    • Cloud Hosted
    • Web-based

    Knowledge Base

    • Help Guides
    • Video Guides
    • Blogs
    • Infographics

    Pricing Type

    • Contact Vendor

    Free Version

    • No

    Payment Frequency

    • Quote Based

Buyer’s Guide

Introduction to Buyer’s Guide for Loan Servicing Software

Financing institutions like banks and private lending companies are the backbone of a strong economy. They offer financial aid to individuals to buy resources, services, and goods; in return, they take interest or commission fees. Undoubtedly, loan servicing organizations’ efficient provisioning of credit helps individuals accomplish their personal goals like supporting business operations, paying college fees, buying a house, and paying medical bills. 

To survive the economic downfall and perform consistently, loan servicers seek ways to reduce capital expenditures, control costs, improve service levels, and enhance operational efficiency. These firms must operate with a minimum delinquency rate and create a sustainable model for their survival and for a thriving economy. With the traditional loan servicing approach, it is impossible to identify the bottlenecks in the system and reduce the delinquency rate. For this reason, loan servicing organizations search for better alternatives like loan servicing software or loan management software. The loan servicing software with advanced technology aligns the loan repayment process and identifies the gaps in the loan payment structure.    

The loan servicing software also aids the financing firms in performing their regular tasks efficiently, like collecting payments, sending monthly payment statements, remitting funds to the note holder, loss mitigation, custodial account management, generating reports, etc. All these activities involve lots of documentation, complex calculations, and a high level of intricacy. With the best loan servicing software, these tasks become relatively easy.     

For choosing the best loan servicing software, financing firms must consider many things, like loan capacity, company size, business requirements, scalability, and other essential aspects. Well-research software can be a boon to the organization. This buyer guide for loan servicing software is designed to help various lending companies, banks, and financing firms to choose the right software for their business.

What is Loan Servicing?

Loan servicing is a process where the lender collects interest, principal, and escrow payments from the loan borrower and carries out all the administrative work from the moment the loan amount is disbursed until the loan is paid off. In short, during the loan servicing stage, the lender indulges in various activities like tracking loan payments, answering the borrower queries, managing the escrow account, tracking interest paid and principal amount, etc.

Loan servicing is envisioned as part of the loan cycle. It can be rendered by the financial institution (banks) that issue the loans, a third-party vendor for the lending institution, or a non-bank entity specializing in loan servicing. During the loan servicing, the borrower meets their amortization and interest payment. 

With the proliferation of the global economy, loan offerings have doubled. It means more responsibilities on the loan servicer to manage the borrower’s profile and schedule amortization for timely payment. However, due to their underlying challenges, the traditional approach lags in managing the large volume of loan applications efficiently.

What Are the Challenges of Manual Loan Servicing?

  • More documentation: Loan processing involves many verification and approval steps, requiring submitting many documents. It sometimes becomes a daunting task for lenders to manually manage all the documents and analyze them thoroughly with so many applications.
  • Process time: Manual loan process can be a time-consuming and lengthy process. The customer must collect the physical form and attached documents and submit them to the loan approval officer. The process must be repeated if the loan is rejected due to a minor error. No system alerts customers about the missing document or information when they initiate the loan application procedure with the manual process.
  • Security and unauthorized access: The most significant risk associated with manual loan servicing. The documents collected from the customers hold confidential information, and their access to the wrong person can make them vulnerable. Also, the chances of misplacing the documents remain high with the manual loan process.
  • Poor customer experience: The financial institute should deliver a par customer experience for high customer retention. With manual loan processing, customers cannot track their loan status in real time or expect to process the application fast.
  • Higher error rate: No matter how much effort the financial institution puts into making the loan servicing process smooth, there is always room for error with human intervention. Manual errors can increase the loan denial rate, significantly affecting the business revenue.    

What Is Loan Servicing Software?

Loan servicing software is a type of application software that is designed to manage and track loan activity. During the loan management cycle, the loan servicing software provides end-to-end functionality to handle the loan and efficiently reduce the loan repayment complexity. It helps lenders to create different loan types, determine interest rates, set payment periods, calculate late payment fees, generate payments, and myriads of other activities.

Who uses Loan Servicing Software?

  • Finance companies
  • Banks
  • Third-party vendor for a lending institute
  • In-house lenders
  • Credit unions
  • Mortgage companies

What Is the Difference Between Loan Origination Software and Loan Servicing Software?

  • Loan origination software:   Loan origination software helps financial institutes and banks to automate the loan application process. It involves the processes that are carried out before the banks or financial institute issues a loan, like the pre-qualification process, application processing, underwriting, credit decision, etc.
  • Loan servicing software: Loan servicing software manages and automates the activities post-loan origination process. Loan servicing software provides tools like payment calculation engine, reporting, accounting, etc. that are used to manage all the aspects of a loan from the time the loan is disbursed to the borrower until the loan is paid off.  Various automated loan servicing activities with the software include collecting monthly payments, maintaining payment records, sending monthly statements, sending late payment alerts, paying taxes, and insurance.

Essential Features of Loan Servicing Software

  • Automatic reminders
  • Create payment schedules
  • Store documents
  • Create loan documents
  • E-payments (accept credit cards)
  • Support multi-currency
  • Calculate complex interest (APR calculation, compound interest, etc.)
  • Support custom reports
  • Generate important documents (statement, letters, invoices, and contracts)
  • Time-stamped notes
  • Support for mobile devices
  • Alerts and Notifications
  • Automated ACH payments
  • Real-time reporting
  • Scalable
  • Data security
  • 2-factor Authentication
  • Data import and export
  • Integration with an accounting system
  • Track client communication
  • Report and analytics
  • Collateral tracking

What Are the Benefits of Loan Servicing Software?

  • Reduce errors in calculations: The top loan servicing software allows users to calculate complex calculations with ease. The lender can have the flexibility to calculate simple and compound interest based on days or periods. They can even determine the payments cycle like monthly, quarterly, or yearly.
  • Automatically deduct late payment charges: The lenders do not need to individually monitor every late payment transaction and manually apply late payment charges. The loan servicing software calculates late payment charges and deducts them from the account automatically.
  • Flexibility in payments: The best loan servicing software solutions are intertwined with credit card payments and other online payment options. It helps borrowers to process payments from anywhere at any time. On top of that, the support for multiple currencies can make it easier for borrowers if they are traveling cross-border and want to make payment.     
  • Reduce risk and bad debts: The loan management software manages all the customers’ information from a single platform, making it easier to gauge the customer’s payment lapse and commitments. These metrics eventually help to prevent bad debts. 
  • Track payments: With loan servicing software, the lenders can keep a complete track of the borrower’s payments and reduce the friction between the lenders and borrowers. The lender can even use the payment record to decide on the loan approval when the same person is applying for a loan in the future.
  • Better customer relationship: Loan servicing software holds valuable customer data, and they can use them to enhance the customer experience. Based on their previous record, lenders can encourage potential customers to avail more loans with reduced interest rates and discount offers. The users can maintain all their customers’ contact data in one place and can eliminate the need for dedicated CRM software. They can collaborate and build data sets covering investors, borrowers, co-borrowers, lenders, etc.
  • Secure data management: Loan management system software gives secure access to customers’ data. It makes record-keeping easy and file storage secure.
  • Keep customers updated: Automation is one of the salient features of loan management system software, and it helps automate many repetitive administrative tasks. The software users can set up email notifications and text alerts to notify customers automatically about the payment due date or their account's current status. The loan servicing software gives customers a sense of reliability as the software sends timely alerts and notifications about the loan status.
  • Track previous communication: The top loan management system software helps track all communications with loan applicants and saves time searching email trails.
  • Centralized system:  The centralized loan servicing system facilitates the fast processing of loans as all the necessary documents can be accessed from a single platform.

How Can Loan Servicing Software Help Finance Companies to Optimize the Loan Process?

  • Increase revenue: The loan servicing software offers payment options that are flexible to customers’ needs; it eventually helps lenders to improve the collection rate. Besides that, the best loan servicing software is also helpful in processing loan payments at a much lower cost and planning long-term revenue goals. Some loan servicing software is even capable of handling partial payments, late fees, amortization schedules, and escrow accounts, in the end, it all helps to increase the organization’s revenue.
  • Minimum error in the calculation: The loan servicing software can process applications in bulk and faster than the traditional approach. With advanced technology, the software can calculate the exact amount of interest against the period of the loan tenure.
  • Live amortization schedules: The best loan servicing solutions also provide features like live amortization schedules. It enables customers to view the interest rate and principal amount; besides that, it encourages the customer to pay the payment in advance. If the lenders are flexible with the payment, the borrower can choose to pay the lump-sum, interest-only, full amount, etc.
  • Automatic audit trail: The automatic audit trail can track the changes made to loan files and give lenders important information about the gaps in the loan payment process.
  • Reduce the risk of default loans: With all the reports and credit scores of the borrower available on the software dashboard, it helps to reduce the risk of default loans and revenue loss.
  • Increase team productivity:  The automation feature of loan servicing software is capable of processing thousands of files at one go; this lessens the burden on employees analyzing the files manually and improves productivity.

How to Select the Best Loan Servicing Software?

  • Check for hidden cost: It is always a good practice for finance companies to clarify with the software vendors if there are any extra charges or hidden charges. Some software vendors would charge for the training program or technical support.
  • Mobile Access:  With the rising demand for mobile phones, it is essential that the client have mobile access to their loan servicing application. 
  • Scalable: The loan servicing software should be scalable and easily configured to meet all future needs. The loan servicing software cost may rise as it scales up.
  • Efficient workflow: The loan servicing software that has efficient workflow and allows users to connect various loan processes with ease has a greater value than the software with poor workflow. An easy workflow can also help in minimizing risks and enhancing operational efficiencies.
  • Seamless Integration: The emerging trend of online business has also influenced the financing business.  It has a more client base and more loans to handle; the loan servicing software should gel well with the new business model.
  • Reporting capabilities: Robust reporting capabilities of loan servicing software give financing firms a clear view of their performance in terms of revenue. It even helps in identifying the gaps in administrative work.
  • Security and regulatory compliances: Before finalizing the loan servicing solutions, the users should ensure the software meets all the regulatory compliances and is backed with necessary security features. The software should allow users to decide who can access and view reports or user activities.
  • Customized credit scoring: For risk-free lending, customized credit scoring is one of the important loan servicing software features. The customized credit scoring feature can give users the flexibility to adjust or set the credit scoring parameters as per their business standards. It enhances their capabilities to evaluate borrowers more accurately.
  • Pricing: Pricing is a critical factor for any business owner planning to board software for their organization. Loan servicing software can come in various price ranges, but business owners have to verify which loan servicing software costs them minimum and has a high ROI.

The above parameters can guide software seekers in the process of selecting the best loan servicing software. The ideal way is to refer to GoodFirms’ list of best loan servicing software where users can also compare loan servicing software features to shortlist the tool.

Is It Safe to Use SAAS Based Loan Servicing Software?

Yes, it is safe to use SAAS-based loan servicing software.

The SAAS-based loan servicing software can work well in situations where organizations plan to reduce their workload and cost of maintaining the in-house IT infrastructure.  However, security is the key concern for software users, especially when it involves storing customers’ financial information.  But SAAS based loan servicing solutions are very secure to use, and the software vendor ensures that their processors operate in a secure environment and are PCI compliant.

The modern-day SAAS software solutions are protected with high-security features like encrypted data, DLP (data loss prevention), role-based access, behavioral analytics, real-time threat intelligence, CASBs (cloud access security brokers), etc. With all these security measures working together, it almost becomes impossible for hackers to hack the system, and users can avail of the entire loan servicing software features with ease.

Future Trends in Loan Servicing Software

  • Micros services: Microservices applications are reliable, scalable, and flexible. These properties of microservices help financial services to inculcate new features or changes in their services without affecting other modules. In the future, financial services could see applications built more on micro-services.
  • ML and AI:  The AI's ability to process a large volume of data in a fraction of seconds has increased the loan processing speed and helped financial organizations reduce operational costs.  For now, the technology is limited in its analyzing capabilities, but in the future, it can be used for analyzing data outside the loan application process, including social media, to enhance the credit decision process.
  • Collaboration between Fintech and software development companies: In the coming days, there would be more collaboration betweenfinancial institutes and software development companies. The partnership means the financial institution can have immediate access to the latest technology and add more power to their services. Besides that, the concept of multiplayer connected finance can link different accounts of lenders and makes the lending process easy.
  • Blockchain technology:  Blockchain technology has created a buzz among many industries due to its decentralized system, especially the financing institutes. The blockchain’s distributed ledger and encrypted database make the platform the most secure system for financial transactions. It not only helps to conduct financial transactions securely but also to create contracts that can be used to create a loan agreement between borrower and lender.
  • Self-serving capabilities: The future lending software that is completely self-served automated and does not require any human intervention could become a reality.

What Is the Average Cost of Loan Servicing Software?

The Loan Servicing Software price may vary based on the size of the business, type of loan, budget, customization options, and business-specific needs. The users or lenders can either choose a dedicated loan servicing system or an enterprise loan servicing system bundled with other services like loan origination system, CRM management, decision management system, etc. The users can avail of loan servicing software benefits either by deploying the software on-premise or on the cloud.

Loan Servicing Software For Start-ups and Small Scale Finance Companies: A loan servicing system like Captaloans with a starting price of $21/month can be a fair deal for start-ups and small-scale finance companies who do not want to overspend on their budget.  The other alternative that users can consider is Trakker, with a starting price of $3995/one time.  The Trakker tool has an affordable price tag and some exclusive features like free technical support and free training programs. The other tools that drive lenders’ attention include La Pro, Loan servicing soft, Fundingo, and Apache Fineract.

Loan Servicing Software For Large and Medium Scale Finance Companies:  The mid-range loan servicing solutions like Lending Pro Software can be ideal for medium and large-sized organizations. The software comes for a starting price of $395/one-time covering all basic features and is capable of managing 20 loan accounts at once.  The tool offers a 30-day money-back guarantee and can be scaled up as per requirements. The price may go up to $1995/one-time cost for a higher version and is efficient enough to fulfill the large enterprise needs. Another popular tool that provides end-to-end loan servicing functionality and drives attention due to its ease of usability is TurnKey Lender. The starting price of the Turnkey Lender software is $500, which may exceed based on features and business requirements. The premium tool is highly customizable and backed with advanced features. Besides that, the TurnKey API allows easy integration with other supporting tools and lending systems. The other loan servicing tools that can deliver quality-level services include Nortridge, AutoPal, Lendstream, and Margill.

Free and Open Source Loan Servicing Software: Free and open-source loan servicing software are great options for anyone right from small startups to large organizations. The free version allows the users to test the software and the open-source option allows customization of the codes. With free and open source loan servicing software, users can derive the best value with minimum or zero investment.

Why Refer to GoodFirms' list of Best Loan Servicing Software?

GoodFirms is rated as the top B2B reviews and rating platform for IT solutions helping consumers to filter the best software solution for their company. GoodFirms team adhering to the transparent review process ensures that the product is listed based on their service quality, features, and customer support. GoodFirms make all the effort to see that the customer gets the best product for their organization.

Conclusion

Loan management is one of the critical aspects of the survival of a financial institution.  An efficient loan management system can fasten up the loan process and safeguard the financial institution from bad debt risk. If you are dealing with a loan servicing business, then you should look at the list of top loan servicing software.

Frequently Asked Questions

What Is the Best Loan Servicing Software?

The best loan servicing tools for any business vary based on its specific operational needs, business size, and many other factors. Thus, the best loan servicing software for your business is the one that grossly fulfills all your loan servicing process requirements, streamlines the business, is easy to use, and is budget-friendly. To choose the perfect loan servicing tool, you can leverage GoodFirms' list of best loan servicing systems that detail the features, reviews, and pricing of different solutions. Apply filters for features, business size, and pricing model for a better selection.

How Does Loan Servicing System Differ From Loan Origination Software?

A loan origination system typically controls only the pre-disbursal stages of loan or money lending for businesses, including loan application and approval. A reliable loan servicing software or loan management system software offers comprehensive tools to manage all aspects of loan servicing management for businesses from loan disbursal to repayment. It includes loan processing (disbursal), maintaining customer database, payment records, notifications/alerts for collections/payments due, document management, and compliance management.

Who Uses Loan Servicing Software?

Any organization or business (small or large) that lends money or loans, including banks and other financial institutions, can leverage loan management system software to control the end-to-end loan servicing process (from disbursement to pay-off), automate, maintain perfect records, and ensure regulatory compliance. Businesses dealing with crowd-funding and mortgaging also profitably use loan servicing tools for seamless process management.

How Much Does Loan Servicing Software Cost?

The pricing of loan management systems varies a lot, based on the features offered and the number of users allowed. Cloud-based loan servicing software tools generally render a usage-based costing and monthly pricing model. Loan servicing system vendors facilitate multiple packages or plan to suit businesses of different sizes and budgets, with low-priced starter packages that offer limited functionalities to high-priced feature-rich plans. Vendors typically provide customization at an extra cost.

It is possible to get the best loan servicing systems for as low as $21 per month (per user); for example, Captaloan. Many loan servicing tool vendors allow one-time payment models; for example, Lending Pro Software comes with a one-time cost of $395, and Trakker costs $3995 (one-time).

Are There Any Free Loan Servicing Systems Available?

Yes, there are many free loan servicing software solutions available in the market that you can leverage to streamline your loan management business operations and enhance profits. If you have budget limitations, you can avoid costly solutions and opt for one of these; for example, free and open-source loan servicing system, Apache Fineract. These free tools typically allow limited features that are good enough to meet the needs of small businesses. Please refer to our blog on the best free and open source loan servicing software for more free loan management systems.

Are Loan Servicing Software Tools Secure?

Security is a crucial requirement in loan servicing systems for both your business and the customers. The top loan servicing software tools typically ensure robust security measures to meet the global security standards and protect your business’s confidential data. Still, before choosing the loan servicing tools for your business, you must confirm that the software provider has the requisite experience and positive feedback from other users.

Additionally, discuss and confirm the loan management system software’s security features and offerings with the software vendor, including data access, data storage, data sharing, access controls, encryption, multi-factor authentication, vulnerability scanning, or any other specific security concerns you may have. The vendor must also provide updates as needed due to any changes in security standards or compliance regulations. You may also check reviews and ratings of different solutions from the list of best loan servicing tools by GoodFirms.

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