20 Best Loan Underwriting Software Reviewed In 2024
Best Loan Underwriting Software Shortlist
Here's my pick of the 10 best software from the 20 tools reviewed.
Our one-on-one guidance will help you find the perfect fit.
Loan underwriting software is a valuable asset for any company. With the right software, teams can improve decision-making accuracy and enhance processing efficiency. However, finding the right loan underwriting software can be challenging, especially with so many available options.
Using my experience with finance and accounting software, I tested and compared several of the top loan underwriting software products available. Then, I compiled my results into detailed reviews to help you find the best software for your needs.
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Best Loan Underwriting Software Summary
This comparison chart summarizes pricing details for my top loan underwriting software selections, helping you find the best one for your budget and business needs.
| Tools | Price | |
|---|---|---|
| Floify | From $70/month (billed annually) | Website |
| TurnKey Lender | Pricing upon request | Website |
| Path Software | Pricing upon request | Website |
| Mortgage Automator | Pricing upon request | Website |
| Flinks | Pricing upon request | Website |
| Loan Producer | Pricing upon request | Website |
| MeridianLink | Pricing upon request | Website |
| Finflux | Pricing upon request | Website |
| LendingPad | Pricing upon request | Website |
| LoanPro | Pricing upon request | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare SoftwareHow To Choose Loan Underwriting Software
It’s easy to get bogged down in long feature lists and complex pricing structures. Here's a checklist of factors to remember to help you stay focused as you work through your unique software selection process.
| Factor | What to Consider |
| Scalability | Can the software grow with your business needs? |
| Integrations | Does it integrate with your existing systems? |
| Customizability | Can it be tailored to fit your team's workflow? |
| Ease of Use | Is the software intuitive for your team to use? |
| Budget | Does it fit within your financial constraints? |
| Security Safeguards | How does it protect your sensitive information? |
| Support | Is there reliable customer support available? |
| Compliance | Does it meet industry regulatory requirements? |
Best Loan Underwriting Software Reviews
Below are my detailed summaries of the best loan underwriting software that made it onto my shortlist. My reviews offer a detailed look at each tool’s key features, pros and cons, integrations, and ideal use cases to help you find the best one for you.
Floify is a mortgage lending automation and point-of-sale platform designed to streamline document collection and management for mortgage professionals. It primarily serves lenders and brokers by automating the collection of borrower documentation and improving communication.
Why I picked Floify: This tool is ideal for mortgage document management due to its automated document collection feature. It allows your team to gather and verify documents efficiently. Floify's borrower portal gives clients a straightforward way to upload and track their documents. The secure storage ensures that all sensitive information is safeguarded.
Standout features & integrations:
Features include a customizable document checklist, allowing you to tailor the requirements for each borrower. The platform provides automated reminders to keep clients on track with their submissions. Additionally, Floify offers e-signature capabilities, making the signing process user experience quicker and more accessible for everyone involved.
Integrations include Encompass, Calyx Point, LendingPad, BytePro, Dropbox, Google Drive, Box, Slack, and Salesforce.
Pros and cons
Pros:
- Customizable checklists
- Secure data storage
- Automated document collection
Cons:
- Requires some technical knowledge
- Complex initial setup
TurnKey Lender is a lending automation platform for financial institutions and alternative lenders. It provides tools for automating the entire loan lifecycle, including application processing, underwriting, and servicing.
Why I picked TurnKey Lender: The platform is known for its automated decision-making capabilities that help your team make quick and informed lending decisions. It includes a credit scoring system that evaluates borrower risk efficiently. TurnKey Lender's configurable workflows let you tailor the lending process to your requirements. The software also provides reporting tools to keep track of loan performance.
Standout features & integrations:
Features include a built-in CRM, which helps your team manage customer relationships and streamline communication. The platform offers a borrower portal, allowing applicants to track their loan status and submit documents online. Additionally, TurnKey Lender provides risk management tools that help you assess and mitigate potential lending risks.
Integrations include QuickBooks, Xero, PayPal, Stripe, Dwolla, Plaid, Salesforce, Experian, Equifax, and TransUnion.
Pros and cons
Pros:
- Risk management features
- Configurable workflows
- Automated decision making
Cons:
- Integration setup can be lengthy
- May need additional training
Path Software is a comprehensive loan origination platform tailored for enterprise-level mortgage lenders. It aids large financial institutions in managing their loan processes from application to closing efficiently and compliantly.
Why I picked Path Software: This tool is well-suited for enterprise businesses due to its scalable architecture that supports high-volume lending operations. Path Software provides advanced compliance management features to ensure your team meets regulatory standards. Its configurable workflows allow you to adapt the software to your business processes. The platform's robust reporting tools help you track performance and make data-driven decisions.
Standout features & integrations:
Features include an audit trail feature, which helps your team maintain transparency and accountability throughout the loan process. The platform supports multi-channel communication, enabling you to stay connected with borrowers and stakeholders. Additionally, Path Software offers custom reporting capabilities, allowing you to generate insights specific to your business needs.
Integrations include Fannie Mae, Freddie Mac, Encompass, Docusign, Microsoft Word, Excel, Outlook, CoreLogic, Equifax, and Salesforce.
Pros and cons
Pros:
- Configurable workflows
- Advanced compliance management
- Scalable for large enterprises
Cons:
- May need additional training
- Steeper learning curve
Mortgage Automator is a loan origination and servicing platform for private lenders to automate lending processes. Its primary users are small lenders who benefit from its focus on growth and efficiency.
Why I picked Mortgage Automator: This software is tailored for small lender loan products, providing a borrower portal for loan applications and automated notifications to loan officers. It simplifies loan servicing with tools for tracking loan ledgers and automating collections. The communication module includes SMS updates and pre-filled emails, enhancing interaction with borrowers. Mortgage Automator's focus on small lenders makes it suitable for those needing organized loan management services.
Standout features & integrations:
Features include a borrower portal facilitating loan requests, automated notifications for loan officers to keep them updated, and a communications module that manages SMS updates and pre-filled emails. It also offers tools for tracking business loans and generating reports to help small lenders manage their commercial lending operations.
Integrations include QuickBooks, Plaid, Zapier, HubSpot, Salesforce, Google Workspace, Microsoft Outlook, Dropbox, and Stripe.
Pros and cons
Pros:
- Customizable documents
- Comprehensive reporting tools
- Efficient borrower communication
Cons:
- Requires initial setup
- Limited to private lending
Flinks is a financial data aggregation platform that serves fintech companies and financial institutions. It provides tools for accessing and analyzing financial data to enhance underwriting decisions.
Why I picked Flinks: This platform provides access to real-time financial data, which is essential for informed lending decisions. It includes features like data enrichment, which helps your team gain deeper insights into borrower profiles. Flinks offers customizable data aggregation to meet your specific requirements.
Standout features & integrations:
Features include detailed transaction categorization, which helps your team identify spending patterns and financial behavior. The platform offers data normalization, making analyzing and comparing financial data easier. Additionally, Flinks provides security measures to protect sensitive information.
Integrations include QuickBooks, Xero, Plaid, Yodlee, Salesforce, Stripe, PayPal, FreshBooks, Zoho Books, and Sage.
Pros and cons
Pros:
- Customizable data aggregation
- Strong data security
- Real-time data access
Cons:
- Limited offline functionality
- Complex integration setup
Loan Producer is a mortgage loan origination software solution designed for lenders and financial institutions. It facilitates the processing and management of mortgage loans from application to closing.
Why I picked Loan Producer: This tool is suitable for mortgage origination with features that support compliance and document management. It provides tools for underwriting that streamline the approval process, making it easier for your team to handle loan applications. The platform's focus on regulatory compliance helps ensure that your processes meet industry standards. Loan Producer's ability to generate reports aids decision-making and performance tracking.
Standout features & integrations:
Features include a document imaging system, which helps your team store and retrieve loan documents efficiently. The platform offers customizable workflows, allowing you to tailor processes to fit your business model. Additionally, Loan Producer provides automated compliance checks, ensuring adherence to industry regulations.
Integrations include Docusign, CoreLogic, Equifax, TransUnion, Mortgagebot, ComplianceEase, Freddie Mac, Fannie Mae, Calyx Path, and Black Knight.
Pros and cons
Pros:
- Customizable workflows
- Efficient document management
- Strong compliance support
Cons:
- Limited offline functionality
- Initial setup complexity
MeridianLink is a lending software platform for financial institutions that focus on consumer lending. It provides tools for loan origination and account opening, catering to the needs of banks and credit unions.
Why I picked MeridianLink: It specializes in consumer lending, offering a unified platform that simplifies the loan origination process. MeridianLink provides tools that help your team make quick and accurate lending decisions. The software's automation features reduce manual tasks, freeing up time for your staff. Its scalability allows you to grow your lending operations without compromising on efficiency.
Standout features & integrations:
Features include a customizable loan application portal that enhances the borrower experience by simplifying the application process. The platform offers automated underwriting, which speeds up loan approvals and improves accuracy. MeridianLink also provides compliance management tools to help your team adhere to industry regulations.
Integrations include Fannie Mae, Freddie Mac, Equifax, Experian, TransUnion, Salesforce, Docusign, CoreLogic, Microsoft Dynamics, and Fiserv.
Pros and cons
Pros:
- Scalable for growth
- Automated underwriting
- Specializes in consumer lending
Cons:
- Limited offline access
- Initial learning curve
FinFlux is a cloud-based lending platform aimed at financial institutions in emerging markets. It assists users in managing loan origination, servicing, and collections.
Why I picked FinFlux: This platform is tailored for emerging markets, offering features like multilingual support and mobile-first design to cater to diverse user bases. It includes analytics to help you make informed commercial loan decisions. FinFlux's scalability allows your support team to handle growing digital lending transaction volumes. Its user-friendly interface also simplifies complex lending operations.
Standout features & integrations:
Features include end-to-end loan management, which covers the entire lifecycle from application to repayment, ensuring your processes are streamlined. The platform's credit risk assessment tools help assess borrowers effectively. Additionally, FinFlux offers a mobile app that allows borrowers to access their loan information and improve the customer experience.
Integrations include Plaid, Mambu, Salesforce, Google Workspace, Microsoft Outlook, Twilio, Slack, PayPal, Stripe, and Docusign.
Pros and cons
Pros:
- Multilingual capabilities
- Mobile-first design
- Supports emerging markets
Cons:
- Complex initial setup
- Limited offline capabilities
LendingPad is a cloud-based loan origination system for mortgage professionals and lending institutions. It helps users manage loan applications, streamline workflows, and ensure compliance with industry regulations.
Why I picked LendingPad: This tool is well-suited for cloud-based lending due to its accessible platform, which enables remote team access. LendingPad offers real-time collaboration, allowing loan officers, processors, and underwriters to work together. Its compliance management features help you stay aligned with regulatory requirements. The platform's customizable workflow options let you tailor processes to fit your business needs.
Standout features & integrations:
Features include a loan origination dashboard that provides a view of your pipeline. The system's automated alerts notify your team of important deadlines and tasks. LendingPad also supports document management, helping you organize and retrieve files quickly.
Integrations include Plaid, CoreLogic, Equifax, TransUnion, Google Workspace, Microsoft Outlook, Slack, Dropbox, and Ellie Mae.
Pros and cons
Pros:
- Customizable workflows
- Cloud-based accessibility
- Real-time collaboration
Cons:
- May need technical support
- Limited offline capabilities
LoanPro is a loan management and servicing platform designed for lenders and servicers. It focuses on automating loan servicing tasks and providing a suite of loan management tools.
Why I picked LoanPro: It is suitable loan servicing, with features that automate billing and payment processing, reducing your team's manual tasks. The platform offers detailed reporting tools, which help you track loan performance and make informed decisions. Customization options allow you to tailor workflows to meet specific business needs. With its focus on efficient loan servicing, LoanPro is a solid choice for lenders looking to optimize their operations.
Standout features & integrations:
Features include advanced payment processing that supports multiple payment methods and schedules, making managing collections easier. The platform's data visualization tools provide insights into loan portfolios, helping you identify trends and opportunities. Additionally, LoanPro offers compliance management features, ensuring your processes align with industry standards.
Integrations include QuickBooks, Plaid, Salesforce, Authorize.Net, Stripe, Dwolla, LexisNexis, FICO, and Twilio.
Pros and cons
Pros:
- Customizable workflows
- Detailed reporting tools
- Automates billing and payments
Cons:
- May need integration support
- Limited offline functionality
Other Loan Underwriting Software
Here are some additional loan underwriting software options that didn’t make it onto my shortlist but are still worth checking out.
- Mortgage Cadence Platform
Best for end-to-end processing
- Abrigo
Best for risk management
- Encompass
Best for lending at scale
- Blend
Best for digital mortgage solutions
- FundMore.ai
Best for automated underwriting
- Finastra
Best for corporate lending
- CRIF
Best for credit risk analysis
- Temenos Infinity
Best for digital banking platforms
- Experian Decision Analytics
Best for data-driven decisions
- nCino
Best for cloud banking
Loan Underwriting Software Selection Criteria
When selecting the best loan underwriting software for this list, I considered everyday buyer needs and pain points like regulatory compliance and data accuracy. I also used the following framework to keep my evaluation structured and fair.
Core Functionality (25% of total score)
To be considered for inclusion in this list, each solution had to fulfill these common use cases:
- Automating loan origination
- Performing credit risk assessment
- Managing borrower data
- Ensuring regulatory compliance
- Generating loan reports
Additional Standout Features (25% of total score)
To help further narrow down the competition, I also looked for unique features, such as:
- Customizable loan workflows
- Real-time analytics dashboards
- Advanced data encryption
- AI-driven decision making
- Multi-language support
Usability (10% of total score)
To get a sense of the usability of each system, I considered the following:
- Intuitive interface design
- Clear navigation paths
- Availability of user guides
- Responsiveness of the system
- Customizable dashboard views
Onboarding (10% of total score)
To evaluate the onboarding experience for each platform, I considered the following:
- Availability of training videos
- Access to interactive product tours
- Use of chatbots for guidance
- Provision of onboarding webinars
- Availability of setup templates
Customer Support (10% of total score)
To assess each software provider’s customer support services, I considered the following:
- 24/7 support availability
- Access to live chat options
- Comprehensive help center resources
- Quality of email support responses
- Dedicated account managers
Value For Money (10% of total score)
To evaluate the value for money of each platform, I considered the following:
- Competitive pricing tiers
- Flexibility in subscription plans
- Inclusion of essential features
- Transparency of pricing structure
- Discounts for long-term commitments
Customer Reviews (10% of total score)
To get a sense of overall customer satisfaction, I considered the following when reading customer reviews:
- Overall satisfaction ratings
- Feedback on feature effectiveness
- Comments on system reliability
- Insights into ease of use
- Reports on customer service experiences
Trends In Loan Underwriting Software
In my research, I sourced countless product updates, press releases, and release logs from different loan underwriting software vendors. Here are some of the emerging trends I’m keeping an eye on.
- AI-Powered Decision Making: AI is increasingly used to assess borrower risk and process applications faster. This helps lenders make more informed decisions without manual intervention. Vendors like TurnKey Lender have integrated AI to enhance their credit scoring systems.
- Blockchain for Transparency: Blockchain technology is being explored to create secure and transparent loan records. It ensures data integrity and reduces fraud, making it a promising feature for financial institutions. Some platforms are testing blockchain for secure document management.
- Enhanced Risk Analytics: Advanced analytics tools are becoming vital for accurately assessing credit risk. These tools provide insights into borrower behavior and market trends, allowing lenders to adjust their strategies. Abrigo, for instance, focuses on offering detailed risk assessment analytics.
- Cloud-Based Solutions: More vendors are shifting towards fully cloud-based systems to improve access and scalability. This allows lenders to manage operations remotely and scale their services as needed. Platforms like MeridianLink offer cloud-based solutions that support growing businesses.
- ESG Integration: Environmental, social, and governance (ESG) factors are becoming part of the underwriting criteria. Lenders use ESG data to make decisions that align with sustainable practices. Some software now incorporates ESG scoring to attract socially conscious investors.
What Is Loan Underwriting Software?
Loan underwriting software is a digital tool that automates and facilitates loan approval by assessing borrower risk and managing applicant data. Financial professionals like loan officers, underwriters, and lending institutions generally use these tools to enhance efficiency and accuracy in their workflows.
Automated decision-making, risk analytics, and compliance management features support faster processing, better risk assessment, and adherence to regulations. Overall, these tools provide significant value by reducing manual tasks and improving the quality of lending decisions.
Features Of Loan Underwriting Software
When selecting loan underwriting software, keep an eye out for the following key features.
- Automated decision-making: This feature uses algorithms to assess borrower risk quickly, helping lenders make more informed decisions.
- Risk analytics: Provides in-depth insights into borrower behavior and market trends, allowing lenders to adjust their strategies accordingly.
- Compliance management: Ensures that all processes meet industry regulations, reducing non-compliance risk.
- Document management: Organizes and stores necessary paperwork efficiently, making accessing and managing loan documents easy.
- Credit scoring: Evaluates borrower creditworthiness using various data points, improving the accuracy of lending decisions.
- Customizable workflows: Allows lenders to tailor the software to their business processes, enhancing operational efficiency.
- Real-time analytics: Offers up-to-date insights into loan performance, aiding in better decision-making and strategy adjustment.
- Loan origination: Manages the loan application process from submission to approval, ensuring a smooth workflow.
- ESG integration: Incorporates environmental, social, and governance factors into lending criteria, attracting socially conscious investors.
- Cloud-based access: Enables remote management of loan operations, providing scalability and flexibility for growing businesses.
Benefits Of Loan Underwriting Software
Implementing loan underwriting software provides several benefits for your team and your business. Here are a few you can look forward to:
- Faster decisions: Automated decision-making speeds up the approval process, allowing your team to handle more applications in less time.
- Improved accuracy: Risk analytics and credit scoring features enhance the precision of lending decisions, reducing the likelihood of defaults.
- Regulatory compliance: Compliance management tools help ensure your processes align with industry standards, minimizing the risk of penalties.
- Enhanced organization: Document management keeps all loan paperwork organized and accessible, making it easier for your team to find necessary information.
- Greater flexibility: Customizable workflows let you adapt the software to fit your specific business needs, improving overall efficiency.
- Strategic insights: Real-time analytics offer valuable insights into loan performance, aiding in strategic planning and adjustments.
- Scalability: Cloud-based access supports growth, allowing you to expand your operations without sacrificing efficiency.
Costs & Pricing Of Loan Underwriting Software
Selecting loan underwriting software requires understanding the various pricing models and plans available. Costs vary based on features, team size, add-ons, and more. The table below summarizes standard plans, average prices, and typical features in loan underwriting software solutions.
Plan Comparison Table for Loan Underwriting Software
| Plan Type | Average Price | Common Features |
| Free Plan | $0 | Basic document management, limited credit scoring, and minimal compliance features. |
| Personal Plan | $20-$50/ user/ month | Enhanced credit scoring, basic analytics, and limited customization options. |
| Business Plan | $50-$100/ user/ month | Full document management, advanced risk analytics, compliance management, and integrations. |
| Enterprise Plan | $100-$200/ user/ month | Comprehensive analytics, full customization, dedicated support, and ESG integration. |
Loan Underwriting Software FAQs
Here are some answers to common questions about loan underwriting software.
What should you not do when using loan underwriting software?
While processing your loan, avoid taking on new debt or making significant financial changes like closing credit cards or accounts. These actions can alter your debt-to-income ratio, affecting your loan approval chances. Maintaining stable financial activity during this period is important to ensure a smooth underwriting process.
When using loan underwriting software, what are the three C's of underwriting?
The three C’s of underwriting are capacity, credit, and collateral. These factors help underwriters evaluate your financial health and loan repayment ability. Capacity involves your income and existing debts, credit assesses your history with borrowing, and collateral is the asset tied to the loan.
How can loan underwriting software improve the underwriting process?
Loan underwriting software automates many of the manual tasks involved in underwriting, improving speed and accuracy. It helps your team assess borrower risk more efficiently and ensures compliance with regulations. The software’s analytics tools provide insights that support better decision-making.
Why is compliance important in loan underwriting software?
Compliance is important in loan underwriting to ensure lending practices meet legal and regulatory standards. Non-compliance can result in penalties and reputational damage. Loan underwriting software includes compliance management features that help maintain adherence to these standards, reducing risk for your institution.
What's Next?
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