18 Best Loan Servicing Software Reviewed In 2024
10 Best Loan Servicing Software Shortlist
Here’s my shortlist of the best loan servicing software:
Our one-on-one guidance will help you find the perfect fit.
Loan servicing software is a valuable asset for any company. With the right software, teams can improve accuracy and enhance customer service. However, finding the right loan servicing 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 servicing software programs 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 Servicing Software Summary
| Tools | Price | |
|---|---|---|
| TurnKey Lender | Pricing upon request | Website |
| Bryt Software | From $59/month | Website |
| eLendingPlatform | Pricing upon request | Website |
| LendingWise | Pricing upon request | Website |
| Cloud NBFC 2.0 | Pricing upon request | Website |
| Loandisk | From $59/month | Website |
| Centrex | Pricing upon request | Website |
| Margill Loan Manager | Pricing upon request | Website |
| Sagent | Pricing upon request | Website |
| FUNDINGO | Pricing upon request | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare SoftwareThis comparison chart summarizes pricing details for my top loan servicing software selections, helping you find the best one for your budget and business needs.
How To Choose Loan Servicing 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 | Will the software grow with your business? |
| Integrations | Does it integrate with your current systems? |
| Customizability | Can you tailor it to fit your team's needs? |
| Ease of Use | Is the software user-friendly for your team? |
| Budget | Does it fit within your financial constraints? |
| Security Safeguards | Are there strong security measures in place? |
| Customer Support | Is reliable support available when needed? |
| Compliance | Does it meet industry regulations and standards? |
Best Loan Servicing Software Reviews
Below are my detailed summaries of my shortlist’s best loan servicing software. 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.
TurnKey Lender is a comprehensive loan management software tailored for lenders seeking automated decision-making capabilities. It primarily serves banks, credit unions, and alternative lenders by streamlining loan origination, underwriting, and servicing processes.
Why I picked TurnKey Lender: It leverages AI technology to enhance decision-making processes, making it ideal for your team if you're looking to automate complex lending decisions. The software provides tools for risk assessment and credit scoring, which help you evaluate borrower profiles efficiently. Its ability to automate the lending process from application to approval reduces manual effort. These AI-driven features make it a standout choice for modern lending institutions.
Standout features & integrations:
Features include AI-powered risk assessment, which enhances your team's ability to evaluate borrower profiles. It offers automated credit scoring, making the underwriting process more efficient. The software also streamlines the entire lending cycle, from application to servicing, reducing your team's manual workload.
Integrations include Salesforce, QuickBooks, Xero, Microsoft Dynamics, Zoho CRM, HubSpot, PayPal, Stripe, and Google Workspace.
Pros and cons
Pros:
- AI-driven risk assessment
- Automated credit scoring
- Reduces manual workload
Cons:
- Focus on automation may limit flexibility
- May need extensive customization
Bryt Software is loan servicing software ideal for lenders seeking a straightforward and intuitive interface. It facilitates loan management, payment processing, and client communication for small to medium-sized lending institutions.
Why I picked Bryt Software: Its user-friendly interface makes it accessible for teams looking to simplify loan management processes. The software includes easy navigation tools and clear reporting features that enhance user experience. With its straightforward setup, you can manage client accounts efficiently. These aspects help Bryt software stand out as a simple yet effective solution for lending needs.
Standout features & integrations:
Features include intuitive navigation tools that simplify your workflow. The software provides clear reporting features, making it easy to track your loan performance. Its straightforward setup allows you to efficiently manage client accounts, helping your team stay organized.
Integrations include QuickBooks, Salesforce, Microsoft Excel, Google Workspace, Stripe, PayPal, Xero, and FreshBooks.
Pros and cons
Pros:
- Clear reporting features
- Efficient account management
- Accessible for small lenders
Cons:
- Focused on smaller institutions
- May need additional tools
eLendingPlatform is cloud-based loan servicing software tailored for digital lenders. Its main users include fintech companies and online lending platforms. The software focuses on streamlining the loan origination process and automating payment collections.
Why I picked eLendingPlatform: eLendingPlatform offers a suite of features specifically designed for digital lending environments. The platform allows your team to automate the loan lifecycle from origination to repayment. You can customize workflows to fit your lending model and leverage digital capabilities for enhanced borrower experiences. This focus on digital lending makes it a good fit for online platforms looking to scale efficiently.
Standout features & integrations:
Features include an automated loan origination process that simplifies your workflow. It offers customizable workflows to match your lending operations. Digital capabilities improve the borrower experience, making it easier for clients to access and manage their loans.
Integrations include Salesforce, QuickBooks, Xero, Microsoft Dynamics, Zoho CRM, HubSpot, PayPal, Stripe, and Google Workspace.
Pros and cons
Pros:
- Tailored for digital lenders
- Comprehensive feature suite
- Automates loan lifecycle
- Customizable workflows
- Enhances borrower experience
Cons:
- Reports are overly detailed at times
- May need customization expertise
LendingWise is loan servicing software for lenders and brokers in the real estate and commercial financing sectors. It facilitates loan origination, underwriting, and servicing, helping users manage their lending operations efficiently.
Why I picked LendingWise: It's designed to provide extensive integration options, which can enhance your existing workflows. The platform supports features like customizable workflows that adapt to your business processes. LendingWise also offers advanced reporting tools, giving your team valuable insights into lending performance. Its versatility in integration makes it a strong choice for businesses looking to unify their tech stack.
Standout features & integrations:
Features include customizable workflows that allow your team to tailor processes to fit business needs. The platform offers advanced reporting tools, providing insights into your lending operations. It also supports loan origination and servicing, streamlining your lending management.
Integrations include Salesforce, QuickBooks, Zapier, DocuSign, Plaid, Google Workspace, Microsoft Office, Dropbox, and Slack.
Pros and cons
Pros:
- Extensive integration options
- Customizable workflows
- Advanced reporting tools
Cons:
- Focused on real estate lending
- Limited offline capabilities
Cloud NBFC 2.0 is a cloud-based loan management software for non-banking financial companies (NBFCs) and micro-lending institutions. It supports key business functions like loan origination, repayment tracking, and financial reporting, providing value through efficient cloud management.
Why I picked Cloud NBFC 2.0: Its cloud-based nature ensures accessibility and scalability for growing financial institutions. It offers real-time data access, which enhances your team's decision-making. You can automate loan approvals and repayment schedules, improving operational efficiency. The ability to manage everything from the cloud makes it especially beneficial for institutions looking to digitize their operations.
Standout features & integrations:
Features include real-time data access, allowing you to quickly make informed decisions. The platform automates processes like loan approvals and repayment schedules, helping your team manage operations more efficiently. It also supports comprehensive financial reporting, giving you insights into your lending performance.
Integrations include Salesforce, QuickBooks, Xero, Microsoft Dynamics, Zoho CRM, HubSpot, Stripe, PayPal, Google Workspace, and DocuSign.
Pros and cons
Pros:
- Real-time data access
- Scalable for growing firms
- Automates key processes
Cons:
- Troubleshooting requires expert help
- Reports are too detailed for some
Loandisk is cloud-based loan servicing software designed for small to medium-sized lenders. It helps users manage borrower accounts, automate payments, and generate financial reports. Its main user base includes microfinance institutions and lending companies.
Why I picked Loandisk: Loandisk caters specifically to smaller businesses by offering features that are easy to use and implement. It includes functionalities like automated payment reminders and online borrower access. The software provides customizable loan products and detailed reporting. Its focus on small business needs makes it distinct in the loan servicing market.
Standout features & integrations:
Features include automated payment reminders to help you stay on top of collections. It offers online borrower access, making it convenient for clients to manage their accounts. You can also set up customizable loan products tailored to your business.
Integrations include PayPal, Stripe, Xero, QuickBooks, Zoho Books, Google Calendar, Slack, Mailchimp, FreshBooks, and Salesforce.
Pros and cons
Pros:
- Online borrower access
- Detailed reporting features
- Focus on small businesses
Cons:
- Requires internet access
- Limited support hours
Centrex is loan servicing software tailored to the needs of lenders and brokers in various financial sectors. It focuses on automating loan management processes, enhancing efficiency in servicing loans, and managing client portfolios.
Why I picked Centrex: Centrex offers key automation features that help you streamline your loan servicing tasks. The software includes automated notifications and payment tracking, which can reduce your team's manual tasks. You can customize workflows to align with your business processes. These automation capabilities make Centrex a valuable tool for businesses aiming to improve operational efficiency.
Standout features & integrations:
Features include automated notifications, helping you keep track of important deadlines and payments. The software offers payment tracking to ensure your team manages loans. You can also customize workflows to suit your business needs, enhancing overall productivity.
Integrations include QuickBooks, Salesforce, DocuSign, Microsoft Dynamics, Zoho CRM, Stripe, Google Workspace, and Xero.
Pros and cons
Pros:
- Automated notifications
- Efficient payment tracking
- Customizable workflows
Cons:
- Focus on automation can limit flexibility
- Best for medium-sized firms
Margill Loan Manager is a versatile loan servicing software ideal for various types of lenders, including commercial, personal, and microfinance institutions. It performs key functions like payment tracking, interest calculations, and flexible loan management to suit different financial products.
Why I picked Margill Loan Manager: This software is known for its flexibility in handling a diverse range of loan terms and conditions. It allows you to easily manage complex amortization schedules and customize payment structures. The software supports multiple interest calculation methods, allowing your team to offer tailored financial solutions. Its ability to adapt to various lending scenarios sets it apart in the market.
Standout features & integrations:
Features include flexible loan management, enabling you to handle diverse financial products. The software supports complex amortization schedules, making it easier to manage various loan types. It also offers multiple interest calculation methods for tailored financial solutions.
Integrations include QuickBooks, Xero, FreshBooks, Salesforce, Sage, Microsoft Dynamics, Zoho CRM, HubSpot, Oracle, and SAP.
Pros and cons
Pros:
- Supports multiple calculations
- Adaptable to various scenarios
- Ideal for diverse lenders
Cons:
- Limited training resources available
- Troubleshooting can be challenging
Sagent is a mortgage servicing software platform for banks and mortgage servicing firms. It supports essential functions like loan servicing, borrower communication, and regulatory compliance to help users manage mortgage portfolios efficiently.
Why I picked Sagent: Sagent focuses on mortgage servicing and offers specialized tools for this niche. The software includes borrower communication features that keep your clients informed. It also ensures compliance with industry regulations, reducing risk for your team. Sagent's focus on the mortgage industry provides a tailored solution for banks and servicing firms.
Standout features & integrations:
Features include borrower communication tools that help you maintain transparency with your clients. The software supports regulatory compliance, reducing your team's risk of non-compliance. It also offers comprehensive loan servicing capabilities, enabling efficient management of mortgage portfolios.
Integrations include Salesforce, Microsoft Dynamics, AWS, Google Cloud, Oracle, SAP, IBM, Ellie Mae, and Fiserv.
Pros and cons
Pros:
- Effective communication tools
- Comprehensive servicing capabilities
- Tailored for banks and firms
Cons:
- Limited to mortgages
- May require specialized training
FUNDINGO is a loan management software solution mainly designed for alternative lenders and financial institutions using Salesforce. It facilitates loan origination, underwriting, and servicing operations to optimize lending processes.
Why I picked FUNDINGO: Its integration with Salesforce offers an experience for teams already using this CRM platform. The software provides real-time analytics, which helps your team make informed lending decisions. You can customize loan workflows to fit your specific business needs. These features make FUNDINGO an excellent choice for businesses seeking to enhance their Salesforce capabilities.
Standout features & integrations:
Features include real-time analytics that provides valuable insights into your lending operations. The software allows you to customize loan workflows, aligning them with your business processes. It also supports loan servicing, ensuring your team can effectively manage loans from start to finish.
Integrations include Salesforce, QuickBooks, Xero, Microsoft Dynamics, Zoho CRM, Google Workspace, Stripe, and PayPal.
Pros and cons
Pros:
- Easy Salesforce integration
- Real-time analytics
- Customizable workflows
Cons:
- Best for specific industries
- May need technical support
Other Loan Servicing Software
Here are some additional loan servicing software options that didn’t make it onto my shortlist but are still worth checking out.
- The Nortridge Loan System
Best for customizable solutions
- LOAN SERVICING SOFT
Best for custom reporting
- Mortgage Automator
Best for private lenders
- Construction Loan Manager
Best for construction financing
- ICE Mortgage Technology
Best for digital mortgages
- Financial Services Cloud
Best for financial advisors
- ZMath
Best for complex calculations
- The Mortgage Office
Best for investor management
Related Reviews
If you still haven’t found what you’re looking for here, check out these other tools that we’ve tested and evaluated:
Loan Servicing Software Selection Criteria
When selecting the best loan servicing software to include in this list, I considered everyday buyer needs and pain points like regulatory compliance and automation of payment processes. 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:
- Manage loan origination
- Track payments and delinquencies
- Generate financial reports
- Handle borrower communications
- Ensure regulatory compliance
Additional Standout Features (25% of total score)
To help further narrow down the competition, I also looked for unique features, such as:
- AI-driven decision making
- Customizable workflows
- Multi-currency support
- Automated compliance updates
- Advanced data analytics
Usability (10% of total score)
To get a sense of the usability of each system, I considered the following:
- Intuitive interface design
- Easy navigation
- Minimal training requirement
- Quick access to features
- Consistency across modules
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
- Presence of onboarding webinars
- Use of chatbots for guidance
- 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 availability
- Multiple support channels
- Responsiveness to queries
- Access to a dedicated account manager
- Comprehensive knowledge base
Value For Money (10% of total score)
To evaluate the value for money of each platform, I considered the following:
- Competitive pricing
- Feature set relative to the cost
- Availability of tiered pricing plans
- Inclusion of essential features in the base plan
- Discounts for long-term contracts
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 software reliability
- Comments on ease of use
- Reports on customer support experience
- User testimonials on return on investment
Trends In Loan Servicing Software
In my research, I sourced countless product updates, press releases, and release logs from different loan-servicing software vendors. Here are some of the emerging trends I’m keeping an eye on.
- AI-Powered Decision Making: More software solutions integrate AI to enhance decision-making processes. This helps lenders assess borrower risk quickly and accurately. Tools like TurnKey Lender use AI to automate credit scoring and risk assessment.
- Blockchain for Security and Transparency: Some vendors are exploring blockchain technology to increase data security and transparency in loan processing. This trend is interesting because it can reduce fraud and enhance trust between lenders and borrowers.
- Cloud-Based Solutions: There's a shift towards cloud-based platforms, offering scalability and remote access for users. Cloud services enable real-time updates and data sharing, which is becoming vital for modern lending operations.
- Enhanced Customer Portals: Software providers focus on improving customer portals to offer better self-service options. These portals allow borrowers to manage their loans, make payments, and communicate with lenders easily, enhancing user experience.
- Regulatory Compliance Automation: Automating compliance tasks is gaining traction, reducing the burden on lenders to track regulatory changes manually. This trend is crucial as it helps businesses stay compliant with minimal effort, ensuring they meet industry standards effectively.
What Is Loan Servicing Software?
Loan servicing software is a tool lenders use to manage the entire loan lifecycle, from origination to repayment. Financial professionals like loan officers, mortgage brokers, and credit managers typically use these tools to automate tasks, enhance compliance, and improve borrower communication.
Features like payment tracking, borrower portals, and compliance automation help manage loans efficiently, ensure data security, and provide better service to borrowers. These tools offer significant value by simplifying loan management and reducing operational burdens.
Features Of Loan Servicing Software
When selecting loan servicing software, keep an eye out for the following key features.
- Loan Origination and Integration: Streamlines the initial stages of the lending process—from applications to approvals—making it faster to approve and process loans while reducing manual errors.
- Payment Tracking and Management: Monitors borrower payments to ensure timely collection, manages delinquencies effectively and automates payment schedules to improve cash flow.
- Borrower Communication and Customer Portals: Provides tools for easy interaction with borrowers, including portals that enable borrowers to manage their loans and communicate with lenders, enhancing transparency and client relations.
- Compliance Automation: Keeps track of regulatory changes and ensures that your lending practices meet industry standards, automating back-office tasks such as accounting, reporting, and regulatory compliance.
- AI-Driven Decision Making: Uses artificial intelligence to evaluate borrower risk and automate credit scoring for better, data-driven decision-making.
- Customizable Workflows: Allows users to tailor the software to fit specific business processes and lending models, offering flexibility in managing different loan products.
- Profitability Analysis: Offers insights into lending operations with real-time data, helping lenders make informed decisions quickly and assess the profitability of individual loans or portfolios.
- Cloud-Based Access: Provides remote accessibility and scalability, crucial for managing operations across multiple locations and ensuring that the system can grow with your business.
- Blockchain Security: Utilizes blockchain technology to enhance data security and transparency in loan transactions, safeguarding sensitive financial information.
- Interest Rate and Accrual Calculations: Accurately computes interest rates and accruals, supporting both fixed and variable rate loans to ensure precise financial management.
- ACH Processing: Enables Automated Clearing House transactions for seamless electronic payments and fund transfers, simplifying the payment process.
- Escrow Management: Efficiently handles escrow accounts, ensuring proper allocation of funds for taxes, insurance, and other obligations.
- Lines of Credit Management: Supports revolving credit facilities by managing drawdowns, repayments, and available credit in real time.
- Commercial Lending and Loan Support: Caters to commercial loans with features that handle complex structures, collateral management, and specific compliance requirements.
- Loan Accounts Management: Centralizes all loan accounts for easy monitoring, reporting, and administration, enhancing operational efficiency.
- Payment Schedule Customization: Offers flexible payment schedule options to meet the diverse needs of borrowers, improving customer satisfaction.
- Types of Loans Support: Manages various loan types—including personal, commercial, and lines of credit—within a single system for streamlined operations.
- Customer Relationship Management: Enhances the customer experience with integrated tools for relationship management, communication, and service tracking.
- Lending Industry Compliance: Stay up-to-date with industry regulations to ensure your lending practices remain compliant, reducing the risk of legal issues.
- Back-Office Automation: Improves operational efficiency by automating tasks such as accounting, reporting, and document management.
Benefits Of Loan Servicing Software
Implementing loan servicing software provides several benefits for your team and your business. Here are a few you can look forward to:
- Efficiency increase: Automates repetitive tasks like payment tracking and compliance checks, allowing your team time to focus on more strategic activities.
- Improved decision-making: AI-driven risk assessment and real-time analytics provide insights that help you make informed lending decisions quickly.
- Enhanced borrower experience: Features like customer portals and borrower communication tools make it easier for clients to manage their loans and stay informed.
- Regulatory compliance: Automating compliance tasks ensures your business adheres to industry standards with minimal manual effort, reducing the risk of penalties.
- Scalability: Cloud-based solutions allow your business to grow without being limited by physical infrastructure, effortlessly accommodating more borrowers and loans.
- Data security: With blockchain security features, your team can rest assured that sensitive loan data is protected against unauthorized access and fraud.
- Customization flexibility: Customizable workflows mean the software can be tailored to your specific lending processes, improving operational efficiency.
Costs & Pricing Of Loan Servicing Software
Selecting loan servicing 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, their average prices, and typical features included in loan servicing software solutions.
Plan Comparison Table for Loan Servicing Software
| Plan Type | Average Price | Common Features |
| Free Plan | $0 | Basic loan tracking, simple reporting, and limited support. |
| Personal Plan | $10-$30 /user /month | Loan origination, payment tracking, borrower communication, and compliance tools. |
| Business Plan | $50-$100 /user /month | Advanced analytics, customizable workflows, customer portals, and integration options. |
| Enterprise Plan | $150-$300 /user /month | AI-driven decision-making, blockchain security, premium support, and full customization. |
Loan Servicing Software FAQs
Here are some answers to common questions about loan servicing software.
How do I choose the right loan servicing software for my business?
Choosing the right software depends on your business needs, budget, and the features that matter most to you. Consider what functionalities will save your team time and enhance compliance. Evaluate the software’s scalability to ensure it can grow with your business. Take advantage of free trials or demos to test different systems and see which one best meets your requirements.
Can loan servicing software integrate with my existing systems?
Most loan servicing software solutions offer integrations with popular platforms like accounting, CRM, and payment processing systems. Check the software’s compatibility with your current tools and ask about API capabilities if you need custom integrations. Integrating your systems can help you centralize data and improve workflow efficiency.
What security measures should loan servicing software have?
Security is crucial when dealing with sensitive financial data. Look for encryption software, user access controls, and regular security updates. Some advanced tools use blockchain technology for added security. Ensure the software complies with industry standards and data protection regulations to safeguard your information.
How does loan servicing software help with compliance?
Loan servicing software can automate compliance tasks, helping you stay updated with regulatory changes. It can generate reports and alerts for compliance checks, reducing the risk of human error. Using software that tracks compliance, your team can focus on other strategic tasks, knowing you’re meeting industry standards.
Is it possible to customize loan servicing software?
Many loan servicing tools offer customizable workflows, allowing you to tailor processes to fit your business model. This flexibility can be beneficial if you have specific lending requirements or need to adapt to changing business conditions. Check with the vendor to understand the extent of customization available and any additional costs.
What kind of support can I expect from loan servicing software providers?
Support options vary, but most providers offer email, phone, or chat support. Some include dedicated account managers or premium support packages for enterprise clients. Look for providers that offer comprehensive resources like knowledge bases, training videos, and community forums to help your team get the most out of the software.
What’s Next?
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