Top 7 Loan Origination Systems (LOS) for Mortgage Operations

Do you want to take your business to the next level? Are you looking for fully-featured loan processing software to grow your lending business? Do you want to make your compliance and document management manageable? Usually, loan origination systems accelerate loan processing and automate the fulfillment of online application forms. These online cloud-based LOS are more scalable and can make your operations much faster. Undoubtedly, mortgage loan origination software is the emerging driving force of any lending institution including banks, private lenders, and other financial institutions.

If you are looking for LOS that offers not only digital lending but also provides solutions to make smart business decisions. For this reason, that particular LOS should be adaptable to your particular business needs so that your operations can run more quickly and effectively. So, here is a breakdown of the seven best LOS that can be a perfect fit for your business needs.

• MeridianLink
• Encompass
• Calyx Point
• Open Close
• Lending Wise
• Lending Pad
• Byte Pro

Encompass:

Encompass a product of ICE Mortgage Technologies is an all-in-one end-to-end mortgage solution provider with a commitment to achieving the highest ROI. It reduces the cost of lending and investing on a large scale by simplifying processes. Following are the benefits accredited with Encompass.

• Lower down costs
• Ensure compliance
• Streamline workflow
• Intelligent automation
• Maximizes profitability and returns on investment

Encompass manages loans from third-party originators and enables compliance collaboration, and helps to build your acquisition portal. It's customizable, adaptable, and easy to configure and deploy in your lending institutions.

MeridianLink:

It's a top-notch digital lending solution provider company. It enables digital lending for banks, financial institutions, and Fintech. MeridianLink has earned authority in

• Digital lending for consumers
• Mortgage lending

MerdianLink is consistently evolving and bringing innovation according to industry needs. Following are the benefits associated with integrating MeridianLink into your mortgage system. It offers

• Industry-first solutions
• Easily integrates within the existing systems
• Improves overall lending process
• Enhanced scalability
• Digitalized automated workflows

This loan origination software offers flexible solutions according to the industry needs, being a SAAS provider company, it knows how to make things right for its potential customer.

Calyx Software:

Calyx is the ultimate choice for borrowers who want to take the maximum benefits of digital automated lending. It improves scalability and is easy to integrate and provides solutions that you are really looking for. It offers the following products to address your mortgage needs.

• Path
• Zenly
• Zip
• Point
• PointCentral

It also offers a cloud-based loan origination system that is easy to incorporate and quickly launches and ensures growth in ROI. It’s time to accelerate the loan closing with the fastest launch time frame. ClayX provides opportunities for its customers to convert their leads to loans in no time.

OpenClose:

Using OpenClose, you can fully automate the retail lending channel across all companies and branches, while customizing the workflow to suit your specific business needs. OpenClose with its wonderful integration capabilities solves the problems of all lending institutions including banks, Credit Unions and investors, and mortgage lenders. This remarkable Loan origination solution provider helps to make a smarter decision by providing the following services.

• Ensures secure document sharing
• Instantly processes the loan applicant document
• Save documents via a proprietary Imaging system
• Lowers down costs and improves the productivity of the existing staff
• Offers best UI and UX

OpenClose provides automation across all lending channels which makes it stand out in the crowd.

LendingWise:

Want to get more customer engagement to value your investor and borrowers and ultimately win customer loyalty, if you are at it then LendingWise is a smart choice for smart decision makers. Boost your customer relationship management by incorporating

• CRM loan origination software
• Loan servicing software

It offers quick access to loan details and provides data analytics before the closing of any loan.

• Offers smart logic for any loan type
• Offers the best pricing details
• Ensures an impeccable borrower experience
• Real-time collaboration with lenders, brokers, and borrowers

Thoroughly customizable cloud-based SaaS software that ensures customer engagement and level-up loan conversion with its flawless lending CRM.

LendingPad:

LendingPad is an online loan origination system that is designed to enhance the productivity of any lending or financial institution. It’s a web-based LOS designed to support especially residential mortgage lending. It offers

• Cross-department collaboration
• Automate and updates the existing system
• Offers analytics and insight into the processed documents
• Ensure compliance
• Easy to integrate and easily accessible

Its overall capability to provide solutions for lenders, brokers, and borrowers make it unique. However, its starting price is $40 per month for each user, with no free trial.

BytePro:

Like other LOS, it’s a powerful loan origination software. BytePro offers fast loan processing and empowers enterprises to make the most out of their lending business. It has the following best features,

• Compliance management
• Streamlines loan processing by accepting online applications
• Electronic signature
• Easy to implement and easy to use

Now that we have previously covered the unique aspects of our preferred loan origination platforms. Many of us may be still considering the price. However, the pricing structure is entirely based on the size of your firm and its needs, though. Here is a list of the top pricing strategies; choose the one that best suits your company's demands.

Choose the accurate pricing Model:

It’s a common practice that the majority of cloud vendors offer different subscription packages including monthly, quarterly, and annually. However, an annual subscription package is less expensive compared to a flat subscription pricing model. Additionally, some LOS providers offer different pricing models, including

• Pay–as–you–go,
• Consumption-based,
• Success-based ones

User-based pricing:

This approach, which is often paid per user per month, gives you the freedom to add users as your company expands. Additionally, it provides you with steadiness and predictability for better budgetary control.

Consumption-based pricing:

You only pay for the features and capacity that you really use over the course of a certain amount of time with Consumption-based pricing. A quarterly plan that can accommodate the variations in monthly volumes during any season can also help you save money.

Value-based pricing:

This pricing strategy is actually depending on the vendor's interest in the success and volume of the client. Pricing is frequently based on the number of closed loans, and you only pay when a deal is successfully concluded using the LOS software.

In a nutshell, unlock the ultimate growth opportunities with LOS. With an increase in loan production volume, and maximum ROI you can make the most out of it. These fully featured Cloud-based LOS especially designed for SMEs, Startups, and Enterprises can make loan processing more agile. With LOS, it's super-easy to unlock automatic lending, scoring, compliance, reporting, and many more things in just one click. Loan processing is no more a stressful procedure; It's just a matter of minutes to make smart decisions. So, which LOS is a perfect fit for your business needs? Let us know in the comments.