Since Loan Origination Software is the most critical application for loan officers, mortgage lenders, processors, underwriters, closers and all others who are involved in the Loan Origination process, the evaluation and selection of LOS is critical for any Mortgage Bank. Here we compare the top LOS software solutions in the mortgage market based on multiple criteria ranging from technical to strategic ones.
Features
Vendor
Deployment
Regulatory Compliance
Automated Underwriting
Pricing Engine Options
Channels
Document Management
Appraisal Delivery
CRM
Account Verification
Closing
Encompass 360
Ellie Mae
Cloud, SaaS, Web
Loan compliance is easy with the use of Mavent. Mavent analyze loan data to determine compliance with more than 370 federal and state consumer protection laws
Includes automated workflow for Desktop Underwriter, the industry's leading automated underwriting system
LoanSifter, a provider of web-based product and pricing tools, has integrated its namesake product and pricing engine (PPE) into Encompass
Retail, Wholesale, Correspondent, Broker
Paperless electronic document experience with Encompass Docs Solution, options for eSignatures and eInitials
Elli Mae’s integrates with Dart Appraisals for direct user-to-AMC communication and other automated functions to speed the mortgage loan process.
Encompass has integrated Vantage Technology’s VIP solution for mortgage-specific CRM technology
FormFree’s AccountChek enables Encompass users to verify a loan applicant’s deposits and assets in minutes.
Inbuilt automation process for closing and funding.
Empower
Black Knight Financial Services
ASP-hosted, Web
Empower supports compliance with Fannie Mae and Freddie Mac requirements for delivery of Closing Disclosure data
Includes a powerful, configurable rules engine that automates the underwriting credit-risk assessment process
Integrates with Lender Price for product pricing & eligibility (PPE) solution complete with full mobile functionality and business intelligence
Retail, wholesale and consumer-direct
Full workflow and dynamic data capture capabilities, data validation
Electronic Appraisal Delivery portal is possible with the integration with Global DMS, a leading provider of cloud-based valuation management software
CRM Solutions are provided by integration with SalesEdge.
Empower also uses FormFree’s AccountChek to verify a loan applicant’s asset and deposit information .
Includes a technology named Closing Insight to streamline the complex, multi-party closing process in support of TRID requirements
NetOxygen
Wipro Gallagher Solutions
Cloud, SaaS, Web, Windows
The integration with DocuTech, a provider of mortgage compliance services and documentation technology, enables lenders to easily generate compliant documents and disclosures from any web connection.
Tie up with Veri-Tax , a leading national verification specialist for automated underwriting process
Integrates with Mortech’s Marksman pricing engine to compare real-time pricing quotes from multiple investors for any type of loan program
Retail, wholesale, correspondent, consumer, and consumer direct
Integrated with LoanStacker which recognizes over 400 Origination & Closing Documents.
Integration with Mercury Network enables NetOxygen customers to automatically order the appraisal and receive regular status updates on the order, inside their loan folder.
Uses in built technology for developing applications for customer relationship management;
Net Oxygen partners with Veri-Tax LLC, a leading national verification specialist, to streamline verification solutions.
Net Oxygen Integrates with Mortech’s Marksman for optimizing loan closing process.
Lending QB
LendingQB
Cloud, SaaS, Web
LendingQB has incorporated Compliance EAGLE, QuestSoft’s automated compliance solution, into its LOS platform to maintain compliance throughout all stages of the loan origination process.
Integartion with PriceMyLoan allows to use the accuracy of the PML automated underwriting
Integrated with ProLender for loan pricing engine options
Retail, Correspondent, Broker/Wholesale, Construction
LoanImporter for LendingQB gives the integration for the LoanStacker system into the LendingQB LOS.
With Integration with Valuelink, LendingQB users will have the ability to seamlessly order, track, and receive final delivery of appraisals directly within the loan file
CRM Solutions are provided by integration with Mortgage iQ CRM.
Credit Interlink integrates Income Verify with LendingQB for faster verifications
Simplifile has integrated its Collaboration and Post Closing services with LendingQB
Calyx Point
Calyx Software
Cloud, SaaS, Web, Mobile
QuestSoft, a provider of automated mortgage compliance software, has integated with Calyx Software for regulatory compliance with new HDMA rules
Calyx Point includes Desktop Originator (DO) and Desktop Underwriter (DU) for Automated Underwriting.
Mortech's integration with Calyx LOS allows to access mortgage pricing engine directly from Calyx Point.
Retail, Wholesale, Correspondent, Broker
Inbuilt integration for managing and storing documents easily
at no additional cost.
Calyx Point has inbuilt appraisal delivery system called Appraisal Firewall which is a secure, web-based real estate appraisal ordering solution
CRMNow, the maker of Mortgage iQ has tied up with Calyx Point for CRM solutions.
Calyx Point has integrated with VODAchek, the automated asset verification service
Calyx Point has integrated with LodeStar which automates the closing disclsoure procedures
From the comparisons it is clear that the LOS platforms have targeted offerings for various segments based on mortgage banks’ business models, size, channels, cost etc. The selection of LOS software will depend on the needs of Mortgage Banks matching their functionality, scale, ownership model, cost and other needs of the Originator. Encompass 360 tops the list with powerful features covering the functional, nonfunctional, technology, interfacing, compliance, and financial needs of the Loan Originator.
Looking for more information on LOS platforms or need help in choosing and implementing the right one, leave us a message.
