The ever-expanding FinTech world and changing market conditions force companies to compete on a new level. The process of loan management has to be focused on a user and real, not imaginative, challenges. Loan software offers multiple solutions for everyday people. Here’s the list of the most known applications for you to compare and draw inspiration from.
What counts as loan software?
The question is actually very valid. Since loan software is a part of the financial software ecosystem, it should offer solutions for people interested in money management. To do that, applications need to offer a wide variety of useful functionalities:
store loan data and documents to be easily accessible by users
have advanced security protocols
offer the creation, modification, and ending of loan processes and contracts
generate transaction calculations before signing the loan agreement
offer fee calculator if the contract predicts dynamic changes in market conditions that impact fees
manage relations and secure data exchange with third-party brokers and inventors
be in line with both the local and global FinTech and general law regulations
have dashboards and generate reports for users so they can make informed decisions about loan performance and future steps
These requirements are pretty standard for the industry, so if you want to find a perfect solution, these are mandatory. If you want, on the other hand, to create your own solution, you may consider custom lending software development services. It’s the most effective way for the creation of a loan software product.
The criteria for successful loan software application
Loan software applications are distinctive, even for FinTech. In general, financial technology applications deal with sensitive customer data. They are expected to protect them and offer various, sometimes very complicated, services on the go. Loan software goes even further. It offers the ability to get out of debts, manage personal accounts, finance personal and company expenditures. By definition, they need something extra.
This “something” is care. The list below consists of many loan software applications but only some of them rise to the true potential of the market. There are still niches to be explored (for example loan management software) and various ways to utilize them. When browsing for a perfect solution, make sure to explore different alleys. Don’t settle for “just right”, expect “the best as possible can be”.
The list of loan software products
New York, United States
Designed to connect financial institutions and customers anytime, anywhere with a streamlined digital experience that takes minutes to complete.
OpenClose is web-based mortgage software with tools for creating, uploading, and managing digital loan folders with origination forms, disclosures, underwriting and credit responses and any digital file.
Provenir makes risk analytics faster and simpler for financial institutions. Our Provenir risk analytics and decisioning Platform is a powerful orchestration hub that can listen to any channel, integrate with any data service and operationalize any analytic model. We help clients process more applications with greater efficiency and increase sales conversions with instant, real-time risk decisioning. We serve clients in a broad range of financial verticals including consumer, commercial, cards, payments, ecommerce and auto financing.
Reduce loan origination costs and lending inefficiencies with Sageworks Lending and Credit software.
Borrowers are looking for a quick turnaround on their loan applications and loan officers want loans that will stand up to loan-review scrutiny. Abrigo’s lending software allows financial institutions to grow revenue and increase efficiency.
The products making up Abrigo’s loan origination software enable automation of the processes most important financial institution teams while replacing data silos. These solutions combine for greater data efficiency and reporting power for the institution, paving the way to insights, scalability for growth, and digital revenue expansion.
Scorto™ Loan Decision is a decision management, application processing and underwriting system for loan origination.
– precise credit risk assessment;
– flexible management of the lender’s credit rules, credit policies and scoring models;
– easy to integrate with banking systems, and DBMS’s;
– constant adaptation to changing marketing conditions;
– affordable customization to any specific needs.
Our customers successfully use Scorto™ Loan Decision because:
– This is the way to increase profitability of credit application decisions.
– It simplifies the management of loan originations and makes operations more efficient.
– Borrowers demand fast automated decisions even for secured loans.
– Credit risks should be under control, especially when credit portfolio increases.
– Market changes require constant adaptation of decision rules & scorecards.
– External pressure to reduce cost should be addressed via automation and better risk control.
Scorto Loan Manager is an automated financial risk management and decision support system that empowers lenders to acquire most profitable corporate customers, reduce operational costs and achieve scalability.
Shaw offers a loan and lease servicing solution designed for retail loans. It offers lease management, insurance, fee processing, dealer processing as well as sales tax, property tax and income tax reporting functionalities.
Shaw Systems Retail and Commercial Loan and Lease Servicing
Houston, United States
Loan and Lease Servicing Software for Banks, Credit Unions, Auto Dealers, and Finance Companies
Shaw’s highly configurable retail loan and lease servicing software is an all-in-one solution for loan servicers. You can access our user-friendly software with the click of a button using a browser. All aspects of your retail loan servicing, including auto finance servicing, are safely and efficiently automated.
Our software has minimal interfacing of critical data between systems. Less movement of your customers’ personal information means less risk and fewer headaches. Fewer systems and processes to support means lower staffing requirements and reduced resource expenses. Our software utilizes encryption and queuing and has a variety of user interface, data storage, hardware, and deployment options.
Our retail loan and lease servicing software integrates seamlessly with all of our other modules. A complete enterprise solution means you are not boxed in. We partner with a third-party to provide origination so everything is taken care of for you. By using web services, your existing systems can leverage data through customer portals like online banking where real-time information is needed.
Our retail loan servicing software for banks, credit unions, auto dealers, FinTech, and other finance companies has proven functionality and offers exceptional quality. We’ve partnered with top financial services companies to ensure that you’ll stay competitive in the marketplace.
SimpleNexus is a homeownership platform transforming the mortgage experience and connecting borrowers, loan officers, real estate agents, and settlement service providers throughout the homebuying process.
The platforms’ native mobile toolset enables lenders to originate, process and close home loans from anywhere with increased efficiency and convenience. Loan officers can manage their loan pipelines, order credit, run pricing, send pre-approvals, sign disclosures and execute eClosings – all on the go.
SimpleNexus provides borrowers with a single sign-on experience from home search to the application, document upload, eClose and beyond for a more streamlined homeownership journey.
SmartRoom is a next generation virtual data room that doesn’t compromise between functionality and security. Built from the ground up, every feature has been thoughtfully designed to deliver greater efficiency and bank-grade security for file sharing and collaboration. Appeasing both end-users and IT departments, SmartRoom facilitates success for the entire organization and all parties involved.
SocietyOne is Australia leading and largest marketplace lender. SocietyOne has been at the forefront of fintech disruption of the financial services industry in Australia for 6 years, and is widely recognised as the pioneer and leading marketplace lender.
Spotcap empowers small business owners with tailored finance, allowing them to focus on what really matters – their business. The company assesses the real-time performance of businesses to grant short-term credit lines.
From individuals to enterprise lenders, Surefire CRM helps thousands of mortgage lenders and mortgage loan officers win new business, earn repeat business and gain referral business with intuitive, “set it and forget it” workflows and award-winning content that inspires emotional connections with customers.
Temenos Infinity Origination products for North America give members and customers a rapid, omni-channel product origination experience, including instant decisioning. For credit unions and banks, they create agility, eliminate paper processes, and reduce costs of origination. Infinity works with any core banking system, and Origination products can be used independently or in conjunction other Infinity products such as Journey Manager for acquisition and onboarding.
Core Finance is a cloud enterprise software platform for the FSI sector that allows transformation to be driven by business strategy rather than technology debt.
Core Finance spans the entire customer life cycle complimenting core systems across finance and banking enterprise environments. It is an E2E solution that streamlines the customer journey from application and on-boarding through to servicing. The unique nature of the Core Finance offering is that every application can be infinitely configured to each client’s specific business requirements without the traditional risks of bespoke solutions.
Core Finance is powered by ‘The Forge’ Clear Dynamics Platform, a highly sophisticated and ubiquitous digital framework that has been designed to achieve genuine automation across the entire enterprise software life cycle. The Clear Dynamics Platform enables us to rapidly configure tailored solutions to facilitate each Client’s unique business processes and architecture.
The Clear Dynamics Platform and associated methodology is an automated software ‘Factory’ that removes the risks traditionally encountered with enterprise projects and reduces the cost of delivering highly functional cross-platform solutions including:
– Fast & Efficient Delivery: Complete life cycle automation across requirements, configuration, testing, build, deployment, documentation and upgrading.
– Fast & Efficient Delivery: Complete life cycle automation across requirements, configuration, testing, build, deployment, documentation and upgrading.
– Any Device, anywhere: Omni-Channel solution that automatically facilitates multi-device and audience, environment.
– Unlimited Data: Automated data management enabling seamless access to an unlimited volume, breadth and depth of complex and distributed data sets.
– Purpose Built Solutions: Clear Dynamics provide outcomes that are 100% purpose built for our Client’s individual processes and business methodologies.
– Agnostic Architecture: All applications facilitate Hybrid, Cloud and On-Premise deployment models.End-to-End Retails &
An example Product Solution in Core Finance is Managed Loan Origination’s
– Online applications
– Low-code automated decisioning
– Document management
– Centralised view of Customer
– Payment processing
– Customer portal
The Nortridge Loan System makes it simple to originate, service, collect and report on a multitude of loan portfolio types. The system includes, at its core, Origination, Customer Relationship Management (CRM), Servicing and Collections.
ThemePro CoreFin is a banking platform, designed with a customer centric approach – rather than an account centric approach. This facilitates integrated working of the entire product / transaction processing through the customer information system.
TurnKey Lender is a global ULM (Unified Lending Management) leader. The company designs and develops intelligent award-winning software products that automate the entire lending process. The solution’s capabilities cover traditional and alternative lending, SME financing, grant management, money lending, leasing, trade finance, in-house financing, and more. TurnKey Lender serves customers in 50+ countries, and the list keeps growing. As a pioneer in the development of AI software for lenders, TurnKey Lender is quickly gaining traction within regions like the United States, APAC, and the EU. All types of lenders are already using the company’s solutions ranging from large/mid-size banks, digital lenders, and multi-finance companies to trade finance operators, traditional and non-traditional lenders, and telecoms. Reach out and request a free personalized demo from the TurnKey Lender team.
Vendorly™ Transact is a user-friendly software-as-a-service solution that can automate your ordering lifecycle to improve operational efficiencies and help reduce risks, all from a cloud-based environment.
Vergent delivers web-based software solutions, offering speed, customization and database management not possible on legacy systems. You can access it anywhere, anytime, from any device, in real time.
Our product is designed to meet the specific needs and unique and demanding regulatory environment of consumer lending. Vergent has custom loan modules, robust reporting, integrated partner features and built-in compliance tools. It is built, supported and enhanced by industry leaders, backed by a business services team of CPAs. Vergent is the most comprehensive Loan Management Software on the market, encompassing the entire loan life cycle, including underwriting, loan origination and servicing.
Vergent’s scalability allows you to efficiently service all clients, whether you have a single store or a corporation with thousands of locations.
Zoot Enterprises is a global provider of advanced origination, acquisition and decision management solutions for financial institutions. We offer comprehensive and flexible platforms for specific business needs that include loan origination, fraud detection and prevention, data acquisition, and more.
Zoot is a leader in the financial technology industry. We enable clients to access hundreds of cutting-edge data sources in real time, and provide business user control that empowers our clients to adapt to their evolving strategies. Our cloud-based, secure processing environment delivers decisions in milliseconds and has the capacity to deliver billions of real time decisions annually.
Streamline your loan origination process and offer paperless lending – anytime, anywhere with Zoot’s origination solution. Our answer to loan origination completes the lending process, from application and credit scoring to servicing provider integration, all with an unprecedented level of control and flexibility.
Not only does our origination solution support you with powerful tools and robust integrations that reduce data entry, it helps accelerate loan processing times while avoiding costly errors.
absVision is an advanced loan origination and management software which supports many types of loans and interest calculations, including simple interest, fixed, blended and step rates, Rule of 78s, and average daily balance.
AI Foundry transforms banking and lending operations by integrating information, people and processes to enable increased insight and improved decision-making. Our Agile Mortgages solution helps organizations streamline and automate manual processes, seize new business opportunities and manage compliance, all while driving bottom-line performance.
Take mortgage origination to the next level with a solution that provides:
• Automatically classify and extract loan data accurately and easily
• Streamline back office information processing, while integrating customers into the process
• Significantly reduce manual data validation—no more “stare and compare”
• Intelligent document checklist
• Automatic folder creation
• Built-in Rules Engine
• Workflow for orchestration
• Audit Module
• Pre-trained mortgage document library
• LOS integration (E.g. Encompass, Empower, Ventures, Byte…)
With Anow’s appraisal management software, mobile app, and form filler, you get one cohesive platform to run your entire business with ease, and more efficiently than ever before. Manage all of your pending and accepted orders, update clients with automated notifications, accept online orders and more with the most modern, user-friendly software on the market.
As a third generation appraiser and having completed thousands of appraisals during his decade in the field, Marty Haldane experienced first hand the appraisal industry’s modernization gap. Launched in 2011 by Haldane, a multi-generational appraisal professional, Anow streamlines a wide range of everyday appraisal processes while offering unmatched business insights to help appraisers compete in today’s digital environment.
Powerful order tracking, job assignment, collaboration, and scheduling tools allow appraisers and administrative staff to save time, assign appraisals more easily and deliver exceptional service to clients and mortgage lenders from any web-enabled device. Advanced reporting enables business owners to manage fee competition and turn times with ease.
Anow is headquartered in Red Deer, Alberta. For more information, visit anow.com.
LAUNCHER.SOLUTIONS is a SAAS technology products and services company built on the foundation of care, understanding, innovation, and speed. We specialize in loan originations for banks, credit unions, and lending institutions. Our appTRAKER Loan Origination System is highly configurable to fit any lender’s business model. appTRAKER’s robust graphic rules modeler allows for the rapid deployment of new pricing rules to market and its versioned QA environment lets lenders test new rules before putting them into production. Industry-standard integrations are included without any additional charges. LAUNCHER.SOLUTIONS focuses on customer service to provide quick and easy implementation and continued support services long after the deal is done.
ASSET is a leasing and loan portfolio management software solution focused on fuctions that are traditionally classified as back office processes with the ability to manage financial products including leases, daily intrest loans, revolving lines of credit, and more.
AutoFaith Lending Platform is a management and analysis software that provides a platform to run daily operations and allows your management team to monitor loan portfolios’ delinquency preformance, assess business risk, and adjust underwriting guidelines.
Using .Net and SQL Server, LOANS! For .Net is ideal for commercial lenders, multi-family housing authorities and agencies, and consumer loan providers. LOANS! For .Net includes workflow, asset management, escrow, etc.
BNTouch Mortgage CRM is a fully integrated Digital Mortgage system, CRM, marketing, and POS tool offering a comprehensive mortgage business growth platform for loan officers and mortgage companies.
– Email and SMS Marketing Automation
– Lead Distribution and Management
– 35+ Proprietary Mortgage Tools
– Digital 1003 Application
– Pre-Built Marketing Content
– Customized Video Marketing
– Curated Social Media Content
– Integrated with LOS, Outlook, Zapier, and Others
– And Much More