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Top loan Origination Systems for 2023

Loan origination software for mortgage companies is a perfect example of software that can enhance efficiency. For the past 30 years, loan origination software, or LOS, has kept track of the ever-changing lending environment and facilitated the loan process.

As technology-driven millennials make up more and more of your customers, you will find that they are seeking high-tech systems without the worry of human error.

By using automated software, you can avoid the headache of so many errors, which saves you money on overhead and repercussions. Simply put, human error can cost you hundreds of thousands of dollars in compliance and processing errors.

How does a loan origination system work?

A loan origination system is essentially a record keeper, as discussed in this article.. It automates certain aspects of loan servicing and minimizes human error.

Process a loan and track the progress of each customer’s loan

Maintain compliance with updated local and federal regulations, as well as any additional company guidelines

Audit the loans and store customer information for future interactions

What are the benefits of a LOS?

There are a number of important reasons why LOS is beneficial. With customized loan acceptance rules and risk analysis formulas, loan origination systems handle the underwriting process. By doing so, manual estimation is reduced, and the decision-making process at the credit acceptance level is sped up.

Additionally, it provides your customers with a portal that they can access independently of your loan officer. This greatly enhances the efficiency of the loan process since customers can enter their information in the comfort of their own homes.

In addition to keeping track of the loan origination process from start to finish in real-time, LOS also allows the borrower and lender to see what has been completed and what needs to be completed.

The top features to look for

A few features add value to your business and increase customer satisfaction when evaluating loan origination systems.

Before making a purchase or signing up for a contract, you should thoroughly check the features of the LOS software you prefer by contacting the vendor.

Among the top features are:

  • Processing of loans
  • Documentation and compliance management for customers
  • Trail audits
  • Engines for pricing
  • Integration with other mortgage software programs
  • Applications can be submitted online

An applicant can submit preliminary information through a professional-looking portal, and it will be filed and flagged for a closer examination.

Processing of loans

To save loan officers and customers time and effort, the software should keep track of the progress of the documents involved and the overall status of the loan.

Some LOSs generate a list of the necessary documents and information for each loan and track their progress, so nothing is missed.

Management of customers

LOS keeps track of all customer interactions and information for further analysis by loan officers when evaluating loan requests. You won’t need to look for information for a specific customer since everything is filed in one place.

Management of documentation

Keeping track of the status of your documents can be a real lifesaver during the loan-service cycle since there is a lot of paperwork involved. They are conveniently stored in a single location, making it easy to look up whatever records you need at a moment’s notice.

Management of compliance

In most LOS, new regulations and laws affecting the loan process will be automatically updated, but you can also add company policies to ensure complete compliance.

Trails of audits

LOS keeps accurate records of edits and uploads. Each change and upload is tagged with the date, time, and user who made the change. This allows for efficient audits and decreases the time needed for a full audit.

According to specific rules that you input, some software can generate automatic audits of any previous loan.

Engines for pricing

Pricing engines in some LOSs allow loan officers and customers to compare different pricing scenarios. Customers appreciate transparency, so comparing prices gives them the information they need.

Considerations for integration

It may vary based on your company’s software and the LOS you choose, but most loan origination systems can be integrated with PPE, POS, and CRM software.

The best loan origination systems

Using the top features reviewed above, Be Smartee would like to present the best loan origination systems for your company.

MeridianLink’s lending QB

It’s a SaaS product that offers a suite of features to enhance your customer’s experience and reduce administrative tasks for your lending team.

For pricing details, please contact the vendor.

These features include:

  • Implementation in 30 days or less
  • An easy-to-use interface that doesn’t take a lot of time to learn
  • A support team of experienced professionals who can be contacted by email, live chat, and phone

Builder for mortgages

Mortgage Builder has designed an all-in-one service that allows lenders to follow the lending process step by step without having to integrate other tools or software. The software tracks all of the documents involved in the loan process and automatically converts images into data that you can export for simplified comparisons.

For specific pricing, please contact the vendor.

These features include:

  • A built-in auditing tool allows systematic checks of past loans to be performed
  • Produces loans based on exceptions
  • All documents are automatically indexed so you can easily find what you need


Cloud-based LOS automates loan origination, saving time and money. Analytics help loan officers compare options and decrease the time between loan origination and loan servicing.

Custom pricing only; contact vendor for details.

These features include:

  • Push a button to audit existing loans
  • Send progress emails to shareholders automatically
  • Compare prices based on different scenarios using an integrated pricing engine

The Black Knight

With Black Knight’s Empower system, you can generate first mortgages, home equity loans, and lines of credit. The system is highly compatible with other software, so you won’t have to worry about conflicting software.

For specific pricing, please contact the vendor.

These features include:

  • Automating closings to ensure success
  • Portal for customers
  • Engine for integrated pricing

The byte

No matter what your business goals are, Byte lets you configure it to meet them. Byte also gives you a variety of tools to enhance collaboration.

For specific pricing, please contact the vendor.
These features include:

  • Information is consolidated on a web portal accessible by customers and loan officers
  • To facilitate collaboration, multiple users can edit the same document simultaneously on different devices
  • Get an overview of your company’s progress with customized management reports that are automatically generated

-The roundup

A loan origination system will quickly become an essential part of your company’s success as we move into a world where automation is key. It is possible to soar ahead of the competition by choosing the right loan product to meet the needs of your business and satisfy your customers throughout the entire loan process by choosing the right product.





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