The Loan Office Pricing, Features, Reviews & Comparison of Alternatives

The Loan Office

Flexible loan servicing software for small lenders

4.8/5 (41 reviews)

The Loan Office overview

What is The Loan Office?

The Loan Office is a loan servicing solution designed for use by small lenders, including consumer finance lenders, mortgage lenders, hard-money lenders, and note servicers. All types of loans can be services with The Loan Office, from interest-only loans to complex loans, and users can create loan templates to simplify data entry and ensure consistency in loan records.

With The Loan Office, users can service their own loans, or service loans on behalf of others. Reversals, writedowns, NSFs (non-sufficient funds), and payoffs can all be processed, and payment receipts and coupon books can be printed with a single click. Borrower statements, amortization schedules, and mailing labels can also be printed. Loan charges and advances can be tracked, and detailed records of payments made by borrowers can be documented. Payments can be collected electronically from borrower accounts via ACH, late notices and delinquencies can also be tracked, and multiple payment reminders scheduled - one-off, recurring, or event-driven.

Statements, coupons, and receipts generated in The Loan Office are Dodd-Frank compliant, and users can manage, print, and e-file various tax forms, including 1098s, 1099s, and Canadian T5 forms. Full escrow accounting is included, with complete administration of reserves and impounds. The Loan Office also integrates with QuickBooks, allowing users to sync data with their accounting system.
www.loan-servicing-software.com

Pricing

Starting from
$4500
Pricing options
One time license
Subscription
Value for money
View Pricing Plans

Devices

Business size

S
M
L

Markets

United States, Canada

Supported languages

English
The Loan Office screenshot: The Loan Office includes personal dashboards for users to view their tasks, loan aging, YTD revenues, and morePowerful Loan Servicing SoftwareThe Loan Office screenshot: Users can track late payments and schedule reminders in The Loan Office

The Loan Office reviews

Value for money
Features
Ease of use
Customer support
  4.8
  4.5
  4.7
  4.8
Jorge Trevino

Great loan software

Used daily for 2+ years
Reviewed 2018-10-23
Review Source: Capterra

Pros
I really like that you can have separate databases for customers depending on what company you're using. The ability to edit the letters , the reports, and the price

Cons
That it doesn't integrate with an online account for the customer to view their balances and make their payments

Rating breakdown

Value for money
Ease of use
Features
Customer support

Likelihood to recommend: 10/10

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Bruce Bleaman

W're thrilled we left a full service servicer to switch to The Loan Office

Used daily for 2+ years
Reviewed 2019-10-07
Review Source: Capterra

We're a family office that manages approx 50 loans. We outsourced the back office functions to a major service provider for many year. We used to spend many hours monitoring all activity and then hours getting them to correct mistakes. The mistakes became so painful that we decided to take the chance to do it ourselves. Fortunately, we found The Loan Office. As it turns out, it takes no more time for us to enter the data ourselves into The Loan Office than it took to monitor and correct the outside service. Therefore, we're saving a lot of money without any downside. We feel better having more control. As a "small loan servicer", the reporting is less than was necessary because we were serviced to a large loan servicer. While we'd recommend that you do your homework to understand the features of The Loan Office, we're confident that The Loan Office will successfully do what it says it will do - what more can we ask.

Pros
The software does all of the paper work that we need done to manage the loans. We have full data at our fingertips whenever a borrower has a question.

Cons
The company sells a software program, the Mortgage Office, that's many many times more expensive than the Loan Office and has has more feature and capabilities. I guess the "con" of the Loan Office we purchased was that it doesn't include all of those features. However, the reality is that for our company, we didn't need any of those feature and we're very happy with The Loan Office as is.

Rating breakdown

Value for money
Ease of use
Features
Customer support

Likelihood to recommend: 10/10

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Toni Kuhlman

Equipment purchases - Loan

Reviewed 2016-09-21
Review Source: Capterra

We are still getting use to the software. I have a new supervisor on board who is reviewing the equipment program at this time. We may decide to remove the old items and get on board/better handle with new items coming in year 2017

Pros
reporting

Cons
not understanding one section of loan program

Rating breakdown

Value for money
Ease of use
Features
Customer support

Likelihood to recommend: 6/10

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Terri Christensen

Mortgage Office Review

Used daily for 2+ years
Reviewed 2019-10-07
Review Source: Capterra

We use the Mortgage Office to service the commercial mortgages for our loan department. The software provides the necessary tools to service our loans. The customer service department is excellent and has always done a superior job making sure that our needs are met.

Pros
The software is very easy and simple to use. It doesn't matter if you are a new user or a long time user the training to use the program is very minimal. The reports are easy to find and prepare.

Cons
It would be nice if we could make custom reports if we only want to pull specific data. I would like to be able to keep track of our UCC filings in the software in addition to property insurance. I don't like that there is a separate fee for the amortization feature. I feel like this should come with the software.

Rating breakdown

Value for money
Ease of use
Features
Customer support

Likelihood to recommend: 10/10

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Jerrel Armstrong

Small Business User

Used daily for 6-12 months
Reviewed 2016-09-13
Review Source: Capterra

The Loan Office has really helped to make us look more professional in the eyes of our borrowers, and it has saved me a lot of time.

Pros
1. interacts easily w/ QuickBooks 2. allows me to send borrower statements directly from TLO 3. much easier to produce payoff demands

Cons
1. if it embedded a bit different calendar/reminder platform, that would add a lot of value to me. I separately run "Remind Me," but this isn't a big deal. 2. annual cost for software support and for upgrades seems high. Now that I know how to use it, I am guessing I won't call in more than twice a year. 3. I would love to be able to use TLO from home and my office, ie, log into the same TLO platform and use it whereever suits my schedule that day. I understand the need to prevent multiple users from sharing the same license, but I am a one-man shop and there has to be a way to do this.

Rating breakdown

Value for money
Ease of use
Features
Customer support

Likelihood to recommend: 10/10

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The Loan Office pricing

Starting from
$4500
Pricing options
One time license
Subscription
View Pricing Plans

Pricing information is available on inquiry.

The Loan Office features

Compliance Management
Electronic Payments

API (274 other apps)
Accounting Integration (161 other apps)
Accounting Management (178 other apps)
Activity Dashboard (223 other apps)
Audit Trail (130 other apps)
Automatic Notifications (166 other apps)
Billing & Invoicing (184 other apps)
Customizable Reporting (166 other apps)
Data Import/Export (176 other apps)
Expense Tracking (162 other apps)
Financial Analysis (129 other apps)
Invoice Management (233 other apps)
Invoice Processing (149 other apps)
Multi-Currency (162 other apps)
Real Time Data (144 other apps)
Reporting & Statistics (257 other apps)
Third Party Integration (206 other apps)
Workflow Management (149 other apps)

Security and privacy

Encryption

Encryption of sensitive data at rest
HTTPS for all pages

Access control

Multi-factor authentication options
This will ask you to sign in with LinkedIn

Videos and tutorials

Additional information for The Loan Office

Key features of The Loan Office

  • Full escrow accounting
  • Payment receipt & coupon book printing
  • Loan template creation
  • Dodd-Frank compliant statements, receipts & coupons
  • QuickBooks integration
  • Loan charges & advances tracking
  • Reminder scheduling
  • Communications logs
  • Detailed payment records
  • Loan servicing fee definition
  • Notice and statement printing/emailing
  • Complete escrow administration of impounds & reserves
  • 1098, 1099 & Canadian T5 tax forms
  • Delinquency & general late notice tracking
  • Document imaging
  • Document management
  • Mailing label printing
  • NSF, reversal, writedown & payoff processing
  • Amortization schedule printing
  • Electronic payment collection
  • Administrative Reporting
  • Auditing
View All Features

Benefits

Daily, weekly, and monthly reports are built in to the system, and users can also create their own reports.

Delinquencies and general late notices can be tracked, and users can schedule event-driven, one-time, or recurring reminders.

Detailed logs of all borrower payments made, and communications with lenders and borrowers can be kept.

Loan templates can be created for consistent record keeping and simplified data entry, and physical documents can be scanned and managed in the system.

Compliance with local and federal regulations can be managed with Dodd-Frank compliant receipts, statements, and coupons, and users can print and e-file 1098, 1099, and Canadian T5 tax forms.