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

The Mortgage Office

Web-based mortgage and loan servicing software

4.82/5 (180 reviews)

The Mortgage Office overview

What is The Mortgage Office?

The Mortgage Office by Applied Business Software is an integrated mortgage and loan servicing software for businesses of all sizes. The solution comprises multiple modules for loan origination and servicing, mortgage pool servicing, trust accounting, escrow administration and offers additional modules for managing mortgage rates, credit reporting and more.

The loan origination module is suitable for loans funded by private lenders and helps to prepare loan documents to ensure clients can close more loans in less time with accurate paperwork. The loan servicing module is a core module which helps to streamline the loan servicing activities. This module helps to precisely track loan charges; process payments with many flexible options and download the latest ARM index rate values directly into the system.

The Mortgage Office solution can be used to send bills and statements to borrowers via email. Users can schedule one-time, recurring or event driven loan reminders to be sent to borrowers. It also helps to automate various activities such as check printing and fund distribution between multiple sources. With mortgage pool servicing module, clients can determine the value of the pool at any time and manage partnerships, mortgage funds, LLCs and other non-performing loan pools.

Businesses can establish legal and accounting standards with the trust accounting module. The solution complies with state and federal regulations including CA-DRE and B&P code and also meets the accounting requirements set by the Federal Real Estate Settlement Procedure Act (RESPA).
www.themortgageoffice.com

Pricing

Pricing options
One time license
Value for money
View Pricing Plans

Devices

Business size

S
M
L

Markets

United States, Asia, Canada, Europe, Latin America, Middle-East and Africa, United Kingdom

Supported languages

English
The Mortgage Office screenshot: Service many types of loans: Conventional, Commercial, Construction, ARMs, HELOCs, GTM, Rehab, Auto, Equipment, and more...The Mortgage Office - Loan Servicing SoftwareThe Mortgage Office screenshot: Electronically collect borrower payments and directly deposit funds to your lendersThe Mortgage Office screenshot: Produce TILA and closing TRID disclosures • Fannie Mae URLA 1003 form generationThe Mortgage Office screenshot: Automate the servicing of various types of mortgage pools and MICsThe Mortgage Office screenshot: Automate the handling of impound and reserve accounts The Mortgage Office screenshot: Collect and track escrow payments and automatically calculate new escrow impound amountsThe Mortgage Office screenshot: Provide instant access to borrower, lender, and partner information 24 hours a day, 7 days a weekThe Mortgage Office screenshot: Custom fields with user-defined toolsThe Mortgage Office screenshot: Snapshots of data and performance trends

The Mortgage Office reviews

Value for money
Features
Ease of use
Customer support
  4.7
  4.7
  4.7
  4.8
Anisa Lancione

Long time user, first time reviewer. Stable, reliable tool. Strong support. Clean audits.

Used daily for 2+ years
Reviewed 2018-03-29
Review Source: Capterra

For what's out there, this tool works well. As far as I can see there is no holistic product that manages the lending side of a MIC, the capital side of a MIC, robust and standard accounting tasks (financial statement generation) and exempt market issuance. But this one works really well at getting me data that can be imported into the accounting system with minimal fuss and high accuracy. The more we use it and learn about it, the more time this tool creates for our MIC team.

Pros
Really like the ability to save customize fields and save query views as spreadsheets. Really like the ability to save reports and letters as spreadsheets (or .pdfs through the platform vs. via print to .pdf menus). Good audit trails for reports, changes, statements, etc. We're now learning how to better manage dates to result in reports that balance to our accounting program -- pretty good. Would have loved to have known that sooner. Support team are on site with the company and are well informed as to how the platform works -- pretty decent turnaround time for a company on the other side of the continent. I have a healthy respect for the support team's skills and knowledge.

Cons
Would love to have a hosted customer wiki or bulletin board where users could share tips and tricks. Would love to receive an email weekly with tips and tricks, did-you-know, or other implementation hints. Would love more information about stuff like how custom fields are added to the merge field list in custom letters -- using for years and just learned this. Tell us more about the nuances for customization and let us talk to each other and I think you'll have users for life.

Rating breakdown

Value for money
Ease of use
Features
Customer support

Likelihood to recommend: 10/10

Minimize review

Julie Hahn

Just getting started

Used daily for 1-2 years
Reviewed 2020-06-12
Review Source: Capterra

The biggest problem we've solved is a significant decrease in the amount of time it took to process payments. Our old system would take almost an entire day to move funds and notify participants, and now that can be accomplished in a matter of minutes.

Pros
We've been using this product for about 18 months. It has streamlined our payment processing so much - we're much more efficient now, which is always a good thing with a small company. The system is able to handle participations in an almost seamless manner.

Cons
While quite a bit can be customized, we're having some challenges customizing some reports for our participants based upon the overall portfolio. And I wish there was a better way to handle a mid-cycle interest rate change.

Rating breakdown

Value for money
Ease of use
Features
Customer support

Likelihood to recommend: 9/10

Minimize review

Joshua Amini

Great Product / Weak Service

Used weekly for 6-12 months
Reviewed 2016-07-25
Review Source: Capterra

The sales pitch was outstanding. If you want to get someone on the phone from the sales team, boom - they're on. The software itself has been a godsend. We were doing all of our statements on Word and Excel, and we would spend ours getting everything right. As we've grown in size (we have over $150 million in loans outstanding now), we almost had no choice to buy software to help manage the behemoth we've become. We sampled some other cheaper software, but The Mortgage Office is clearly the best one out there. That doesn't mean it's perfect - I am not a big fan of the statements the software generates. For example, on an investor statement, the "interest paid in 2016" box at the top right of the statement shows the gross interest paid. I essentially want it to show the net interest paid (interest less servicing fees). There is an option to do that, but then the statement hides the servicing fees we charge our investors. I like to be transparent and show our investor what they are getting net, but also show them the servicing fees. To get this done The Mortgage Office wanted to charge huge sums of money to customize. I am also not a big fan of the investor statements in general, there are a lot of aesthetic issues that need to be fixed, but they refuse to do it unless I pay them. Regardless of the minor issues described above, the software is good and worth the money. My biggest gripe is with customer support. When you get the support team on the phone, they are incredibly polite and knowledgeable, and always solve my problems. I would give the 5 stars if I could. The reason I am giving them 2 stars is not because of them, they are great. They are just incredibly understaffed, and I've never gotten one of them on the phone. I have to leave a message, and they rarely get back to you same day. It usually takes 24-48 hours, which is just absurd in our business. I even told one of the owners that I am willing to pay a much higher monthly fee (it's about $175 per month for service) if they could staff properly and have people pick up the phone when you call. I would seriously pay about $500/month to make this possible. I am running a $150 million business, and I need to know that I can reach someone within minutes when I have a time sensitive question. This is the reason I would most likely not recommend this product. If they can resolve this issue I would give the company all 5 stars.

Pros
Great tool to track loans, monitor loans, produce useful reports, produce borrower statements that are accurate, produces decent lender statements, the customer service reps are very helpful and knowledgeable, the software is relatively easy to use once you really study it.

Cons
IMPOSSIBLE TO GET CUSTOMER SUPPORT ON THE PHONE - PLEASE RAISE MONTHLY SERVICING FEE IN ORDER TO HIRE MORE STAFF. I WILL GLADLY PAY MORE IF I KNOW I CAN GET SOMEONE ON THE PHONE RIGHT AWAY TO ANSWER A TIME SENSITIVE QUESTION, AS OPPOSED TO WAITING 24-48 HOURS FOR A RESPONSE.

Rating breakdown

Value for money
Ease of use
Features
Customer support

Likelihood to recommend: 4/10

Minimize review

Audrey McMichael

No software is perfect...but this one is pretty close....and the customer support is top notch!

Used daily for 2+ years
Reviewed 2020-04-07
Review Source: Capterra

We have had a huge time savings using The Mortgage Office. ACH file is automatically generated at the click of a button. Loan payment input is simple. Monthly reports to our Lenders are generated and emailed right from the system. In the past we needed to scan the reports and e-mail them to the right people using our old system.

Pros
The software makes applying loan payments a breeze. We utilize ACH Express to remit monthly payments to our Lenders. That process is relatively easy. The creation of the NACHA file automatically by the system has saved us so much time. We used to have to manually load up that information, opening us up for human error.

Cons
The clickable items on the left had side of the home screen are a little clunky. We tend to use Tasks & Reports the most, and I find sometimes I have trouble finding it as it is a good way down the list and doesn't stand out.

Rating breakdown

Ease of use
Features
Customer support

Likelihood to recommend: 10/10

Minimize review

Jason Cosman

Overall A quality software with minor amendments required

Used daily for 2+ years
Reviewed 2019-09-27
Review Source: Capterra

Very good. I would recommend it highly over the other options available on the market.

Pros
The software is the most comprehensive software on the market without going to customization. For a small to medium-size firm, I would highly suggest this to be your best solution.

Cons
There are certain issues with the software which should allow a bit of customization. In the mortgage industry, there are unique cases all the time, the software limits certain items rather than allowing the user to customize the options. There is typically a workaround, however, giving the user a bit more freedom would have been preferred. However, it is still the best non-custom software on the market.

Rating breakdown

Value for money
Ease of use
Features
Customer support

Likelihood to recommend: 9/10

Minimize review

The Mortgage Office pricing

Pricing options
One time license
View Pricing Plans

Contact The Mortgage Office for price information or a quote

The Mortgage Office features

Accounting Management
Billing & Invoicing
Compliance Management
Third Party Integration

API (274 other apps)
Accounting Integration (161 other apps)
Activity Dashboard (223 other apps)
Audit Trail (130 other apps)
Automatic Notifications (166 other apps)
Customizable Reporting (166 other apps)
Data Import/Export (176 other apps)
Electronic Payments (170 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)
Workflow Management (149 other apps)

Videos and tutorials

Additional information for The Mortgage Office

Key features of The Mortgage Office

  • Track loan charges
  • ARM index rate
  • Collect & track escrow payments
  • Amortization scheduling
  • Accounting management
  • Application management
  • Schedule reminders
  • Collections management
  • Compliance management
  • Customer database
  • Create template as per state or loan type
  • Automatic funds distribution
  • Generate and send emails
  • Process payments with flexible options
  • Permission management system
  • Integrate with Microsoft Word
  • Collateral tracking
  • Billing & invoicing
  • Role based access
  • Check processing
View All Features

Benefits

• The Mortgage Office can be used to service all types of loan format that includes commercial, conventional, construction, ARMs, GPM, lines of credit and more.

• Clients can schedule alerts for borrowers and automate payment reminders, monthly bills and statements via email.

• The solution helps to track loan delinquencies and late charge assessments with automatic notices.

• It offers the capability to automate the management of fund pools, REITS, partnerships, mortgage funds, LLCs, and non-performing loan pools.

• With the integrated escrow administration module, clients can meet the accounting and reporting requirements set by Federal Real Estate Settlement Procedures Act (RESPA) and maintain the escrow accounts on behalf of borrowers.