Learn more about the top mortgage loan origination systems (LOS) and how they’ve made the loan application process more efficient for borrowers, brokers, and lenders alike.

The mortgage loan process: then and now

If you’ve ever applied for a mortgage loan in the past, you probably know that the process can be lengthy and stressful, requiring a lot of paperwork and detailed communication with the mortgage broker, lender, or bank that’s facilitating your loan. After collecting all your hard-copy documents, you had to physically go in to see a lender. Furthermore, if you wanted to explore multiple loan offers, you had to make copies of all your documents and visit each lender to see what loan options you qualify for. Likewise, if you’ve worked in the mortgage or banking industry, you know that the loan process has many different steps that can be tedious and time-consuming if you and your company are tackling them alone. 

Back then, this type of conventional mortgage lending was the only option with borrowers, brokers, and lenders painstakingly going through the long and complicated, paper-heavy process. Nowadays, thanks to a growing tech and software industry, the loan application process has gone digital and paperless. This allows borrowers to access a much wider range of options, as you can upload your documents to a secure, online platform and your mortgage broker can use this information to help you compare offers from multiple different lenders. These digital platforms also make record keeping much easier, as all your information is in one place for you and your broker to access when necessary. This makes nearly every step of the loan process, from origination to closing and funding, quicker and more efficient. 

It’s no wonder that most borrowers, brokers, and lenders now prefer a fully online mortgage process. But how exactly does this new process work?

Loan origination systems


A mortgage loan origination system, also known as an LOS, is a platform that manages the steps throughout the lending process from the borrower application to post-closing. The two main objectives of an LOS are origination, which includes loan application management and pre-approval, and fulfillment, which includes appraisal, underwriting, closing, funding, and post-closing. Throughout these processes, a good LOS will ensure that documentation is compliant with federal and state laws, data is secure, and the loan origination process goes as efficiently as possible with minimal manual intervention. 

Loan origination can be boiled down to a few steps: pre-qualification, loan application, application processing, underwriting, credit decisioning, and loan filing. Ideally, an LOS would provide digitalization and automation of all these processes; however, some LOSs only focus on solutions for a few of these steps or only work well with specific business models. As a mortgage broker, lender, or banker, it’s important to identify the services and coverage, level of security, and the integrations that each LOS has with other systems you may use or want to use in the future. Specifically, it’s important that an LOS includes or can be integrated into other programs built for customer relationship management (CRM) and point of sale (POS). CRM helps automate the marketing process and communication with clients, while POS provides a front-facing platform where borrowers can initiate and follow their loan application. Combining LOS, CRM, and POS can help your company retain customers, build a client base, improve your return on investment, and continue to grow without having to hire extra staff. 

This guide includes information on some of the most popular mortgage loan origination systems, including their background information, user reviews, and LOS features. Here are the top LOSs covered: Lending Pad, Calyx, Arive, SimpleNexus, FileInvite, Floify, Mortgage Automator, Encompass, Turnkey Lender, and UberWriter. Company ratings are an average taken from Software advice and Capterra. Each LOS may also offer features in addition to those listed below. 

Lending Pad


Lending Pad was established in 2015 and is headquartered in McLean, Virginia. They are a cloud-based software company with services that span the entire mortgage lending process. Lending Pad is endorsed by the National Association of Mortgage Brokers (NAMB) and the Association of Independent Mortgage Experts (AIME). The software integrates with several third-party applications and offers solutions for brokers, lenders, and processing centers. Regarding warehouse management, their software allows bankers to track loan inventory, perform post-closing audits, and handle secondary tasks with investors. Lending Pad has a 4.4 rating.

LOS features: 
  • Built-in customer relationship management (CRM) tool
  • Compliance check
  • Document archiving
  • Real-time updates
  • Custom workflows
  • Loan tracking
  • Lead and campaign management 
  • Service level agreements
  • Same-file multi-user edit capabilities 
  • Real-time push updates

Calyx


Calyx was established in 1991 and is headquartered in San Jose, California. They deliver the industry’s shortest LOS time frame launch and have 5 programs for the mortgage process: path, zenly, zip, point, and point central. Calyx offers services for financial institutions (community banks and credit unions), bankers, lenders, and brokers. They have 200 integrated partners and a 3.5 rating.

LOS features:
  • Path
  • Customized workflow 
  • 3 channels: retail, wholesale, and correspondent 
  • Built-in compliance 
  • Zenly
  • Integrated POS 
  • No implementation time 
  • Zip
  • Q&A-style borrower interview 
  • eSigning
  • Camera capture
  • Point
  • Document management 
  • Features, forms and reports for loan marketing, prequalification, origination, and processing 
  • SaaS pricing
  • Template creation
  • Prospect database and pipeline management
  • Sales and loan checklists
  • Point central
  • Administrative controls
  • Enhanced security features
  • Centralized database 
  • Other tools
  • INK - electronic signature tool 
  • WebCaster - Google analytics tracking tool 

Arive


Arive was established in 2018 and is headquartered in San Ramon, California. They are the first integrated LOS, POS, and Products and Pricing Engine (PPE) tech company in the industry, geared towards independent mortgage brokers and non-delegated correspondents. Arive offers a free trial and uses a “seats” pricing system where each user has their own subscription. They are a subsidiary of the software development company, Wizni, Inc (LendWize) and some of the top wholesale mortgage lenders in the US use their software. Arive has a 4.8 google rating.  

LOS features:
  • Instant pre-approvals
  • Document storage
  • One-click automated underwriting system (AUS)
  • Send disclosures 
  • Income analysis
  • Integrated settlement fees
  • Lender integrations
  • Quarterly mortgage call reports
  • Connected lender marketplace 

SimpleNexus


SimpleNexus was established in 2011 and is headquartered in Lehi, Utah. They are a cloud-based homeownership platform with services for mortgage lenders, banks, and credit unions, believed to work the best for companies with 20 or more loan originators. SimpleNexus is a nCino company. They have 5 products: Nexus Engagement, Nexus Origination, Nexus Closing, CompenSafe, Nexus Vision. Nexus Origination is their main LOS product that also enhances POS. Most of their features have received high customer ratings. SimpleNexus has a 4.8 rating.

LOS features:
  • Check entire loan pipeline
  • Order credit
  • Run pricing
  • View appraisals
  • View Desktop Underwriter (DU)
  • Send pre-approval letters 
  • Assign tasks 
  • Create payment requests and accept payments 
  • Sign disclosures
  • Execute closings

FileInvite


FileInvite was established in 2015 and has US headquarters in Denver, Colorado with their main headquarters in Auckland, New Zealand. They offer a cloud-based POS solution that integrates with third-party applications such as Encompass, Calyx, Byte, LendingQB, Docusign, DropBox, Google Drive, Veri-Tax, Slack, and banks. FileInvite offers services for a wide range of industries including: mortgage and insurance brokers, accountants/financial advisors, lawyers, website design, digital agencies, advertising/media, construction, councils, office administration, education, and HR onboarding. FileInvite is an emerging favorite among the LOSs with the best ease of use and best value. FileInvite has a 4.7 rating. 

LOS features:
  • Document collection
  • Client portal with integrated messaging
  • Digital signatures and forms
  • Document generation with customizable form fields 
  • Pre-built templates
  • Status tracking with custom labels
  • File request management
  • Document approvals 
  • Audit logs 
  • API & integrations
  • Request bank statements
  • Sync contacts and returned files to cloud storage

Floify


Floify was established in 2013 and is headquartered in Boulder, Colorado. Their cloud-based services are for brokers and agents and use the most advanced digital 1003 form in the industry. Floify’s web applications can be branded and are very customizable. They also have a realtor and referral partner portal. Floify has many integrations: Encompass, Byte, LendingQB, Calyx, Docusign, DropBox, Box, Google Drive, Slack, Veri-Tax, and over 16,000 major US banks. Floify has a 4.8 rating. 

Loan features:
  • Document management
  • Automated borrower/agent communications
  • Automated asset verification 
  • Milestone alerts via SMS, email, and mobile applications
  • Advanced digital 1003
  • Interview-style questionnaires
  • Summary screens for borrower review 
  • Multilingual subtitles and accessible design
  • Secure document portal
  • POS portal
  • Loan application and document upload
  • eSign disclosures
  • Monitor loan status 
  • Built for use on mobile devices

Mortgage Automator


Mortgage Automator was established in 2013 and is headquartered in Toronto, Ontario. They began as a document generator tool for a particular private lender company, but when they relaunched in 2019, they expanded to offer cloud-based loan servicing features to private lenders and hard money lenders of all sizes. Mortgage Automator continued to expand from residential loan origination to offer construction and commercial loan origination (including rehabilitations and fix & flips). They have services for loan origination, loan servicing, fund features, portals, and partnerships. Mortgage Automator is ranked high among the LOSs with the best ease of use and best value. Their integrations include Filogix, Lendesk, QuickBooks, Finmo, and Equifax. Mortgage Automator has a 4.9 rating.

LOS features:
  • Compliance reports
  • Sales funnel
  • Import applications
  • Store documents 
  • Record investor statements
  • Auto-generation of custom documents
  • Payout statements
  • Term-sheets
  • Commitment contracts
  • Scheduled payments 
  • Funding deal structuring based on increased rates and variable-rates
  • ACH/PAD payments
  • Manage tasks 
  • Customizable loan types 
  • Borrower portal 
  • API

Encompass


Encompass is by ICE Mortgage Technology which was established in 2000 and is headquartered in Pleasanton, California. ICE Mortgage Technology has offices internationally in Belarus, Poland, and India. Encompass is a cloud-based LOS, one of the most recognized in the industry with the largest partner network. Encompass is built for lenders of all sizes and offers a wide range of products from CRM, third-party originator (TPO), eClose, home equity, and more. Encompass eClose in particular is innovating the closing process of mortgages with document ordering, borrower engagement, settlement agent collaboration, eSignatures, and more. Encompass has a 3.9 rating.

LOS features:
  • Document management 
  • Next-generation data security
  • Track loan applications 
  • Arrange loan files systematically 
  • Process automation for loan underwriting tasks
  • Automated emails 
  • Audit existing loans 
  • Compliance management system
  • Risk management 
  • Refinancing 
  • Loan appraisal 
  • Integrated pricing engine 
  • API - application customization

TurnKey Lender


TurnKey Lender was established in 2014 and has headquarters in Austin, Texas. They are a global Unified Lending Management (ULM) platform that is cloud-based. TurnKey Lender is best known for the quickness and quality of its loan decisions through their AI-powered lending platform. Their services are for finance providers and embedded lenders, with coverage in more than 50 countries and support for many credit products (commercial and consumer). The scope of industries they have services for include banks, credit unions, finance companies, small consumer lenders, non-profit, healthcare, and government. TurnKey Lender has a 4.5 rating.

LOS features:
  • Powered by proprietary deep neural networks and machine learning algorithms:
  • Unmatched credit decisioning accuracy
  • Exceeds data security requirements 
  • AI & alternative scoring development 
  • Credit decisioning analytics
  • Credit scoring consulting
  • Digital transformation services
  • Loan application form
  • Anti-money laundering (AML) and know your customer (KYC) compliance checks and solutions: 
  • Credit Bureau check automation
  • Automatic ID verification
  • Automatic bank account verification 
  • Bank statement scoring
  • 200+ build-in fraud detection rules

UberWriter by Blueprint


UberWriter by Blueprint is a cloud-based income analysis tool. They have solutions for mortgage officers when it comes to determining borrowers’ income from tax returns and bank statements. These services are especially useful for processors and underwriters, but they also serve quality control and audit teams of banks and other large agencies. UberWriter has the least number of features, focusing on the credit review process with two platforms: IncomeXpert and IncomeXpert PLUS. They have integrations with LOSs, 1003, and document management systems, specifically Encompass. UberWriter has a 4.6 rating.

LOS features:
  • Credit review 
  • Training for loan applications, property appraisals, fraud, and risk management 
  • Compliance management 
  • API - upload data and generate tax return information
  • Audit trail 
  • Loan processing 
  • Interactive developer portal
  • Many coding languages
  • IncomeXpert 
  • Calculates income 
  • Compliance checks
  • Flags warnings and advisories
  • Generates a clear income analysis report
  • IncomeXpert PLUS 
  • Upload tax returns and income documents 
  • Software scans documents to create income calculations

To sum up

You’ve now learned about some of the top mortgage loan origination systems, from their background information to user reviews and specific LOS features. There’s a lot of terminology to unpack when it comes to LOSs and this guide gives you a headstart into understanding the specifications and nuances of these software systems. If you happen to work in the mortgage industry, maybe this information has convinced you to go digital and explore the time and money-saving services that an LOS has to offer. 

Here at Kredium, an international, digital mortgage broker, we have an in-house CRM and an LOS that allow us to expedite the loan process and focus on customer satisfaction. While we offer mortgage broker services in 60 countries and continue to expand in the mortgage and real estate industries, we remain committed to the quality and efficiency of our services. Our LOS is one of the components that allows us to exceed our customers expectations, even when it comes to specialized loan types such as those for foreign nationals. As we continue to expand, we want to grow our network and form beneficial relationships with companies that develop LOSs.
Contact us at Kredium to get in touch and let’s see what we can do together!
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Lending Pad

Calyx

Arive

SimpleNexus

FileInvite

Floify

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Encompass

Turnkey Lender

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