The Loan Office
About 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.
Key benefits of The Loan Office
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Reviews
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- Industry: Real Estate
- Company size: 11–50 Employees
- Used Daily for 2+ years
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Review Source
Overall rating
- Value for Money
- Ease of Use
- Customer Support
- Likelihood to recommend 10.0 /10
Great loan software
Reviewed on 2018/10/23
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
- Industry: Banking
- Company size: 2–10 Employees
- Used Daily for 2+ years
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Review Source
Overall rating
- Value for Money
- Ease of Use
- Customer Support
- Likelihood to recommend 10.0 /10
W're thrilled we left a full service servicer to switch to The Loan Office
Reviewed on 2019/10/07
We're a family office that manages approx 50 loans. We outsourced the back office functions to a...
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.
- Industry: Food & Beverages
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Review Source
Overall rating
- Value for Money
- Ease of Use
- Customer Support
- Likelihood to recommend 6.0 /10
Equipment purchases - Loan
Reviewed on 2016/09/21
We are still getting use to the software. I have a new supervisor on board who is reviewing the...
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
- Industry: Financial Services
- Company size: 11–50 Employees
- Used Daily for 2+ years
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Review Source
Overall rating
- Value for Money
- Ease of Use
- Customer Support
- Likelihood to recommend 10.0 /10
Mortgage Office Review
Reviewed on 2019/10/07
We use the Mortgage Office to service the commercial mortgages for our loan department. The...
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.
- Industry: Banking
- Company size: 2–10 Employees
- Used Daily for 6-12 months
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Review Source
Overall rating
- Value for Money
- Ease of Use
- Customer Support
- Likelihood to recommend 10.0 /10
Small Business User
Reviewed on 2016/09/13
The Loan Office has really helped to make us look more professional in the eyes of our borrowers,...
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.
The Loan Office FAQs
Below are some frequently asked questions for The Loan Office.Q. What type of pricing plans does The Loan Office offer?
The Loan Office offers the following pricing plans:
- Starting from: US$389.00/month
- Pricing model: Subscription
- Free Trial: Not Available
Q. Who are the typical users of The Loan Office?
The Loan Office has the following typical customers:
Self Employed, 2–10, 11–50
Q. What languages does The Loan Office support?
The Loan Office supports the following languages:
English
Q. Does The Loan Office support mobile devices?
The Loan Office supports the following devices:
Android (Mobile), iPhone (Mobile), iPad (Mobile)
Q. What other apps does The Loan Office integrate with?
The Loan Office integrates with the following applications:
QuickBooks Online Advanced
Q. What level of support does The Loan Office offer?
The Loan Office offers the following support options:
Email/Help Desk, FAQs/Forum, Knowledge Base, Phone Support
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