Loan Servicing Software

What is Loan Servicing Software?

Loan Servicing Software focuses on automating post-disbursement loan activity including collections, amortization, collateral tracking, and customer service. These tools are available as standalone modules, but are often included as part of loan management suites and loan origination software that process credit decisions and disburse loans, offering a complete loan life cycle solution.

This software supports commercial loans, consumer, mortgage, and home equity loans and is primarily used by direct lenders such as banks and credit unions. Lenders often choose to service their own loans, increasing profits and improving regulatory compliance. The software enhances workflow efficiency, facilitating loan tracking, portfolio management, and reconciliation. AI is increasingly used to gain customer insights and to identify potential problematic accounts and upsell opportunities.

Loan Servicing Software Features

• Borrower management and communications, statements, and payment reminders
• Customer portals / mobile apps for payments, loan information, and updates
• Collections management, payment tracking, and processing
• Collateral tracking
• Amortization
• Accounting
• Works with multiple loan types and lenders
• Document management, loan, and customer information consolidation
• Manage multiple borrower accounts
• Accepts multiple payment methods
• Support multiple currencies
• Administer penalties and fees
• Automated workflows
• Analytics, dashboards, and reporting
• Loan management, loan origination integrations
• CRM integration
• Mobile apps

Loan Servicing Software Comparison

Consider the following when purchasing Loan Servicing Software.

Use Case: Are your needs satisfied with Loan Servicing Software or would a complete loan management suite including loan origination software best serve your interests?

CRM Integration: Evaluate how your Loan Servicing Software options will integrate with your CRM system.

Pricing Information

Loan Servicing Software pricing depends on the features provided and the scale of your operation. Most vendors require obtaining a custom price quote based on your specific requirements. Monthly pricing can range over $1,000.