Mortgage Loan Origination Software – Which One is The Best For You?

Loan Officer Tools
Jungo CRM

A Mortgage Loan Origination Software (LOS) is one of the many critical tools in a Loan Officer’s toolbox. A good LOS is the foundation of an efficient and profitable relationship between a loan officer and a borrower. 

Jungo CRM

Some mortgage officers choose to only use their LOS to prepare 1003s or handle applications. However, a LOS can handle a lot more of your daily tasks, such as: underwriting, credit analysis or document management. An added benefit to some LOS’ is the ability to streamline compliance processes.

Because of how important your mortgage loan origination software is to your business, choosing the correct one can be daunting–especially considering the number of elements that go into a great LOS and the wide variety of software available to choose from.

So, what factors should you consider when choosing a mortgage loan origination software?

Things to consider when choosing a LOS: 
  • Does it integrate smoothly with your other software, like your POS and CRM? 
  • Does the pricing match your business’ budget? 
  • Will it scale as your team grows? 
  • Does it offer easy implementation?
  • Does it offer a robust partner ecosystem?

At Jungo, we work with close to 6,000 loan officers and get to chat with thousands more. We strive to provide the best app integrations that a mortgage CRM can offer so loan officers can efficiently use all their mortgage tools available to them. Because of this, we are familiar with which mortgage applications work best for loan origination teams.

So, read on for reviews of the top LOS platforms available, and why one of these might be the perfect foundation for your team to continue to grow your business.

We evaluated the most widely used LOS systems and give you the pros and cons of each. We also examine what size company the system would serve best, and what other softwares the platform integrates with. 

Encompass

Jungo integrates with Encompass LOS

First up, Ellie Mae’s mortgage loan origination software platform, Encompass, offers a straightforward, web-based service for loan officers. This LOS is especially powerful for large companies, and a wide range of tools reflects this. Their website says that Encompass powers more than 40% of residential lending transactions. The integrations and easy to use interface are what set them apart.

Pros: 

  • Extremely customizable depending on your business’ needs 
  • Offers native compliance checks 
  • Powerful APIs allow for the largest partner network in the industry
  • Built-in document management and digital signatures 
  • Supports LOS sync with Jungo CRM

Cons: 

  • Users complain about the consistency of Ellie Mae’s data server hosting 
  • Higher costs and designed for larger businesses 

Platform integrations: Encompass integrates with Jungo’s CRM, Optimal Blue, Docutech and Dataverify, plus many others. 

Ideal for: Medium to Large Teams 

Byte

Byte Software

Next, Byte offers three variations of its LOS platform: Online, Standard and Enterprise. Consequently, you’re more likely to only pay for as much software as your team needs. Byte’s customers love the customization that they offer, as well as their complete compliance tracking system. 

Pros: 

  • Simple and user-friendly interface
  • Customization options, including custom document creation
  • Automated loan estimates and other sales tools
  • Comprehensive compliance with tolerance tracking and audit trails
  • Supports LOS Sync with Jungo CRM

Cons: 

  • Online comments mentioned some program downtime
  • Offers a slightly narrower range of features compared to some other LOS platforms

Platform integrations: Byte integrates with Jungo’s CRM, Optimal Blue, and others through their SDK. 

Ideal for: Small to Medium Teams

Calyx Point

Calyx Point LOS

Offering a simple interface that requires a smaller learning curve than some platforms, Calyx also says that their goal is to make the loan origination process smoother. As a result, they say they will give you the ability to close more loans. They also offer marketing tools that help LOs create flyers, pre-approval letters, and more.

Pros: 

  • Interfaces smoothly with over 200 vendor partners to expedite credit reporting, closing documents and more
  • Templates for standardizing borrower files, closing costs and more 
  • Marketing tool such as open house flyers, loan comparisons, and pre-approval letters
  • Supports LOS sync with Jungo CRM

Cons: 

  • Non-cloud based and requires an installed computer-based application 
  • Some users point out that the dated interface is lacking visual appeal

Platform integrations: Calyx Point integrates with Jungo CRM, CoreLogic, DocuTech, Optimal Blue, and many more. 

Ideal for:  Small to Medium Teams

Turnkey

Turnkey Lender LOS

Another LOS is Turnkey. Their website says that their cloud-based software is especially created with small to mid-size operations in mind. Most noteworthy, Turnkey’s focus on automating workflows increases efficiency. Plus, their pricing is based on an individual company’s customization, so you will only pay for what you use.

Pros: 

  • A highly knowledgeable support team provides a lot of guidance
  • Simple and helpful out of the box performance 
  • Users point to very quick credit score turn-around time 
  • Automated application process turns loans around quicker

Cons: 

  • Lacks some of the “extras” offered by other platforms 
  • No LOS sync with Jungo CRM

Platform integrations: Turnkey integrates with Salesforce, Docusign, SignNow, and more. 

Ideal for:  Small to Medium Teams 

LendingQB

LendingQB

Finally, as one of the newer LOS offerings on the scene, LendingQB also wants to digitize the mortgage lending process through automation. For this reason, they offer over 300 partner integrations. Their browser-based loan origination system promises an end-to-end digital mortgage experience. Plus, an Open API allows for virtually any third party bi-directional sync.

Pros: 

  • Highly customizable interface
  • Browser based system that multiple users can access at the same time 
  • Automated underwriting, product pricing, and closing cost fee generator 
  • EDocs system that allows a LO to gather, share, edit, and package documents.

Cons: 

  • LendingQB opens multiple windows for every portion of a loan file, making multitasking straightforward, but navigation confusing 
  • No LOS sync with Jungo CRM

Platform integrations: LendingQB integrates with Floify, Blend, Advantage Credit, DocuTech, and many others. 

Ideal for:  Medium to Large Teams

Choosing the right LOS platform for you and your team doesn't need to be a terrifying process!

So, make a wish list of not just what you need, but what will help you be a top producer. Above all, shop carefully, and compare your options.

Clearly, there’s a great LOS out there for you!

Jungo Encompass Integration