Does your mortgage loan origination software (LOS) offer you flexible pricing based on a variety of options? The mortgage loan industry can be volatile, and you should be able to link your costs to your success. How your loan origination software pricing may be calculated will depend on whether the LOS cost is being applied to brokers, lenders, or institutions, how many users are involved, how many loans are being applied/closed, and whether or not you choose to customize your mortgage LOS package with additional options.
Loan Origination Software Pricing for Brokers
Broker pricing is based on a scalable per user, per month LOS cost of $40-$100. This edition is designed to fully support brokers with a retail channel, free weekly live training, standard email support, and a broker feedback forum. Also available is network access, unlimited document management, and integrated service providers for ease of use.
Options for customizing this mortgage LOS pricing edition include custom eSign documents and disclosures with eSign, document vendor, extended support including phone support, and the option for a broker/lender hybrid with applicable lender fees. Annual billing is required for 5 users or less, and the minimum contract is 12 months.
Loan Origination Software Pricing for Lenders
Lender pricing is based on a success-linked flat LOS cost of $100-$200 per closed loan. This edition is designed to dovetail neatly with the lender's existing processes, providing both a retail and a direct channel and unlimited users with network access and limited phone and email support. Unlimited document management includes compliant disclosures (if preferred doc vendor is selected) with eSign.
Options for customizing this mortgage LOS pricing edition include extended support hours, POS features, enterprise API access, wholesale and correspondent channels, onsite training and implementation. Minimum monthly usage is required, and the minimum contract term is usually 36-60 months.
Loan Origination Software Pricing for Institutions
Industrial LOS cost is quoted on request, and designed to deliver all of the mortgage LOS features in the broker and lender editions with full network access, unlimited users and document management, and retail, direct, wholesale and correspondent channels. Also included are phone support during normal business hours and APIs to connect with existing systems.
Options for customizing this mortgage LOS pricing edition include extended support hours, customized features/workflow, continuous data import/export 24/7, and a dedicated account executive. Minimum monthly usage is required, and the minimum contract term is usually 36-72 months.
Additional Benefits of Loan Origination System
Integrated service partners provide extra value to an easy-to-scale, fast-to-implement, real-time multi-user mortgage loan origination system. Your organization can benefit from integration with vendors in the mortgage ecosystem such as appraisal management (AMC), AVM, AUS, compliance, credit reporting, CRM, document preparation, flood, fraud reporting, income and employment verification, insurance, MERS, mortgage insurance, POS, secondary marketing, tax return verification, and title companies.
LendingPad Corp was founded in 2015 with the objective of providing effective technology solutions that span the entire mortgage lending process, to strengthen communication and ultimately, to lower total cost of mortgage lending.