Comparing the Top Custom Loan Reporting Software Solutions

Feeling bogged down by clunky loan reports and overwhelmed by data? In this data-driven lending world, robust loan reporting software isn’t a perk anymore; it’s an essential.

The loan management software market is expected to reach $29.86 billion globally by 2031, growing at a CAGR of 17.8% [Source]. This growth reflects the surging demand for efficient and secure loan management solutions, which is accompanied by an influx of loan reporting software. But not every software deserves your attention, right?

So, in this blog, I will help you find the perfect loan reporting software for your business. We’ll do a deep dive into four industry leaders: LoanPro, Bryt, Mortgage Automator, and Nortridge. We’ll discuss their strengths, weaknesses, and the hidden features that truly matter.

By the end of this blog, you’ll be a loan reporting software expert ready to unlock a new level of efficiency, security, and profitability. Let’s get started!

Reviews for the Top 4 Custom Loan Reporting Software

1.    LoanPro

LoanPro stands out as the only scalable API-first lending and credit platform on the market. This software provides:

• Unmatched Flexibility: LoanPro’s robust API architecture empowers you to design and launch new loan products in a record two weeks.
• Effortless Configurability: The platform seamlessly integrates with your existing workflows and data structures.
• Future-Proof Scalability: As your business grows, LoanPro scales effortlessly to accommodate increasing loan volumes.

Built to Automate: LoanPro goes beyond simple reporting. Its intelligent automation engine takes the heavy lifting off your team’s shoulders by:

• Automating Loan Servicing Tasks: Free your agents to focus on higher-value activities while LoanPro handles routine servicing tasks in the background.
• Enhancing Customer Satisfaction: Faster processing and streamlined communication lead to a more delightful customer experience.

Data at Your Fingertips: Gain immediate access to your loan portfolio data with LoanPro’s ‘Data on Demand’ feature. This empowers you to:

• Monitor Portfolio Health: Proactively identify potential issues and ensure your loan portfolio remains strong.
• Maintain Regulatory Compliance: Access the data you need to adhere to reporting requirements with ease.

Powerful, but is it User-Friendly?

While LoanPro boasts an impressive feature set, it’s important to acknowledge the learning curve for new users. If you’re a smaller organization or new to loan management software, this might be a consideration.

Pricing:  LoanPro offers custom pricing plans based on your specific needs. Contact their sales team for a personalized quote.

Overall Rating: 4.8 out of 5 stars

2.    Bryt Software

Bryt takes the stress out of loan servicing and management with its user-friendly interface and robust automation features. Imagine managing all your loans from a single, centralized dashboard – that’s the Bryt experience.

Bryt Gives You Standardized Efficiency with Automation

• Automate Document Generation: Produce consistent, error-free loan documents automatically based on pre-defined templates.
• Simplify Escrow Management: Automate complex escrow calculations, saving you time and minimizing the risk of errors.
• Customize Your Workflow: Enhance your operations with Bryt’s add-on modules, including ACH processing, custom APIs, and impound management.
• Borrower Portal: Bryt Software also offers a borrower portal module that gives all the borrowers a personalized dashboard where they can log in, make payments, access their statements and check notifications.

Collaboration Made Easy: Bryt fosters seamless collaboration across departments by:

• Centralized Borrower Information: Eliminate information silos and ensure everyone in your organization has access to the latest borrower details and loan statuses.
• Streamlined Communication: Maintain a comprehensive record of all communication with borrowers, including notes, emails, and phone calls, all within the Bryt platform.

Effortless Tax Reporting: Tax season becomes a breeze with Bryt’s automated tax reporting features:

• Batch-Generated Forms: Generate 1098 and 1099 tax forms for all borrowers and lenders in a single click.
• Simplified IRS Filing: Create IRS fire files directly within the Bryt system, ensuring smooth annual reporting to the tax authorities.

A Focus on Servicing, Not Origination

It’s important to note that Bryt excels in loan servicing and loan management functionalities exclusively. The software is especially designed for the post-origination phase of loans.

Affordable Pricing for All Sizes: Bryt offers tiered pricing plans to suit your business needs, starting at just $59 per month. Annual subscriptions come with a bonus of 2 free months!

Overall Rating: 4.8 out of 5 stars

3.    Mortgage Automator

Mortgage Automator caters specifically to the needs of private lenders, particularly individual hard money lenders, small lending teams, and even investment funds and REITs.

Streamlined Growth for New and Growing Lenders: If you’re a new hard money lender or managing a small team, Mortgage Automator provides the perfect launchpad to automate your processes and focus on growth:

• User-Friendly Interface: Get up and running quickly with an intuitive platform designed for ease of use.
• Standard Plan with Core Features: The standard plan offers essential tools like document automation (loan terms, LOIs) and custom fields to streamline your operations.
• Scalable Solution: As your business grows, seamlessly upgrade to Pro plans for advanced features like automated communication, borrower portals, and lead intake forms.

Effortless Loan Origination and Servicing: Mortgage Automator empowers you to:

• Automate Document Creation: Generate custom loan documents and eliminate manual tasks.
• Streamlined Loan Servicing: Review and approve draw requests, manage payments, and track borrower activity – all within a centralized platform.
• Investor Management: Effortlessly manage your fund with features like subscription agreements, DRIP tracking, and automated investor payouts.

Tailored for the Mortgage Industry

Mortgage Automator shines in the mortgage lending industry. While it provides robust features, it might not be the ideal solution for lenders in other loan sectors due to its specialized focus.

Flexible Pricing Plans: Mortgage Automator offers tiered pricing plans to cater to your specific needs. Choose from Standard Origination & Servicing, Pro Origination for enhanced origination features, Pro Servicing for comprehensive servicing tools, or the Fund plan to manage your investment fund effortlessly.

Overall User Ratings: 4.9 out of 5 stars

4.    Nortridge

Nortridge caters to the high-volume demands of enterprise-level lenders. Its motto: “Customize Everything,” accurately reflects its core strength – unparalleled flexibility for tailoring loan reporting to your specific needs.

Built for Power and Scalability: Nortridge is designed to handle the complexities of large lending operations:

• Enterprise-Grade Technology Stack: Leverage Microsoft SQL (or even Oracle) for robust data management and lightning-fast processing.
• Highly Scalable Architecture: Effortlessly accommodate increasing loan volumes as your business grows.

Unmatched Customization: Nortridge empowers you to:

• Craft Unique Loan Products: Define loan types, interest structures, and workflows to perfectly align with your lending strategy.
• Granular Control Over Workflows: Utilize C-Script and VBScript to customize application behavior and automate processes based on your specific requirements.
• Seamless Integrations: The comprehensive API integrates with various systems using XML, SOAP, and other protocols for a unified data flow.

Empowering Borrowers with Self-Service: Nortridge’s restful API allows you to build a custom web portal. This empowers borrowers to:

• Make Online Payments: Offer borrowers the convenience of managing their loans and making payments electronically.
• Access Account Statements: Provide borrowers with 24/7 access to their loan statements for improved transparency.

A Consideration: Implementation Time

The extensive customization options of Nortridge might necessitate a longer setup time compared to more user-friendly solutions. In-house IT resources or expertise with C-Script and VBScript might be beneficial for maximizing its potential.

Pricing: Nortridge offers custom pricing plans based on your specific needs and deployment model (cloud-based or on-premise). Contact their sales team for a personalized quote.

Overall Rating: 4.3 out of 5 stars

Here’s a Comparative Table to Better Understand the Difference

The Bottom Line

• Need serious customization? LoanPro and Nortridge offer robust features for tailoring the software to your specific processes.
• Need to prioritize loan servicing and loan management? Bryt Software excels in streamlining these tasks.
• Need mortgage-specific tools? Mortgage Automator caters to mortgage lenders, optimizing their workflow.

Since value depends on your specific needs, don’t be shy about using free trials and demos. Think of them as test drives to see if the software fits your requirements. In the long run, efficiency gains can easily outweigh upfront costs, making the investment worthwhile.