The Mortgage Office Reviews

Pros

The software handles all aspects of Loan Servicing within the program. The integration of the different modules makes using the program seamless. I have used several Forms Design programs in the past and the Custom Letters & Reports program is well designed and extremely east to use.

Cons

I have been involved in writing a custom Collection Program, integrating an Accounting Program with other Loan Servicing Software as well as using other Loan Servicing Software for 27+ years and by farm The Mortgage Office is the BEST. To answer your question what I like least about the program is that it is a Massive and covers every aspect of Loan Servicing; which makes it the BEST of programs.

Pros

The ability it has given me to focus on making deals and not updating 100 different spreadsheets. I was working between spreadsheets daily, updating new loans, draws , and investor payments. Having this all in one place has been a game changer!

Cons

Not much to complain about, really like it a lot. We have found a few kinks in the system as far as reporting and payment but we generally have found a work around and most of it was probably user error and just getting to know the system!

Pros

The concept and theoretical flexibility of the software is really cool. The reports are generally well formatted. Borrower communication options are varied and allow easy email, but the calculations need to be correct.

Cons

Very complex, takes months to learn to use. Easily allows problem entries. Support is pleasant, but lacks everyday use knowledge. 4 to 6 steps required for tasks like simply advancing interest on a construction loan. Tracking of % complete and % disbursed on construction takes longer in The Mortgage Office than in a simple Excel spreadsheet. Over the last year the whiz bang modules that they are adding look great, but as updates occur with the main, modules of servicing, the lack of testing is clear as each update precipitates major bugs which cost my staff scores of hours. Customer service is helpless as they are not prepped for the updates and typically don't have the operating expertise to comprehend the full scope of the problem. , but they are nice people. Support calls are seldom answered within an hour. Typically it's about a 24 hour turnaround, with a call to us (Mountain Time) just about the time my staff is walking out the door.

Pros

I most value The Mortgage Office's versatility and capabilities. I service many thousands of loans very easily from the software.

Cons

I would say the most troublesome area of this software is related to certain custom reports, you must be familiar with SQL or Crystal Reports to accomplish certain things.

Pros

Very user friendly and very easy to navigate.

Cons

Being able to email the statements to the clients.

Pros

This software has all the functionality you will need.

Cons

We have a complex migration from various old systems to TMO, it is a process to get the data converted.

Pros

The TMO team has a comprehensive understanding of our business, the expertise and extensive knowledge of real estate investments, and the mortgage industry which is highly necessary in this industry. What makes this company to be the best its their people. They are the greatest asset of this firm. They are a team of professionals who work hard, strive for professional growth and find innovative solutions for their customers.

Pros

The Mortgage Office is easy to use. The training provided by the company was top notch and support is easy and quick. It helps us service our loans and stay on top of important deadlines.

Cons

It can feel daunting at first to learn the new processes.

Pros

This product is easy to use, and has an amazing support staff behind the product who will help every step of the way.

Cons

I cannot think of anything that I do not like.

Pros

The ease of use, the software can be used for big and small companies and is not limited to a specific type of loan service. Fast response to questions and patient tech service help.

Cons

Limitations to tasks on one account at a time. If you are working on an account and need to stop and address another account you must exit your current project to start the new task and then reopen to go back. This is a double edged sword though, if you did not close out the current task to open a new one there is a greater chance of mistakes.

Pros

This software allows you to customize to fit your own needs. It is capable of tackling complex setups with the different tools available. Very user friendly. Where we would spend hours in just creating and sending letters and notices, the mortgage office fast tracks this and many other tasks by using its custom letters capability. Time saver!

Cons

At this time, Lucro is fully satisfied with this software

Pros

After nearly 18 years as a user on dedicated local server, we made the switch to the cloud-based AWS version and couldn’t be happier. Timing was excellent as the pandemic followed soon after installation.

A key benefit is this platforms now works on most all systems, including iOS. That’s great news for small operators like myself.

Cons

We struggled initially with a few features but utilized the vendor’s excellent tech support to resolve.
Maintenance support is pricey but is top of the line.

Pros

Reliability. I trust TMO to keep accurate, consistent records

Cons

The first month billing can't be longer than 30 days. We usually do not invoice our borrower until the end of the first full month following closing, so there is often a 32-60 day gap. If we don't send out an invoice at the end of the month in which the loan closes, the borrower's billing statement reports them as late.

Pros

Software is easy to use and technical support is second to none. Fast technical support response and each support staff is patient and understanding. I love the follow up after the support team assisted me with a problem to ensure that I'm operating smoothly and that my problem was solved. This is one software where I can customize my own documents with my own customize fields which make this work for me. Love the statement generation feature. I also love the fact that my other colleagues can view loan details without having me generating or summarizing the loan details for them. The many features offered by the software save me time and allow me to spend the time on other matters.

Cons

I have nothing bad to say about this software.

Pros

It's a powerful product that I love using every day. Very, very happy.

Pros

This program makes servicing thousands of loans possible. So many reports available to our lenders and borrowers. It tracks everything and allows us to report to credit. We love it and so do our clients and customers.

Cons

It's expensive, initial costs and monthly fees but it does so much of what we need. The only feature I have trouble with is the customized reports.

Pros

We rely uppdates, training and the loan service programs

Cons

The updates require a good deal of downtime.

Pros

It makes our company money in a few ways: 1) ACH payments to investors and accompanying notification by email. Every week when we send out interest payments, investors reply and offer to send us more capital. 2) Timely borrower payments. The paper and email payment coupons plus being able to pay by check or ACH ends up collecting a higher percentage of payments than we would get prior to using TMO. 3) Reporting. We're able to keep a close eye on our portfolio which is very useful for managing defaults but it also allows us to keep good client data in front of our sales people that they turn into more loans.

Cons

A web-based system would be much more convenient as remote access is tricky. We would also add a couple users if the cost were a bit lower.

Pros

The Mortgage Office provided us the ability to service our construction loans with increased efficiency and borrower transparency.

Cons

There are efficiency hurdles with tracking tax and insurnace escrow lines and paying them within the system.

Pros

TMO is very convenient in all the available tools to contact, track, store, and paper trail necessary documentation and pertinent correspondence with individual clients to easily keep our staff abreast of vital information needed to effectively service loans.

Cons

Learning all the tips and tricks to most efficiently utilize the software for our business needs.

Pros

It's easy to use, helps me create a positive impression with borrowers and makes running my business easy.

Cons

Id love a plugin that helped more with escrow management, calendering and managing tax and ins payments. I use TLO and it is not available. Id also like to transfer my several loan files to the online system, but my setup makes this impractical.

Pros

We like the ability to house all of our loans into one system and keep track of all the necessary information.

Cons

We would like to be able to batch uploaded documents under the attachment section of each loan, rather than having to individually add them. Our files house upwards of 50+ documents and it is extremely time consuming and tedious to have to individually upload them.

Pros

I use the software to complete my work. I can now send reports, notices, interest bills, and payoff statements through the system. It is easy to use and easy to learn. It can be confusing and difficult at first then it gets easier the longer you use it.

Cons

We don't get the notices when there is a update.

Pros

Easy to configure, easy to use, does everything that a lender servicing loans could ask for and has so many different capabilities allowing you to buy only what you need for your business.
Nothing negative to say, it's the best servicing software I have purchased and I have bought 3 before this purchase.