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

It is really easy to set up and start servicing loans right out of the box. If you do not understand a feature or option, the Support team is always ready and willing to help you out and explain them so you can better use the software.

Cons

At first, it is a lot to take in on how to use the software, but once you learn the workflow, (or attend the seminar) it puts everything in order and it is easier to understand why things are done the way they are.

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

The flexibility of customizing the various features to fix any private lending business model. The Mortgage Office is constantly evolving and fills many needs all in one.

Cons

It can be costly to get going. There are a lot of different add-on modules that may be needed to get the software to perform what you want it to.

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

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

Great Customer Support, Reliable, Accurate

Cons

Customized reports are difficult, no cloud-based option

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 software helps with integrating a number of functions. These include loan tracking, loan payment processing, document storage, workflow automation, and reporting functionalities. You can also customize fields in the software, and save spreadsheets for future use. Its availability on both cloud and site-based adds more convenience.

Cons

The software comes with so many functions that will require users to go through regular tips and tutorials. Such features are not included, either on the software or by the use of regular emails.

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

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

TMO has culminated over decades of work in loan servicing software. Rep has lot of in-depth knowledge that he passes on in the Seminar. Wish we had done this seminar when we purchased the software. We are very keen in trying the easy methods. Also the Support team help is great. We are not utilizing all the modules. But their integration of ACH, emails, Text messages are very helpful. All the staff is eager to help. Sales & Marketing team was awesome. PLEASE ATTEND THE SEMINAR AFTER YOU DIVE INTO THIS SOFTWARE. Earlier the better.

Cons

For odd loans/transactions it may be customized but the cost can be high. For those we are still using Excel spreadsheets

Pros

The Escrow Analysis, Payment Application, Conversation Logs, Statements and Past Due Notices. The ability to reformat our communication to customers quickly and easily. The entire software package has made our mortgage management efficient and accurate.

Cons

It's not necessarily a con but would love to have an adhoc reporting tool. Some of the fields have no reporting tools embedded in the software and I would love to be able to pull them out.

Pros

I have been using this software for 10+ years and I love it. This software makes servicing easy. Anyone can use it! And if you ever have any questions, you can always call customer support and they get back to you fast with how to resolve anything. I love that this software is easy to customize to your preference. I highly recommend this software!

Cons

No cons to using this program. Everything is easy to fix.

Pros

Streamline company procedures and management of database. The Smart Views and Categories component make the portfolio management much easier.

Cons

Annul Escrow Analysis . Did not work as smoothly and statement to the borrower is confusing . The servicing fee is listed as "insurance" instead of servicing fee.

Pros

Excellent handling of Trust Accounting. You can sell a loan to multiple investors, assign any percentage you want, and program handles split payments perfectly. have never had a problem with an investor check in 7 years. Customer support is also excellent (although I rarely use it).

Cons

Would like to see a more automated way to print borrower letters and statements by selecting one option (for instance) "Print Today's Letters" rather than printing letters separately.

Pros

The accessibility to navigate through the loans is easy. It's simple to understand and learn from.

Cons

Every time there is an update, they come with many glitches that impedes us to proceed with our normal workday. We spend several hours with the stupendous IT team.

Pros

Ease of purchase and installation. I can customize everything and anything. The math computations are accurate and also custom to your specific needs.

Cons

It's difficult to get support staff on the phone and sometimes end up in a phone tag scenario.

Pros

It keeps track of everything we need it to

Cons

The setup we’ve had it for a few years had [SENSITIVE CONTENT] come twice paid 10k for that and it’s still inputted incorrectly to where it does not function for us the way we need it to so we cannot pull the reports we need

Pros

Once you get a handle on the product, it is very easy to use and navigate. Lots of helpful reports and tips and tricks to making loan servicing a lot simpler.

Cons

I do feel as though it takes a little time to get a handle on how to use and navigate the program. Especially if you're just getting your feet wet in this type of programming or industry.

Pros

It's an integrated program that includes multiple functions, from loan management, to trust accounting, to investor management. The software has excellent accuracy and has been able to increase efficiency of processing at our company significantly. Our company went through several different similar products so far, and this is the best one.

Cons

The software does not easily accommodate different companies' different processes. Anything that differs from a typical business model requires manual workarounds, which can be time-consuming.

Pros

The Mortgage Office is an extremely efficient program that helps us manage every aspect of our loans. We are able to produce a wide range of reports at the click of a button.

Cons

I am satisfied with the software, and going forward I would like to see the option of changing our Lender rate after a loan closes. This would be helpful to manage our leveraged loans.

Pros

Finally being able to e-mail clients. I like the ease of seeing information right away without having to going into four or five different modules.

Cons

Data Conversion was minimal, ACH information had to be corrected, Impound amounts had to be corrected, Escrow and Credit Bureau reporting had to be set up for each individual loan serparetely, as well as ACH info. There are no month end reports other than posting checks for vendors, not enough detail on payment register for good month end reporting. NeighborWorks is a non-profit housing organization, we need reports to assist with grant writing, ease of documents available for annual audits. There was an overwhelming amount of attention to detail for one person, it was very easy to miss something.