User Reviews Overview
About The Mortgage Office
The Mortgage Office is a loan servicing solution designed for companies of all sizes. It offers loan tracking, payment processing, document storage, workflow automation and reporting functionalities within a suite. The product is...
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- Industry: Insurance
- Company size: 51–200 Employees
- Used Daily for 2+ years
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Review Source
Complete & Powerful Software Program with add on Modules giving you options to expand your...
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.
- Industry: Financial Services
- Company size: 2–10 Employees
- Used Daily for 2+ years
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Review Source
No software is perfect...but this one is pretty close....and the customer support is top notch!
We have had a huge time savings using The Mortgage Office. ACH file is automatically generated at the click of a button. Loan payment input is simple. Monthly reports to our Lenders are generated and emailed right from the system. In the past we needed to scan the reports and e-mail them to the right people using our old system.
Pros
The software makes applying loan payments a breeze. We utilize ACH Express to remit monthly payments to our Lenders. That process is relatively easy. The creation of the NACHA file automatically by the system has saved us so much time. We used to have to manually load up that information, opening us up for human error.
Cons
The clickable items on the left had side of the home screen are a little clunky. We tend to use Tasks & Reports the most, and I find sometimes I have trouble finding it as it is a good way down the list and doesn't stand out.
- Industry: Real Estate
- Company size: 2–10 Employees
- Used Weekly for 6-12 months
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Review Source
Great Product / Weak Service
The sales pitch was outstanding. If you want to get someone on the phone from the sales team, boom - they're on. The software itself has been a godsend. We were doing all of our statements on Word and Excel, and we would spend ours getting everything right. As we've grown in size (we have over $150 million in loans outstanding now), we almost had no choice to buy software to help manage the behemoth we've become. We sampled some other cheaper software, but The Mortgage Office is clearly the best one out there. That doesn't mean it's perfect - I am not a big fan of the statements the software generates. For example, on an investor statement, the "interest paid in 2016" box at the top right of the statement shows the gross interest paid. I essentially want it to show the net interest paid (interest less servicing fees). There is an option to do that, but then the statement hides the servicing fees we charge our investors. I like to be transparent and show our investor what they are getting net, but also show them the servicing fees. To get this done The Mortgage Office wanted to charge huge sums of money to customize. I am also not a big fan of the investor statements in general, there are a lot of aesthetic issues that need to be fixed, but they refuse to do it unless I pay them.
Regardless of the minor issues described above, the software is good and worth the money. My biggest gripe is with customer support. When you get the support team on the phone, they are incredibly polite and knowledgeable, and always solve my problems. I would give the 5 stars if I could. The reason I am giving them 2 stars is not because of them, they are great. They are just incredibly understaffed, and I've never gotten one of them on the phone. I have to leave a message, and they rarely get back to you same day. It usually takes 24-48 hours, which is just absurd in our business. I even told one of the owners that I am willing to pay a much higher monthly fee (it's about $175 per month for service) if they could staff properly and have people pick up the phone when you call. I would seriously pay about $500/month to make this possible. I am running a $150 million business, and I need to know that I can reach someone within minutes when I have a time sensitive question. This is the reason I would most likely not recommend this product. If they can resolve this issue I would give the company all 5 stars.
Pros
Great tool to track loans, monitor loans, produce useful reports, produce borrower statements that are accurate, produces decent lender statements, the customer service reps are very helpful and knowledgeable, the software is relatively easy to use once you really study it.
Cons
IMPOSSIBLE TO GET CUSTOMER SUPPORT ON THE PHONE - PLEASE RAISE MONTHLY SERVICING FEE IN ORDER TO HIRE MORE STAFF. I WILL GLADLY PAY MORE IF I KNOW I CAN GET SOMEONE ON THE PHONE RIGHT AWAY TO ANSWER A TIME SENSITIVE QUESTION, AS OPPOSED TO WAITING 24-48 HOURS FOR A RESPONSE.
Top The Mortgage Office Alternatives
- Industry: Investment Management
- Company size: 11–50 Employees
- Used Daily for 1+ year
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Review Source
One Stop Shop
Pros
TMO is easy to use and easy to understand. It is a very complex system that allows us to do many things like take payments, manage our bank loans, cut checks and plenty of more tasks that are useful in our workplace. If we run into an issue, we simply email the support team who is always quick to respond and solve our problems. The TMO support team is amazing, they are very professional and are problem solvers!
Cons
Like any new system, it took time to understand TMO and be able to use it to its full capability, but once I got the hang of it, I could not be happier with this software. When I have spare time, I like to look around in the different tabs of TMO to find different reports or functions that could be helpful to the company; there are so many ways to utilize TMO, the possibilities are endless.
- Industry: Real Estate
- Company size: 2–10 Employees
- Used Daily for 1-5 months
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Review Source
Extraordinary
Five star experience. TMO is like staying at a nice hotel. Your expectations are exceeded, you're met with exceptional customer service, and you're confident and comfortable.
Pros
TMO takes away a lot of the manual work required with our previous software. Productivity is important to us. This automates, simplifies, and clarifies borrower payments, lender disbursements, escrow management. It's incredible.
Integration was definitely a project but only because of our starting point. We were operating so chaotically to just get by. The support team was incredibly helpful and still is incredibly helpful. If I could only list one reason why I'm happy with TMO, it would be support. So responsive, so knowledgeable, and friendly.
Cons
Integration was definitely the most difficult part. The software we used before was absolutely the reason it was difficult.
Alternatives Considered
LOAN SERVICING SOFTReasons for Choosing The Mortgage Office
NoteSmith was great and cost effective when we were servicing a few notes, but as we've grown, we've needed more consistency and user-friendliness.Reasons for Switching to The Mortgage Office
Eric, our salesman, was very knowledgeable and approachable (we ask A LOT of questions). We enjoyed the demo, the promises of support (this promise is being upheld greatly), and the professionalism of each team member we met. I really cannot say enough about the support team. They are wonderful. Each day that goes by, we look up and realize that we love TMO more and more. So many times we've said "how did we do this before?" It's astounding. Choose The Mortgage Office. It's so worth it.- Industry: Financial Services
- Company size: 2–10 Employees
- Used Daily for 6-12 months
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Review Source
TMO User
Pros
We have been using The Mortgage Office for several months and been very pleased with our experience. The software does everything we initially set out to accomplish and then some. The Mortgage Office has best in class reporting features which are a huge selling point for our clients. We have had several clients switch from other servicers primarily for the software's ability to generate adhoc reports online. Their support is second to none. Always responsive and very helpful. Our initial learning curve was made easy just because of the tremendous amount of support we received.
Cons
The software is hosted on a virtual computer and I wish it was web based. This is not really con. More so a personal preference.
Reasons for Switching to The Mortgage Office
The software is very robust with more features than other products. Better reporting. Accurate financial calculations.- Industry: Investment Management
- Company size: 2–10 Employees
- Used Daily for 1+ year
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Review Source
Great Software
It has been good! Technical support has been wonderful.
Pros
It's easy to navigate and they are always open for implementations.
Cons
Does not have reports that can be customized.
- Industry: Government Administration
- Company size: 2–10 Employees
- Used Weekly for 1-5 months
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Review Source
Experienced Professionals
We are transitioning from a "manual" loan servicing process utilizing excel spreadsheets to this automated loan servicing solution and are looking forward to gaining efficiencies with this robust software.
Pros
The software is comprehensive and captures both loan servicing and corresponding trust accounting transactions. The company's customer relations, sales, support and training staff are amazing professionals. They set this company apart from its competition.
Cons
We conduct annual reviews on our loans and it would be great if the software could capture spreads of tax returns and financial statements to have all of the financial data, insurance and collateral information in one repository.
- Industry: Consumer Services
- Company size: 11–50 Employees
- Used Daily for 6-12 months
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Review Source
TMO Review
Good, have had great support from ABS Customer Support when needed. Most often hear back within the same day to help trouble shoot. Screen shots are often sent for easier review and answering our processing questions.
Pros
Ease of payoff and payment processing.
Cons
Impound Analysis has been the most challenging, as tax payments were due same time as our files have been moved over into TMO. New and updated instructions have been received along with online training.
- Industry: Investment Management
- Company size: 2–10 Employees
- Used Daily for 1-5 months
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Review Source
Origination Review
TMO is easy to use and they offer great support. They are knowledgeable and friendly. Response time is great when reaching out to someone in the company. They really want to help their clients.
Pros
The ease of use and be able to set up reminders and follow ups. TMO makes it easy to stay organized which gives more time to work on the pipeline.
Cons
I would like my customizable documents to be more streamline.
- Industry: Financial Services
- Company size: 2–10 Employees
- Used Daily for 2+ years
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Review Source
Flexible Software
I have experienced worst after testing four other loan software. This is the best so far.
Pros
It a spreadsheet format for customers' main screen which is downloadable to Excel. Allows for flexibility of how data is displayed through "Smart Views." Though one would need help from Support to figure out the correct string to use. It allows for credit reporting, which a lot of our customers want.
Cons
The base Loan Origination module does not allow for payments to be divided monthly evenly if the first payment due date is not 30 days from contract signing. Tends to create balloon payments for that reason. One could pay to add another part to the software to take care of that issue. But in addition to paying for the upgrade one also pays 17% of that purchase price quarterly. Which leads to another minus of increased monthly cost the most modules are added. This is true of any additions one makes to the software, whether ACH processing modules or Loan Origination module etc.. So, it really increases the monthly costs of the software, after initial purchase price, the more trimmings you want with it. It is a good software, But, make sure to take into account not just the initial cost of all modules but also the extra monthly 17% or so of the purchase price that will have to be paid.
- Industry: Financial Services
- Company size: 11–50 Employees
- Used Daily for 2+ years
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Review Source
Top-knotch product
It's been spectacular.
Pros
It's a great platform. What I like most is the developers are constantly making valuable improvements to the software. When new releases are launched, all involved are excited to see the new features. We've seen the software evolve in the last 10 years and it is now just as good, if not better than the most expensive products available. As a loan servicing company, we've seen data arrive from other servicers who utilize different software providers and we can quickly distinguish that TMO is a far superior product.
We also utilize a lot of custom SQL scripts that make large edits extremely easy to do.
The escrow module is second to none.
Cons
There is a small learning curve and it did take us some behind-the-scenes SQL customizations to accomplish our goals. I have nothing negative to say, it's truly the best.
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Review Source
Robust loan servicing package with institutional scalability
1: We have found TMO to be highly functional. TMO performs core loan servicing very well. The development team has a deep understanding of the private lending business. The learning curve is steep, so I recommend the 2 day course which is well worth the money you will spend and the time you will save by not doing things incorrectly. The compiled help is a great reference guide for intermediates or advanced users and is well maintained.
2: We have found TMO to be scalable. One of our requirements was deploying the software across multiple physical locations. Although we encountered initial hiccups in set up, these were due to MS Office (MSO) 2010's default security settings (TMO relies upon MSO to create its attachments via mail merge). Once our IT team pinpointed the MSO security settings issue (which was quite intricate and required updating registry keys), we were able to effectively scale to 2 client workstations in 1 physical location pointing back to a SQL server at an off-site data center. The option of upgrading to the SQL version (available as another add-on 'module') gave us the confidence in the beginning when we first purchased the JET (MS Access) version that the software is robust and scalable. Our SQL upgrade and proof of concept across multiple physical locations confirmed the software is robust and scalable, and this area of functionality has performed well for us. The SQL migration tool that ABS provides made the transition fairly seamless.
3: 'Sustainable' means the software should have a long shelf life and be upgraded on a regular basis. In our 3 years there have been numerous upgrades although some were unfortunately forced, and I can't recall much new functionality being added ' most of the updates were patches or new functionality for Loan Origination or other modules we were not using. However, the platform has been around (and augmented) for 30+ years.
In summary, I think the software is robust and powerful, and I give the software development team top marks in creating and maintaining an excellent product. Also AJ Poulin their VP of Sales is a pleasure to deal with, is well respected in and has deep roots in the private lending industry, and has a lot of integrity.
- Industry: Real Estate
- Company size: 2–10 Employees
- Used Daily for 2+ years
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Review Source
Mortgage office review
Pros
OVERALL EASE OF USE. So many features.
Cons
unfortunately, we were sold the origination module and were not aware that it won't work for us. we tried to get a refund but were told we signed a contract. was a very expensive mistake.
- Industry: Real Estate
- Company size: 11–50 Employees
- Used Daily for 2+ years
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Review Source
A+ 10/10 Software
great, I love the seminars and support team.
Pros
The support team for TMO is great, they spent hours on the phone with my team to help resolve technical problems we had. No software I've used (personally and professionally) offered this much support. We had a TMO support person on a zoom call for almost 2 hours with my boss, colleague, and IT team. I would highly recommend TMO; their support team makes the software easy to use even for novices.
Cons
Some excel report version of reports TMO can generate have odd formatting, due to being PDF to XLS exports. However, this can be easily resolved by editing the excel on your own after export.
- Industry: Real Estate
- Company size: 11–50 Employees
- Used Daily for 2+ years
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Review Source
The Mortgage Office for Servicing
No more guess work on interests that are owed especially, on Construction loans, where the interest is always increasing as the balance is increasing.
The Mortgage Office helps easily keep track of everything so you do not miss out on any interest owed.
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.
- Industry: Financial Services
- Company size: 2–10 Employees
- Used Daily for 2+ years
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Review Source
Should've bought it years earlier!
I've used different loan servicing products over the years, and The Mortgage Office is hands down light years ahead of other systems I would know because I purchased and used 3 other products! Each one I bought was mainly based on cost (they were cheaper). I really wish I had bought The Mortgage Office the first time around. It's very easy to use, the tech people are fantastic, and it's a robust system that has bulletproof calculations and does everything a private lender could ever dream of. Whether running statements or filtering loans by type, everything is just a click or two away. I am very happy with this software great product, great company, great time in place. I highly recommend it for anyone servicing loans it's a great value.
Pros
It's a powerful product that I love using every day. Very, very happy.
- Industry: Construction
- Company size: 2–10 Employees
- Used Daily for 1+ year
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Review Source
Product review and evaluation
...
Pros
Ease and smoothness and important advantages for the user and benefit in performing the work quickly
Cons
technical supportTechnical support does not respond quickly to complaintsSome ads are false
Alternatives Considered
Zendesk SuiteReasons for Switching to The Mortgage Office
Because it is the best and fastest-
Review Source
Quality Product, Excellent Customer Service, Would Recommend to Others
(Note: Capterra only allows a maximum of 2,500 characters for a review. Thus below is only the bullet points. For full details, I have uploaded the full review to the public folder on my Dropbox at: https://dl.dropboxusercontent.com/u/26145970/TMO%20Review.pdf)
Summary:
Very good product, I would recommend to anyone looking for a simple to use client/server loan servicing solution.
Modules Purchased:
* Loan Servicing
* ACH Express
Users: 10
Architecture: Local Client/Server using JetEngine on MS Access
Pros:
* Rich Functionality - a lot of functionality, probably more than you will need
* Customizable Interface - main search grid can be customized by user
* Quick Search - you can lookup an account by almost anything in the account record
* Document Generation - easily publish statements, coupons, payoff, ets.
* Audit Trail - logs important events and changes in an Event Journal
* Categories - quick way to add custom fields by which to filter and sort your accounts
* Open Architecture - database tables are exposed allowing you to create customer reports
* Exporting - can easily access documents and results into Excel, Adobe, or RTF formats
* Custom Letters - quickly send customers a custom letter
* Customer Support - excellent customer service
Cons:
* "Old World" Interface - old client/server style interface
* "As Of" Reporting - you need to run reports on the day you want them (i.e. on month-end)
* Historical Editing - no simple way to edit your loan history without reversing transactions
* Licensing Structure - geared more toward mass employee servicing departments
* Online Self-Service - none really to speak of
* Manual Payments - payments need to be applied manually for charges and fees
* Categories - many fields of information are only exposed if you use categories, which requires you to double enter the information
- Industry: Real Estate
- Company size: 11–50 Employees
- Used Daily for 2+ years
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Review Source
MAKE TMO YOUR ANSWER
BEING ABLE TO GENERATE CERTAIN REPORTS, STATEMENTS AND NOTICES AS QUICKLY AS NEEDED FOR CLIENTS AND BORROWERS IS THE GREATEST THING.
Pros
EXPORTING FILES FROM ORIGINATION TO SERVICING IS THE EASIEST PART OF THE SOFTWARE AND THEN CAME ACH DEBIT AND CREDIT. THAT BY FAR IS MY MOST FAVORITE PART OF THE PROGRAMTH AND IT IS SO EASY TO USE.
Cons
THAT THERE ARE NOT MORE FIELDS FOR ADDITIONAL INFORMATION. LIKE ON THE NOTIFICATION OF ELECTRONIC DEPOSIT, LENDERS WOULD LIKE TO SEE THEIR YTD INTEREST JUST LIKE ON THE CHECKS.
- Industry: Banking
- Company size: 201–500 Employees
- Used Daily for 2+ years
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Review Source
Great loan servicing software
Pros
Mortgage Office is a great tool for loan servicing that can be customized and queried in many ways. The audit and reporting functions also work great as well the customer support group. It’s very accurate and updated routinely to ensure compatibility. Overall easy to use loan management software, would highly recommend!
Cons
It can be costly depending on how much of the software is installed. Also the reporting could be more robust in certain areas but does cover most data.
- Industry: Financial Services
- Company size: 2–10 Employees
- Used Daily for 2+ years
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Review Source
Overall Experience Using Loan Office Software
So far there is nothing. Loan office software is great to use. Thank you!
Pros
Loan Software easy to use and I highly recommend to other financing companies. Thank you!
Cons
For my experience is not difficult to use. Thank you!
- Industry: Financial Services
- Company size: 2–10 Employees
- Used Weekly for 2+ years
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Review Source
Step Up Your Game
An exceptional system with an exceptional team backing the product.
Pros
TMO is industry specific software with 40+ years of experience that makes complex tasks and information management streamlined. The online client account portal not only saves us time by providing clients with the information they are seeking, but it also shows our clients we are serious about customer service.
Cons
to be determined.
- Industry: Commercial Real Estate
- Company size: 11–50 Employees
- Used Daily for 2+ years
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Review Source
TMO is a life saver
overall I find TMO extremely useful. If there are any glitches i know that the team and support staff are there to help and have proven to be effective
Pros
Ease of use,
report management and production
customization - able to tailor to fit specific needs.
Cons
We are currently using the access version with nearly two decades of information - we have been experiencing laggy performance at time
- Industry: Financial Services
- Company size: 11–50 Employees
- Used Daily for 2+ years
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Review Source
Customer Service Makes A Difference
Pros
The customer service has been top notch, specially the sales team and the Support Team.
The software is visually appealing and operates similar to Excel in the list view. It's user friendly from the entry level employee to the controller, who primarily focuses on the trust accounting.
Cons
We primarily use the construction module and the training does not go over this in detail.
