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: Banking
- Used Daily for 1+ year
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Review Source
Huge help for me to streamline my business
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!
- Industry: Real Estate
- Company size: 11–50 Employees
- Used Daily for 2+ years
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Review Source
Ease of Use for Servicing Residential Loans
Over the last 13years we have grown our business with The Mortgage Office. I appreciate the support team when we have questions or issues. We enjoy the Print & Mail service for 1099/1098s. The Custom Letters and Reports feature which utilizes Word's mail merge features.
Pros
From setting up a loan to applying payments and running escrow analysis. The software is full of features- Adjustable Interest Rates connected to WSJ - Not a Problem! End of Year Statements and 1099/1098s - Not a Problem! One of the Best Features is the Portal for both lenders and homeowners. Homeowners can make their payments on-line too!
Cons
It would like to be able to add the insurance information on the portal. The portal has continued to expand over the past years. I really like the 1099 and 1098 information being available on the portal.
- Industry: Financial Services
- Company size: 2–10 Employees
- Used Daily for 2+ years
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Review Source
Owned for over three years. Very complex, Updates routinely have major bugs. Understaffed...
We service a private loan portfolio and prepare 1098 forms for borrowers. This has worked well in the past, but current bugs are causing concern that the 1098 forms will need to be double checked during the very busy month of January.
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.
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- 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: Real Estate
- Company size: 11–50 Employees
- Used Daily for 2+ years
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Review Source
A true revelation for those in the private money lending industry.
It has given our company the tools needed to service our growing portfolio with ease.
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.
- Industry: Financial Services
- Company size: 11–50 Employees
- Used Daily for 2+ years
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Review Source
The Mortgage Office is very capable software.
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.
- Industry: Capital Markets
- Used Weekly for 1+ year
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Review Source
Surprisingly Impressed
I am rarely impressed with new application specific software, most of the time the developer has not considered the many facets and nuances of the industry or its participant's workflows and as a result has a generic product that is 80% effective. After exhaustive searching, demonstrations, and trial periods, The Mortgage Office was the most logical choice for us. I have been through many enterprise software Implementations, and all of them were time-consuming and frustrating, I can say The Mortgage Office is easier than most. Support is knowledgeable and responsive. There are many customizable features which is great; but also takes some time getting familiar with them all to make it operate the way you want. Overall we have been very happy with the results, our servicing time has decreased by more than 50% and at the same time accuracy has improved.
Pros
Great Customer Support, Reliable, Accurate
Cons
Customized reports are difficult, no cloud-based option
- Used Daily for 6-12 months
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Review Source
Let's keep things simple: TMO is the best, period.
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.
- Industry: Capital Markets
- Company size: 2–10 Employees
- Used Weekly for 6-12 months
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Review Source
Very Easy to Use
Overall, I am impressed, especially by the ability to customize fields and save in formats that are ready for presentations to the board, or management.
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.
- Industry: Real Estate
- Company size: 11–50 Employees
- Used Daily for 1-5 months
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Review Source
Very detailed software, plenty of add on features as your company grows.
Better loan tracking, up to date web publishing for our clients. Notifications for direct deposit transfers, amortization and history reports with ease.
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.
- 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: 2–10 Employees
- Used Daily for 2+ years
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Review Source
Thank you [SENSITIVE CONTENT HIDDEN]
Pros
The software can be tricky at moments, but having [SENSITIVE CONTENT HIDDEN] to help was extremely convenient. He went above and beyond to get our insurance certificates implemented in the software, and we are extremely greatful for his determination! Other than just this task, [SENSITIVE CONTENT HIDDEN] has shown he is very determined and works diligently to help us with all our questions, since we have just hired new employees and switched locations. We appreciate his time and consideration for our company very much.
Cons
The thing we like least about the software is the common glitching, and having to close out and re open for it to show the correct information
- Industry: Financial Services
- Company size: 2–10 Employees
- Used Daily for 1-5 months
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Review Source
You Won't Regret Getting This Software
I have been using the software for 4 months now and at this time, I'm fully operational and I can call myself an "advanced" user. My success of using this software is due largely to [SENSITIVE CONTENT]. These two technical support staff have been so patient with me and had supported me throughout the bad times when I mess up things in the software or ask stupid questions. They made me a better user of the software so that I can get the most out of all the features.
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.
- 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: Financial Services
- Company size: 11–50 Employees
- Used Daily for 2+ years
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Review Source
We love TMO, we use it all day, every day
Ability to service more loans, this program helps track everything we do as a team, lates, payments, interest rate changes, multiple lenders, multiple vendors, fractionalized notes, credti reporting, IRS reporting, online access for borrowers and lenders, and on and on and on.
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.
- Industry: Government Administration
- Company size: 10,000+ Employees
- Used Daily for 2+ years
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Review Source
So functional!
My overall experience has been pleasant. After the training, it was realized that we could use many other parts of this software in other parts of our daily business. We have even seamlessly added another kind of loan service for our citizens.
Pros
The smart views is my favorite place to be in The Mortgage Office. This application makes it simple to group different kinds of loans together and see that total of that type of loan. The attachments in each loan folder has also helped us cut down on the hard files that were being stored.
Cons
I do not have a least favorite function.
- Industry: Financial Services
- Company size: 11–50 Employees
- Used Daily for 2+ years
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Review Source
Essential to our business!
Our company has been in business for over 50 years. We've been using ABS software products as they update for 40 years! We depend on their updates, their techs, their training of staff and their customer service ever day. We view The Mortgage Office as a partner in our continued growth and success.
Pros
We rely uppdates, training and the loan service programs
Cons
The updates require a good deal of downtime.
- Used Daily for 6-12 months
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Review Source
It's the flagship software in our industry and I can say it definitely makes us more money
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.
- 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: Real Estate
- Company size: 11–50 Employees
- Used Daily for 2+ years
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Review Source
Loan Servicing
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.
- Industry: Financial Services
- Company size: 51–200 Employees
- Used Daily for 2+ years
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Review Source
Big Fan
very good experience
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.
- Industry: Real Estate
- Company size: 2–10 Employees
- Used Daily for 2+ years
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Review Source
Tech support from TMO is the gold standard
We had an issue with an update and [SENSITIVE CONTENT HIDDEN] made sure that we were back up and running without losing any data.
Pros
[SENSITIVE CONTENT HIDDEN] in the tech support department was a great help and will be my go to when I need help with TMO.
Friendly, professional and fast. It is greatly appreciated!
Cons
Would like to see more options with hiding paid out accounts on the system.
- Industry: Machinery
- Company size: 501–1,000 Employees
- Used Daily for 6-12 months
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Review Source
TMO
The response from our Sales person [SENSITIVE CONTENT HIDDEN] has been fantastic. He is always willing to help. The Help Desk as well has been great.
Pros
The ease in which we can post payments and reconcile accounts. Also the ability to import the Lockbox payments.
Cons
Trying to find reports or create reports for our needs. Mail merge options are not sufficient for our needs. More fields are needed in the Mail Merge (The Mortgage Office Word)
- Industry: Construction
- Company size: 11–50 Employees
- Used Daily for 2+ years
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Review Source
Great Company
I would say that working with The Mortgage Office has been great. Easy company to work with and they go over and above to help you with any issue.
Pros
We love the ease of us and the reporting features.
Cons
I cannot think of anything that I would say is a con.
- Industry: Real Estate
- Company size: 11–50 Employees
- Used Daily for 2+ years
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Review Source
Plug and Play; All our loan servicing needs were immediately met with little initial setup or...
Pros
Plug and Play; Powerful servicing tool that is easy to understand, navigate, and function. Also is great come tax time.
Cons
I wish it had a more thorough way of tracking Real Estate Taxes on borrower's collateral. I know insurance has its own tab. A Real Estate Tab would be helpful with current updated valuations, due dates, links to Assessor, etc.
