“FREE LOAN ORIGINATION SOFTWARE”

Tuesday, October 10, 2006

By Todd Carpenter, Lenderama

Source: http://blog.mariah.com/2006/10/free-loan-origination-software.html

I've been playing with this software for a few weeks now and I have to say that I'm impressed. When I first heard about Loan Ace, the mortgage industry's first free LOS, I was a bit skeptical. But free is free. What 's there to lose?

Loan Ace downloads in just a few minutes. Install took just a few clicks and the system was up and running. From there, it resembles Point or Encompass. You can generates GFE's, import credit, export... the whole bit. It doesn't have quite as many features as it's competitors. But "free" costs a whole lot less. The features it does have are more than enough to power a originator's LOS needs.

Loan Ace signed agreements with several title & credit vendors. They receive a small piece of the pie when their users order services from these vendors. Users are not required to limit their service providors exclusively to these vendors. But since Loan Ace is using this income stream to power a fully free LOS system for brokers, it seems like a no-brainer that these brokers should return the favor by using the partnered vendors. All in all, it's a pretty cool setup and business plan.

Now if they would just port this thing over to MAC, I could dump my PC all together. Hint, Hint.

Source: http://blog.mariah.com/2006/10/free-loan-origination-software.html

Return to Media