Every missed opportunity in the lending sector results in a monetary loss, whether due to a stalled application or having to wait to return a decision to an applicant.
The lending process has evolved over time and now the lending ecosystem is fast-paced, more regulated, and much more competitive than it has ever been.
If lending institutions continue to use spreadsheets and email chains to manage their workflow or to track tasks, they will lose their market share. In real lending environments, an efficient workflow management software comes in!
Workflow management systems provide a platform to automate the assignment of tasks and track the completion and progress of those tasks so that the right tasks go to the correct people at the right time. The lending workflow tools play an important part in helping to increase efficiency, reduce delays, and organize business operations.
As lending operations continue to evolve and become increasingly complicated, many organizations are looking at mortgage software development services to create customized workflows that can work seamlessly with their current LOS, CRM and compliance systems.
In this guide, we compare the top workflow management tools for lenders in 2026 based on automation, compliance, integrations, and scalability. Let’s explore each in detail.
What Is Workflow Management Software?
A workflow management software automates workflows by orchestrating tasks so they can be tracked quickly and efficiently for increasing the overall efficiency of those workflows. It enables groups to automate routine or habitual activities such as data entry, confirmations, and notifications, while also tracking the progression of real-time updates to projects, identifying bottlenecks, and reducing manual processes.
Many lenders report 25–40% reduction in loan cycle time after implementing workflow automation. Lending workflow tools are increasingly acting as orchestration layers across fragmented lending stacks.
Key Lending Processes Automated By Workflow Management Tools
- Loan Origination – Include application intake, disclosures, processing etc.
- KYC/AML Verification – Involves multi-layer regulatory checks
- Document Processing – Automated parsing of tax returns, paycheck stubs, and bank statements through Optical Character Recognition (OCR).
- Underwriting – AI supports credit risk assessment and underwriting decisions (offering decision support)
Key Features of Workflow Management Tools
- Task management
- Automation
- Collaboration Tools
- Reporting and dashboards
- Integration
- Custom workflows
- Resource and time management
- Document and form management
- Cloud access
- Notifications and alerts
Benefits Of Workflow Management Tools
- Improved efficiency
- Reduced errors
- Enhanced accountability
- Better collaboration
- Real-time insights and analytics
How To Automate Loan Officer Workflows?
Mortgage workflow automation allows loan officers to handle many repetitive tasks more efficiently so that their loans get completed faster and without breaking down.
Step one in creating your overall work process map is identifying the areas of your process that have delays, gaps and errors.
After identifying your areas of focus, you should choose the three most important items to concentrate on: (1) Managing leads (2) Requesting required documents, and (3) Communicating with borrowers.
By leveraging workflow automation tools, lenders can consistently assign leads, update borrowers with current information, and request documents via an automated workflow with reminder notifications.
Secure portals that allow borrowers to upload necessary docs help maintain the consistency and reduce excess communications while in the document collection phase.
Milestone notifications to both borrowers and lenders keep all participants informed throughout the entire event timeline.
Other great ways to produce repeat customers/loan business is through automating the post-closing process for your existing clients.
Ongoing evaluations and improvements to your workflows will contribute to positive long-term efficiencies, compliance with current regulations, and a better outcome on all loans.
How To Choose The Right Workflow Software?
- First, map out your existing workflows to highlight: bottlenecks/gaps, must have/nice to have features
- Next, select business process management tools with prebuilt templates and robust integrations such as: CRM, loan originators, APIs
- Next you want tools that are easy to use: intuitive user interface, little training, fast performance = team adoption
- Also ensure that education support is available through: documentation, chat, and quick assistance when there are issues
- You should also determine whether your tools are scalable: Can they handle an increasing volume of users, data, and more complex workflows as your business grows?
- Make sure the tools you select have strong security and compliance functions, particularly if they handle sensitive financial data
- Use programmatic rule-based automation (i.e. If this occurs then take action) to minimize errors and increase efficiency.
- Lastly, consider the long-term return on investment for workflow management tools you are looking at = Not only their cost, but how much time and productivity they provide in addition to improving your process.
Manual vs. Automated Workflows: Which Powers Modern Business Better?
Processes that involve a large amount of human intervention and take too long to complete usually contribute to a loss of productivity in high-volume environments.
Teams typically struggle with time-consuming manual tasks. Therefore, they generate a high level of errors, as well as delays and disruptions in the workflow.
Automated workflows, however, can speed up processes by utilizing the latest workflow management technology to create a set of rules and use data triggers to automate the entire operation.
In addition, workflow automation for mortgage lenders reduces the amount of manual work that needs to be completed, typically minimizes operational costs and can increase efficiency in terms of productivity.
A workflow management system for small businesses automates processes to achieve consistency, standardization and document management.
Ultimately, the selection of the proper workflow management solution will help the business become more efficient, consistent, and continue to grow for many years to come.
Best Workflow Tools for Lenders 2026
1. nCino
nCino has a cloud-based platform designed for managing the entire life cycle of loans, including applications, underwriting, closing and monitoring the portfolio. It is a workflow management tool for credit unions and banks built on the Salesforce ecosystem.
Overview:
With its addition of the SimpleNexus in 2022, nCino now provides its clients with a more connected borrower-to-portfolio journey. The ideal lender for nCino is typically a midsize or larger bank/credit union that has a need for structured, approved and scalable workflow automation.
Features:
- A built-in workflow routing engine that automates the loans origination and approval process.
- Task assignment and configuration can be integrated using role-based access control (RBAC).
- Compliance tracking via a full audit trail. Real time visibility of pipeline and performance dashboards.
- Document management and integration with e-signed documents.
- Borrower and relationship management capability through the Salesforce CRM.
Pricing:
nCino pricing is not publicly available. Costs are based on a quote for the size of the institution, the number of modules, and how the system will be deployed.
Advantages
- The Power of Salesforce gives you unmatched CRM, Reporting & Automation capabilities.
- It’s very configurable allowing you to manage very complex lending operations across multiple departments.
- Scales well with larger companies that manage large numbers of loan volume.
Disadvantages
- The cost of nCino is too high for many smaller community lenders, which makes it unfeasible.
- Implementation timelines are long, typically 6-12+ months.
- The dependency on Salesforce adds complexity and cost as you will be licensing Salesforce as the CRM and nCino as the custom workflow solution.
- The customization of nCino’s workflows need to be developed by Salesforce Certified Developers.
Adoption Rates:
Serves over 2700 globally
Reported ROI: (vendor-reported)
Case:
The company reached a total annual contract value of $516.4 million on January 1, 2025, which is a 13% increase year-over-year. Total total yearly revenue for the company’s fiscal year (FY) of 2025 was $540.7 million, as opposed to $540,000 for the previous year.
Performance Improvements:
Faster loan cycles, reduced manual work,
2. MeridianLink
The MeridianLink platform is a cloud-based lending system that provides a scalable, multi-product lending platform for banks, credit unions and consumer lenders. This custom workflow solution can also automate workflows by configuring them across the loan origination, credit decisioning and account management process. This allows lenders to improve efficiency while still complying with regulations and keeping human oversight in place.
Overview:
With MeridianLink, you can have all of your lending workflows such as consumer loans, mortgages and deposit accounts in a single platform. It works best with community banks and credit unions that have multiple products to lend to customers, want centralization and flexibility of workflow management.
Features
- Multi-product loan origination workflow automation on a single platform
- Configured workflows for approval routing and task assignment
- Automated compliance controls and audit trails
- Digital borrower portal that allows upload of documents by the borrower Integrations with major core banking systems (Fiserv, Jack Henry, FIS)
Pricing:
MeridianLink offers their pricing based on a quote that considers your institution’s size, the particular modules selected, and annual loan volume. They are generally placed within the mid-to-high range of pricing for SaaS lending workflow platforms. MeridianLink requires both a formal demonstration of its product’s capabilities along with a scoping session that documents specific aspects of the product before they provide you with a quote.
Why Choose This Over Others?
- Credit unions and community banks have an efficient consolidated workflow with the capabilities of the MeridianLink product.
- Major core banking providers have solid integrations into the MeridianLink product.
- It has been evaluated as having an excellent responsive support team by many users.
Limitations
- Implementation times can take a long time, ranging from 6 months to over 12 months.
- Complex configurations and setups take time to complete.
- User interface doesn’t appear modern relative to other newer tools.
- Non-transparent costs and pricing model.
Adoption Rates:
Serves nearly 2000 financial institutions and consumers reporting agencies
Reported ROI:
Loan processing time reduction by up to 6 days
Performance Improvements:
Federal Credit Union doubled instant approvals (sourced)
3. Encompass
Encompass, one of the best workflow management systems, is a solution provided by ICE Mortgage Technology as part of their complete loan origination and workflow management system. It provides the ability to automate and/or manage the entire mortgage lending process, including the application and processing stages leading into underwriting, closing, and compliance.
Overview:
Encompass is a centralized workflow engine designed specifically to support lenders by letting them view, manage and execute every aspect of a loan while automating their compliance checks and connecting them with hundreds of third party vendors from a single platform. Today, many lenders look for reliable Encompass implementation services to enhance deployment and make sure that workflows align with compliance and operational needs.
Features
- Purely a LOS platform (Core lending system)
- Automated loan origination and management of all workflows.
- Configurable rules engine for custom work flow automation
- Real-time tracking of your loan pipeline and reporting dashboards
- Complete digital closing processes with support for electronic signatures.
Pricing:
Encompass pricing is determined by a quote and varies by the number of loans being originated, which modules you decide to use, and whether you deploy using a cloud solution or an on-premises solution. Contact ICE Mortgage Technology or a trustworthy mortgage automation solution provider directly to obtain a customized quote for your company.
Pros
- Largest integration marketplace in the industry, with over 350 partners available
- Very configurable to create workflows for other major players in the mortgage industry
- More U.S. lenders use Encompass for origination than any other Loan Origination System on the market
- Robust compliance automation features limit the amount of regulatory risk
- Can be deployed in either a cloud or an on-premise environment
Cons
- One of the longest implementation timeframes are between 6-18months
- The learning curve is very steep for both
- Extremely high total cost of ownership
- Heavy customization requires dedicated developer resources to make those customizations
- Some users reported extremely slow vendor support response times.
Adoption Rate
Reported ROI (Vendor reported)
- Increased operational leverage by 23%
- Reduction in rates up to 13%
- Increased gross profit per loan ($1,056)
Performance Improvements
Saving up to 14 hours per loan with automation and no need of additional resources
4. TurnKey Lender
TurnKey Lender is an end to end automation solution specifically designed for banks, credit unions, alternative lenders, and embedded finance providers. This business workflow management system streamlines the entire loan lifecycle from application to credit scoring, through disbursement and collections, while providing an AI based decision engine built right into the lending workflow.
Overview:
TurnKey Lenders key differentiator is that it incorporates AI driven decision making into the lending workflow. This custom workflow solution is suitable to a broad array of lenders worldwide including community banks and fintech lenders. It is especially positioned to assist organizations looking to implement a new lending operation, or modernize an existing lending operation quickly.
Features
- Automated credit and risk assessment with AI-based systems
- Comprehensive automation for loan origination, servicing, and collections
- Configurable workflows without writing code
- Automated borrower digital application service via self-service portal
- Real-time loan performance and reporting analysis
- Support for multiple loan product types (consumer, SMB, mortgage and embedded lending).
Pricing:
Pricing is generally based on subscription plans. It depends on loan volumes, geography, and modules. Free demos are available. Overall competitive to other enterprise-sized LOS solutions.
Benefits:
- Credit and risk decisions made using artificial intelligence natively as part of the workflow
- Faster implementation to go live than many other traditional loan originators
- Workflow configuration does not require a technical background
- Ability to lend products to customers in multiple locations
Drawbacks:
- The integration level between TurnKey Lender and U.S.-specific core banking systems is still in development
- Limited capabilities for custom reporting makes creating complex analytics more difficult
- Geared toward consumer and small and midsize business lending, not complex mortgage lending
- TurnKey Lender’s U.S. partner ecosystem is smaller than their competitors’ partner ecosystems, such as Encompass.
5. Blend
Blend provides borrowers the ability to manage their loans online and helps lenders process their loans in a timely manner using a cloud-based solution. The technology behind Blend allows lending institutions (e.g., banks, credit unions, mortgage lenders) to process loans and close them quicker than would have been possible using traditional lending practices.
Overview:
Blend combines digital applications and lender operations. The best use of Blend would be for a lender wanting to upgrade their front-end processes but not needing a complete loan processing system.
Features
- Originally a POS system, not a workflow engine
- Enhances front-end workflows
- Digital borrower application submission process
- Automated document collection and verification
- Integration with existing loan systems (e.g., LOS, CRM, AUS)
- Ability to see real time status of the loan by both borrowers and loan processors
- Configurable workflows for mortgages, home equity and consumer loans
- Ability to create workflows that are in compliance and include data validation.
Pricing:
Blend uses a quote-based pricing strategy and customizes the size of the institution and the loans originated. It is a premium point-of-sale (POS) workflow solution. Generally, it is charged by charging a platform fee plus a per-loan transaction fee. Any prospective customers should contact Blend directly to get a custom price amount.
Advantages
- Improved user experience for borrowers, with higher loan completion rates
- Completes in a shorter amount of time than completely replacing an LOS
- Robust integrations with both LOS (e.g., Encompass) and other technologies
- Has documented success reducing lenders’ time to close.
- The actual compliance steps and data validation steps are included in the workflow process.
Disadvantages
- Doesn’t offer as much ability to customize workflows outside of the POS level
- Could be challenging to receive all of the advantages unless there is a partner integration with POS and other LOS systems
- Some users have indicated that there may be limits on flexibility of the workflows for non-standard loan products
- Long-term investment in the product could be questioned
Adoption Rate (Based on a case study)
Case:
- Average return of: 10.67X
- Saved: $650
- Reduction: 18.78 hours
- Cutting: 9.41 days from the loan cycle
Reported ROI
2024 Data: Nearly $1.2 trillion in loan application in banks, credit unions and IMBs
Performance Improvements
1.5x higher pull-through rates and up to 50% faster time to close
6. Monday.com
Monday.com is a cloud-hosted workflow management tool that acts as both a work operating system and a workflow management system for lending teams to develop, automate, and track their unique workflows. It is used to manage the entire loan pipeline process from beginning to end by managing the loan pipeline, assigning tasks and monitoring compliance within the entire loan process.
Overview:
Monday.com enables lenders to easily and affordably manage their lending workflow using a customizable workflow engine. Therefore, Monday.com is being utilized by lending operations teams to manage their loan pipeline, monitor loan milestones, assign tasks, and establish automated workflows with a drag-and-drop interface.
Features
- No coding – build workflows via drag and drop interface
- Assign tasks automatically and send reminders and notifications with deadlines
- Track the overall progress of loan processing via customizable loan pipeline boards and status dashboards
- Over 200 different integrations to email, CRM and document management products
- Allows multiple access for team collaboration to perform tasks across all lending departments based on their role
- Provide real-time reporting and workflow process performance analysis
Pricing:
There are many levels of pricing for this product from basic to pro or enterprise edition, all of which are billed annually; and includes a free 14-day trial of the software.
Why Use It?
- Exceptionally adaptable – every workflow can be configured for virtually any type of lending.
- Easy to navigate
- Very fast implementation and go-live compared to dedicated LOS platforms.
- Complete automation capabilities, developer support not required.
- Very economical for small to medium size lending teams.
Why Not Use It?
- Requires heavy customization + lacks compliance logic
- There is no inclusion of credit decisioning, AUSs, or LOS features attached to this solution.
- Highly manual configurations
- Safeguarding sensitive borrower data is very much important
7. Maxwell
Maxwell is a digital mortgage workflow management system designed for independent mortgage banks and other community lenders. It provides better loan processing, point-of-sale, and fulfillment workflows to assist the lenders in processing, loan origination and fulfillment workflows. Ultimately, this creates more efficient teams, makes the loan decision-making process easier, and closes faster.
Overview:
Maxwell was specifically designed and built for the independent mortgage bank sector. Teams can have access to enterprise-level workflow automation at a fraction of the cost of IT departments. By providing smarter workflow management, Maxwell continues to make great strides in helping community lenders successfully compete against larger lenders.
Features
- It provides a digital point-of-sale for the automated collection of borrower documents
- Maxwell Fulfillment allows lenders to outsource their complete processing workflow
- It offers real-time visibility of your loan pipeline and tracking of individual milestones associated with each loan.
- Integrations are available with many of the major interest platforms such as Encompass and BytePro
- It offers a secure communication and document exchange portal for borrowers.
Pricing:
Depending upon the size of the module and team required, Maxwell is priced to be within the budget constraints of independent mortgage banks and community lenders. The actual pricing will vary depending on your circumstances. You may obtain a custom pricing quotation from Maxwell directly. The pricing from Maxwell is generally considered to be in the mid-market in comparison to enterprise level systems.
Pros
- Purpose designed for independent mortgage banks and community lenders.
- Reduces the amount of manual processing tasks and significantly decreases cycle times.
- Implements quickly: usually within weeks versus months.
- Maxwell Fulfillment provides a unique outsourced workflow processing solution.
- Excellent customer support with a solid reputation for swift service.
Cons
- Due to the higher complexity of their workflows, larger enterprise lenders will find less application for Maxwell.
- While there are currently more integrations available for Maxwell than before, there are still fewer available than those that are available on enterprise LOS platforms.
- Compared to dedicated BI tools, the reporting and analytics capabilities of Maxwell are very basic.
- Concerns about brand recognition create barriers to enterprise procurement for Maxwell.
8. Stavvy
Stavvy is a cloud based enterprise workflow management software that focuses on providing a complete electronic process through remote online notary, eClosing and electronic agreement signatures. It enables lenders, title companies and servicers to digitize their closing process and support the post-closing phase of the loan transaction process.
Overview:
Stavvy automates the closing (completing the closing, obtaining the notarization of the documents, and executing the documents). The lenders and title firms utilize to eliminate physical bottlenecks at settlement along with meeting the constantly changing eClosing regulations in all 50 states.
Features
- Complete workflow (i.e., fully integrated “basic”” RON) into existing closing workflow eClosing and hybrid
- eClosing workflow management Digital preparation, review and electronic signing of digital documents
- Secure collaboration space for lenders, title agents, and borrowers
- State-specific eClosing/compliance tracking
- Easily integrating with major LOS and title platforms to improve hand-offs
Pricing:
The pricing of Stavvy is based on quotes that will vary depending on the number of transaction volumes and lender/institution type. For more information about the pricing of Stavvy’s services you should contact Stavvy directly for more detailed information.
Positives:
- Decreases closing time significantly vs. using paper-based processes
- Comprehensive compliance support for state-specific
- eClosing regulations
- Rapid growing solution with significant ongoing investments and platform growth
- Integrates with current LOS and title workflows without replacing them.
Negatives:
- Focuses solely on closing workflow, not an overall LOS/origination tool
- Limited RON adoption (in different states), limiting overall accessibility/utility
- There needs to be commitment/buy in from title/settlement partners to leverage the maximum potential of the workflow
- Limited integration ecosystem compared to a full stack LOS platform
- Only a newer platform, so has less historical track record than would expect.
9. Dark Matter Technologies (Empower)
Dark Matter Technologies is an independent mortgage tech company developing and managing Empower LOS . It is a large scale loan origination and workflow management platform developed for large wholesale (mortgage) lenders, banks, and servicers.
Overview:
Dark Matter Technologies rebranded Empower into an independent enterprise loan origination system. Empower is a proven enterprise LOS, used by many of the biggest lenders in the US. Dark Matter is continuing to invest in Empower, which helps ensure that Empower is a strong choice as an enterprise lender looking for an alternative solution to Encompass.
Features:
- 100% a LOS platform (core lending system)
- Enterprise loan origination workflow automation for retail, wholesale, and correspondent channels.
- Highly configurable Business Rules Engine can be used to create customized workflow routing.
- Real-time loan pipeline dashboards and operational reports.
- Integrated compliance workflow with automated regulatory updates.
- Robust API Framework allows for 3rd party workflow and vendor integrations.
Pricing:
Dark Matter Technologies has an enterprise (Tier) pricing model based on quotes. Pricing varies dramatically based upon loan volume, channel, and scope of implementation. Request Dark Matter Technologies directly for pricing information. However, be prepared to make a substantial licensing and implementing investment.
Benefits:
- Top U.S. mortgage lenders trust an enterprise level of depth in their workflow.
- All lending channels can benefit from a consistent multi-channel workflow support solution provided by this vendor.
- High configuration options
- The platform has extensive industry acceptance with a long track record of solid performance.
Drawbacks:
- Enterprise-level only
- Implementation timelines are long and complex.
- The total cost of ownership is high.
- In the transition from Black Knight to Dark Matter, the organization has created some uncertainties.
- The integration marketplace is smaller than the ICE ecosystem within Encompass.
10. LendingQB
LendingQB is a cloud-based loan origination and workflow management platform that was designed with mortgage lenders in mind. It provides a fully browser-based, highly configurable workflow system. By using this system, both retail and wholesale mortgage lenders can streamline their operations.
Overview:
LendingQB may be one of the most modern and accessible mid-market LOS solutions due to its total construction in the cloud and its browser-based interface. Also, because it provides workflow configurability without requiring an enterprise dollar commitment, many growing lenders who have outgrown simple platforms choose LendingQB as their new solution rather than using Encompass or Empower. Because of its open API architecture, custom workflow integrations are also very easy to produce.
Features
- Completely cloud-native workflow management (loan origination and processing)
- Configurable workflow automation (process builder) with drag-and-drop capabilities
- Compliance management built into the system; automated TRID/RESPA compliance tools
- There is an open API available for custom integration of third-party workflows.
- Real-time reporting of pipelines and tracking of milestones for each loan.
- Integrated Product and Pricing Engine (PPE) as part of the origination workflow.
Pricing:
Pricing is subscription based, calculated by the number of loans and users. LendingQB offers mid-range pricing providing affordability but offers more workflow capability compared to basic broker workflow tools. Request a custom quote from LendingQB for your specific needs.
Pros
- Cloud-native, so there are no on-premise requirements.
- Workflow configurability is available without having the need for a dedicated developer.
- Open API allows for easy integration of custom workflows.
- More affordable than Enterprise LOS platforms.
- Built-in PPE provides additional workflow capabilities without the need to have a separate vendor.
Cons
- Fewer integrations than what you would find through Encompass or Empower.
- May have less recognition when asked to be procured from Enterprise level companies.
- Reporting and analytics functions are limited for business intelligence purposes.
- Not the best fit for large multi-channel enterprises engaged in mortgage operations.
- Some users have expressed concerns regarding the level of support and responsiveness from the company.
11. Smartsheet
Smartsheet, a business process workflow software, provides organizations with an efficient way to manage workflow processes and activities. It is a centralized system that supports cloud-based document sharing, collaboration, project management, and reporting. Organizations can use this platform to streamline both internal and external activities, create task lists, manage their pipeline of loans, track regulatory deadlines, and collaborate across different departments.
Overview:
Smartsheet’s extensive grid-based work-flow management, automation, and enterprise-level security features have made it a preferred tool for lending teams, compliance teams, and mortgage back-office teams.
Features
- Customizable grid, card, and Gantt-based loan pipeline workflow tracking
- Automated workflow alerts, reminders, and task routing rules
- Real-time dashboards and reporting for loan pipeline visibility
- Secure document attachment and collaboration within workflow rows
- 100+ integrations including Salesforce, Microsoft 365, and Google Workspace
- Enterprise-grade access controls and compliance-ready audit logging
Pricing:
Smartsheet has tiered pricing , the Business plan, and the Enterprise plan requires a custom quote. There is also a pro plan. You need to pay annually. You can also try Smartsheet without any cost for 30 days.
Benefits
- The spreadsheet-style interface you already know will be easy to learn
- Very versatile, it can be customised and tailored to almost any workflow in today’s lending market
- Can automate most of the lending processes without any need for a developer
- Has enterprise level security, meaning sensitive information of the borrower is protected with the highest level of security
- Very cost effective for companies that are already using Microsoft or Google products to do much of their work
Drawbacks
- No built-in compliance, LOS, or decisioning tools
- Requires heavy customization + lacks compliance logic
- Extensive manual configuration to create the workflow for mortgage loans
- Complexity in managing workflows without a dedicated administrator
- No credit or AUS integrations
- Better suited as an adjunct workflow tool vs. a replacement for a primary LOS.
12. LoanPro
LoanPro is a cloud-based, API-first loan management and workflow automation platform designed for fintech lenders, banks, and consumer financing companies. These organizations use LoanPro to configure, automate, and manage their servicing workflow with the highest level of flexibility.
Overview:
LoanPro is built specifically for lenders wanting to manage and control their own lending workflow infrastructure via code, rather than pre-packaged configurations. LoanPro’s API-first architecture allows customisation and automation of all components within the loan workflow. It is the strongest in loan servicing and API-driven infrastructure.
Features
- Originally a servicing platform
- API-first workflow automation of loan origination and servicing.
- Configurable payment processing and collections workflow management.
- Real-time reporting on loan performance; portfolio analytics.
- Automated borrower communication workflows (statements, notices, alerts).
- Flexible product configuration for consumer, automotive, bnpl, and credit products.
- Built-in compliance tools with audit trail and regulatory reporting workflows.
Pricing:
LoanPro uses a quote based pricing model based on the amount of loans being originated/serviced and API usage. LoanPro is priced competitively compared to Enterprise-level lending platforms and is designed to accommodate the growth of lenders as their loan volume increases. To receive a custom quote, contact LoanPro directly.
Positives:
- Extraordinary flexibility in workflow for technology enabling lenders due to the API-first design of LoanPro.
- Supports highly-customised loan products that traditional lending platforms are unable to do.
- Scalable in terms of loan volume growth.
- Robust integrations with Fintech and Payment Ecosystems.
- Strong product development emphasis with numerous feature releases being done regularly.
Negatives:
- Not perfect as a LOS replacement
- You will need to use developers because this system is not easy to use for lending teams that do not have developers.
- Teams that do not have strong technical support will require more time to implement this system.
- While it does have some things organized correctly, it does not work for all types of complicated origination processes in retail loans.
- Compared to larger enterprise vendors’ customer support teams, LoanPro’s support is relatively small.
13. Lentra
Lentra is a digital lending platform and support system. Financial institutions, banks and lending companies benefit from a completely automated workflow to improve the loan origination process (the entire process from acquiring a customer through distributing funds) by using Lentra’s technology.
Overview:
Lentra has quickly built a significant user base of thousands of customers who utilize Lentra’s digital lending technologies (software) to upgrade their banks’ legacy systems and not have to deal with creating whole new application suites from the beginning. Lentra is a good solution for banks to enable them to complete their loan origination process utilizing fintech technology while remaining compliant and managing risk.
Features:
- Automated loan credit decision processes through AI and ML
- A simplified approach to implementing their solutions into existing (LOS) loan origination systems and workflows.
- Real-time credit risk assessment with adjustable thresholds.
- Keeps track of how well our models perform over time and to continue making improvements to the loan decision process.
- Bias mitigation tools in order to assist with ECOA compliance and fair lending.
Pricing:
Lentra’s pricing is based on the size of your institution, your volume of loans, as well as which module(s) you use. Lentra is mostly for mid-size and larger financial institutions (Banks). For information about pricing, please contact Lentra directly.
Advantages:
- Workflow automation (AI-native) greatly reduces manual processing!
- Very effective at modernizing legacy processes for banks that have a lot of loans.
- This single platform can handle many different loan products; each can have multiple products through which a loan could go.
- Development of each of these platforms is faster than building a normal enterprise LOS platform.
- Compliance/risk management is built into the workflow!
Disadvantages:
- Once it’s built, Lentra requires technical expertise
- If you do not have good developer support to set up your team, it will take longer than it should to set them up.
- More flexible but less mortgage specific
- Cannot be utilized efficiently by using overly complex processes to create a mortgage loan.
- Lentra has substantially fewer employees available for customer service/support than many other large companies.
14. Zest AI
Zest AI provides an AI-based platform for automating the credit decisioning process. With the help of machine learning, Zest AI assists banks, credit unions, and consumer lenders in making better credit decisions by providing them with a mechanism to assess borrower risk more accurately and fairly than traditional scoring models.
Overview:
Zest AI is not meant to replace your LOS. It is intended to enhance one of the most critical workflow processes within an LOS. Zest AI applies machine-learning techniques to credit assessments; this allows lenders to approve more creditworthy borrowers, reduce their default rates, and accelerate the decisioning process, which is often the most significant bottleneck in the loan processing cycle. Zest AI is especially effective for lenders who wish to expand access to credit while still responsibly managing risk.
Features:
- A point solution focused on credit decisioning (decisioning engine)
- An automated credit decisioning workflow powered through machine learning and artificial intelligence.
- AI models provide a level of explainability that satisfies regulatory requirements and fair lending compliance.
- Easily integrates with current LOS and origination workflow systems.
- Credit scoring is provided in real time with the flexibility to create custom thresholds for decision-making.
- Model performance will be monitored constantly, and workflow optimized based on performance.
- Includes tools which detect bias as part of fair lending compliance and ECOA compliance.
Pricing:
Zest AI’s pricing is provided via a quote; the price varies depending on the size of your institution, loan volume, and purpose for use of the solution. The business workflow management system is targeted towards mid and enterprise-sized businesses. You can contact Zest AI directly to obtain a proposal with pricing.
Pros
- This lending workflow tool greatly enhances the speed and accuracy of credit decisioning in the workflow.
- The AI models are designed and developed to be in compliance with regulations.
- Vendor-reported results suggest increased approval rates while managing default risk.
- Able to work with your existing LOS workflow systems with no replacement of current systems.
Cons
- Only completes part of the end to end workflow (specifically the decision part) of an LOS and Zest AI does not accomplish a full LOS or an entire end to end workflow.
- Needs a complete integration to your existing systems to provide you with full value from the solution.
- Implementing and validating an AI model will require time and internal resources.
- Organizations that intend to maximize the overall value will need to use the system at scale; smaller lenders will not be able to show an immediate return on investment.
- Regulatory scrutiny of AI decisioning tools continues to evolve as a challenge for lenders.
Adoption Rate
Source:
- Over 600 active models in production
- 25% more approvals
- 20% risk reduction
- 80% of applications AI-decisioned
Reported ROI
Source:
- 25% lift in approvals
- Lifting protected class approvals by an average of 40%
15. Salesforce Financial Services Cloud
Salesforce Financial Services Cloud (FSC), a CRM based enterprise workflow management software for banking, mortgage lending, wealth management and insurance industries. It provides companies with a way to manage relationships with their clients, automate lending workflows, and track loans through the world’s largest customer relationship management (CRM) ecosystem.
Overview:
Lenders using Salesforce FSC will have a 360-degree view of each of their borrower relationships and have access to automation that will route tasks, request documents, track approval workflows and compliance, and more, all within the familiar Salesforce workspace. Salesforce FSC is ideal for lenders who already work within the Salesforce ecosystem and who want to increase their current Salesforce.
Features
- Loan pipeline and borrower relationship workflow management, all through a CRM
- Automated task routing, approval workflows, and milestone tracking
- Ability to configure both workflow rules and automate several of those processes using Salesforce Flow
- Real-time dashboards and reporting across the entire lending workflow
- Ability to integrate with a LOS, AUS and other third-party lending tools using the Salesforce AppExchange
- Compliance tracking and audit information built into the workflow.
Pricing:
The starting point for pricing of Salesforce FSC is approximately $225/user/month as a starting range. Add-on products, AppExchange integrations, implementation services and other costs may be incurred, particularly for deployments of an Enterprise solution. For a custom quote, please contact Salesforce.
Benefits:
- Workflow automation via Salesforce Flow is highly configurable and requires no coding.
- The AppExchange contains a vast ecosystem of Apps which are able to be integrated into the lending workflow.
- For organizations that already utilize Salesforce for other departments, using Salesforce Financial Services Cloud will provide a seamless transition into the lending environment.
- Salesforce offers enterprise level security, compliance and scalability.
Drawbacks:
- Licensing cost is high and one of the most expensive workflow applications per user.
- Salesforce Financial Services Cloud is reliant on the Salesforce ecosystem, therefore limiting flexibility when operating outside of that ecosystem.
- Implementations will be complex and require certified Salesforce consultants for assistance.
- Total cost of ownership will increase significantly with the addition of add-ons and integrations.
Adoption Rates:
- Broad CRM ROI data
- 25% – 30% increase in sales productivity
Comparison Table Of Workflow Management Systems
Best Workflow Management Tools by Use Case
- Best for enterprise lenders: nCino, Encompass, Empower
- Best for mid-sized lenders: LendingQB, MeridianLink
- Best for fintech & API-first teams: LoanPro, Lentra
- Best for fast implementation: Maxwell, Monday.com
- Best point solutions: Blend (POS), Stavvy (closing), Zest AI (decisioning)
To Wrap Up
When selecting a business workflow automation software, it is critical to understand that this choice goes beyond just being a “technical” decision.
Rather, it is a strategic choice that will impact your operational efficiency, your scale, and the client experience. In today’s mortgage industry characterized by large volume operations, automation is no longer an option; it is a necessity.
Automation provided by mortgage automation solutions provider is what keeps lenders competitive in the market.
Selecting the appropriate lending workflow tool is based on your “current” as well as “future” strategic direction as a lender.
- If you are a small lender or independent lender, you will want to implement either Monday.com or Maxwell to get up and running quickly and at a low cost.
- If you are a mid-market lender, you will want to implement either LendingQB, MeridianLink, or TurnKey Lending due to their scalability, integration capabilities, and compliance features.
- If you are a large lender, you will want to implement either Encompass, nCino, or Empower, due to their extensive functionality and integration ecosystems with other large operations.
Want to update your lending workflows? Learn about automated workflows to create a more efficient operation, shorten your cycle times, and increase customer satisfaction. Check out Awesome Technologies, Inc. for new scalable custom workflow solutions structured for today’s lending environments.
FAQs
1. What is a workflow automation management system?
Workflow automation management system is designed to assist with the completion of repetitive tasks, such as assigning tasks and getting approval for work requests. This can reduce the amount of time spent completing manual labor by automating various tasks.
2. How does automation benefit loan officers?
The benefits of using automation include: helping loan officers save time, reducing their workload, and providing a means to close loans in less time.
3. What features should I look for in workflow automation management software?
Here are a few important aspects of a workflow automation system that should be added:
- Automation of task and triggers
- Customizable workflows
- Integration with your current CRM or LOS
- Real-time tracking and reporting functions
- Easy-to-use user interface
4. Can workflow automation integrate with loan origination software?
Many workflow automation software programs allow you to integrate seamlessly with a variety of LOS. For example: you can set it up to begin the steps for documentation, underwriting and approval once a customer has applied for a loan, without any human intervention.
5. How do I measure the success of workflow automation?
To measure productivity from workflow automation, you should look at some key indicators, including:
- Time taken to complete tasks or workstreams
- Decreased manual errors
- Cost of completing each task
- The number of tasks completed per workday
- Level of customer satisfaction achieved as a result of efficient process automation
6. Is workflow automation management software suitable for small teams?
Mortgage workflow automation software has a significant amount of utility and benefit for small teams because they can accomplish more work using fewer resources through process improvement, reducing manual labor, and eliminating redundant tasks from the overall workload of their team.
