The Mortgage Office Reviews

Pros

Really like the ability to save customize fields and save query views as spreadsheets. Really like the ability to save reports and letters as spreadsheets (or .pdfs through the platform vs. via print to .pdf menus). Good audit trails for reports, changes, statements, etc. We're now learning how to better manage dates to result in reports that balance to our accounting program -- pretty good. Would have loved to have known that sooner. Support team are on site with the company and are well informed as to how the platform works -- pretty decent turnaround time for a company on the other side of the continent. I have a healthy respect for the support team's skills and knowledge.

Cons

Would love to have a hosted customer wiki or bulletin board where users could share tips and tricks. Would love to receive an email weekly with tips and tricks, did-you-know, or other implementation hints. Would love more information about stuff like how custom fields are added to the merge field list in custom letters -- using for years and just learned this. Tell us more about the nuances for customization and let us talk to each other and I think you'll have users for life.

Pros

Setting up was fairly easy. The customer support team has my back on a daily basis on varied topics as I continue to build out the Loan Servicing system. They get back to me quickly and with great guidance and expertise.

Cons

Some of my uploads were not accepted; however, I'm sure there was a share of user error as part of the reason 😊

Pros

I was especially impressed with the quality of the product. The Customer Service has been outstanding as they are extremely accommodating and helpful.

Cons

N/A - I can't say there are any Cons about TMO. All of the

Pros

I can think of none. What i though would be an exciting new venture turned into a nightmare.

Cons

To start with they are on the west coast, being three hours behind the east coast. They do not appear to take this into account and when they do reply to an issue it was always after closing time on the east coast. You then return their call, and they reply again after the close of business hours, etc.

The integration of historic data was a nightmare, and I found it easier to manually enter the historic than use their tools. Their integration just did not work.

For the customer contact page, they have all sorts of unused spaces, but yet have no field to put in extension numbers and notes next to a phone number. I was told to record this on another page and refer to this if need be.

There is no way to integrate returned payments.

When payments were returned NSF the program did strange things with the interest earned and could not balance. When I asked for an explanation, I was told to “plug” the number.

No logical way to track critical dates.

If a customer wants a payment to be held or a different amount taken, the program will only work if the payment dates and amounts are changed for all future payments. Then you must go through the whole process again to go back to the original dates and amounts. It does not allow for one time changes.

I am the business owner and they were reluctant to deal with me for the onboarding, but instead requested that I hire someone to figure it out and teach me later.

I found then very arrogant and so proud of their program that they did not accept shortfalls pointed out to them. They constantly alluded to the fact that they have been around for forty years.

Was told that I purchased multiple users, but then found out it was only one. The cost for additional users was not cheap.

Luckily, I found out how bad TMO was before I got too deep into the transition, so managed to bail out with only the loss of the year I paid for upfront.

Pros

Easy to use and TMO is very supportive. The facility was very nice and the presentation was informative.

Cons

I have no cons at this time, all looking good

Pros

Using The Mortgage Office software makes our job easier and efficient in many ways. The software helps us keep track on everything we do. The support team goes above and beyond offering so much support to help us solve any issue we have.

Cons

As of now I don't have any cons to say, TMO is works hard every day to make customers happy with better upgrades and helpful updates.

Pros

The product is very user friendly, the customer service has always been great. they work to get any issues resolved right away and their staff is super friendly.

Cons

I have nothing negative to say about them.

Pros

The UI is quite intuitive, and the support team is always courteous, helpful, and willing to go above and beyond to resolve issues.

Cons

I can't think of anything right now. The upgrades and updates are already available for other plans.

Pros

Very flexible and easy to use.

Cons

i just fear that in Pro version we will lose backup facility but that is common is all web-based software's

Pros

I just got back from the class in Huntington Beach and I enjoyed how informative it was. They went over as much as they could with things we all wanted to learn about. The team is extremely nice and helpful.

Cons

My only complaint would be that things get updated often but we aren't notified when things are updated and how the new updates work. I would just like to get a heads up and a little explanation on how to.

Pros

Automated payments
Loan management
Been in the industry a long time

Cons

The software was very rigid
Every support call came with a cost
They threatened to hold our data hostage if we didn’t pay an extra $10,000.00 USD for breach of contract (because we used the software on multiple devices and the contract said we were only able to use it on one pc. (We use virtual pc and work from 3 different office locations)

Alternatives Considered

Reasons for Switching to The Mortgage Office

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.

Pros

The software is the most comprehensive software on the market without going to customization. For a small to medium-size firm, I would highly suggest this to be your best solution.

Cons

There are certain issues with the software which should allow a bit of customization. In the mortgage industry, there are unique cases all the time, the software limits certain items rather than allowing the user to customize the options. There is typically a workaround, however, giving the user a bit more freedom would have been preferred. However, it is still the best non-custom software on the market.

Alternatives Considered

Reasons for Switching to The Mortgage Office

Pros

I could not do my job without The Mortgage Office. I work with TMO as a Lender Service Provider to service approximately 30-40 credit unions. Our customers rely on a software that is reliable, accurate, and can handle many different loan types. TMO provides my company with all the tools we need to service a variety of needs. TMO also provides a number of different reports that help us work with accounting teams. Our company services participation loans and TMO makes the process simple. The software is easy to use and the help file is there for any questions you may have. They also have a great support team and always have a quick response time.

Cons

No complaints here with The Mortgage Office

Pros

Reliability. I trust TMO to keep accurate, consistent records

Cons

The first month billing can't be longer than 30 days. We usually do not invoice our borrower until the end of the first full month following closing, so there is often a 32-60 day gap. If we don't send out an invoice at the end of the month in which the loan closes, the borrower's billing statement reports them as late.

Pros

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.

Pros

I have been using TMO for several years. The ability to do so many things with so few clicks of the mouse is great. When it comes to loan originations, servicing or mortgage pools nothing beats TMO.

Cons

The cons of TMO are that there are some simple things that could be updated but sometimes it takes them a while to make the change. I am sure this is true with all software.

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.

Pros

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

Cons

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

Pros

We rely uppdates, training and the loan service programs

Cons

The updates require a good deal of downtime.

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.

Pros

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

Cons

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

Pros

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.

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.