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: 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: Financial Services
- Used Daily for 2+ years
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Review Source
Long time user, first time reviewer. Stable, reliable tool. Strong support. Clean audits.
For what's out there, this tool works well. As far as I can see there is no holistic product that manages the lending side of a MIC, the capital side of a MIC, robust and standard accounting tasks (financial statement generation) and exempt market issuance. But this one works really well at getting me data that can be imported into the accounting system with minimal fuss and high accuracy. The more we use it and learn about it, the more time this tool creates for our MIC team.
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.
- 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.
Top The Mortgage Office Alternatives
- 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 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: Banking
- Company size: 2-10 Employees
- Used Daily for 1+ year
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Review Source
Just getting started
The biggest problem we've solved is a significant decrease in the amount of time it took to process payments. Our old system would take almost an entire day to move funds and notify participants, and now that can be accomplished in a matter of minutes.
Pros
We've been using this product for about 18 months. It has streamlined our payment processing so much - we're much more efficient now, which is always a good thing with a small company. The system is able to handle participations in an almost seamless manner.
Cons
While quite a bit can be customized, we're having some challenges customizing some reports for our participants based upon the overall portfolio. And I wish there was a better way to handle a mid-cycle interest rate change.
- Industry: Financial Services
- Company size: 2-10 Employees
- Used Daily for 2+ years
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Review Source
Overall A quality software with minor amendments required
Very good. I would recommend it highly over the other options available on the market.
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.
Reasons for Switching to The Mortgage Office
Ease of use- 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.
- 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.-
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: Financial Services
- Company size: Self Employed
- Used Daily for 2+ years
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Review Source
Great Loan origination for small private money lender
Wouldn’t be such a long-time customer if we weren’t so happy with the overall product features, benefits and support.
Pros
After nearly 18 years as a user on dedicated local server, we made the switch to the cloud-based AWS version and couldn’t be happier. Timing was excellent as the pandemic followed soon after installation.
A key benefit is this platforms now works on most all systems, including iOS. That’s great news for small operators like myself.
Cons
We struggled initially with a few features but utilized the vendor’s excellent tech support to resolve.
Maintenance support is pricey but is top of the line.
- Industry: Banking
- Company size: 11-50 Employees
- Used Daily for 1+ year
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Review Source
Multiuse, Multilevel Software
The Mortgage Office is such a great software backed by a great experienced team. The software is innovative and always makes your process easier and quicker. This also happens with the team behind the scenes. When any issues arise, the support team is on top of it. As our company grows, so do our software needs and this is a cause for continuous training. [SENSITIVE CONTENT] and her crew are amazing! The in person training is totally worth the trip! You are able to customize the training to really dive deep into the topics that interest your company. Ramiro has all the tips and tricks to save time and being able to pick his brain about TMO is a real treat! The hospitality here is unmatched !
Pros
This software allows you to customize to fit your own needs. It is capable of tackling complex setups with the different tools available. Very user friendly. Where we would spend hours in just creating and sending letters and notices, the mortgage office fast tracks this and many other tasks by using its custom letters capability. Time saver!
Cons
At this time, Lucro is fully satisfied with this software
- Industry: Financial Services
- Company size: 11-50 Employees
- Used Daily for 2+ years
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Review Source
Daily user of TMO here
The Mortgage Office has made my job efficient in ways other programs could not.
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
- 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: Consumer Goods
- Company size: 51-200 Employees
- Used Daily for 1-5 months
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Review Source
Thankful for The Mortgage Office
The people that work there are friendly and honest. Every time I have talked to somebody they have gone out of their way to be open and truthful, even if it is not the answer we wanted to hear. I greatly appreciate it. This is true from our salesman (extremely wonderful), to the help desk and to our trainer.
What really impressed me, during our training, If trainer did not know the answer, he did not try to pull the wool over our eyes and make some fictitious answer up to make himself look good. He just simply admitted that he did not know the answer and that he would research it and get back to us later. Which he did within the same day.
Pros
Before we had The Mortgage Office we had 300+ loans all on Excel Spreadsheets. We had to keep them there because of the "originality" of our notes. We could not find a software that could handle all of our quirks. Needless to say, working with our mortgages was extremely time-consuming.
Not only is The Mortgage Office saving us massive amounts of time, But It CAN also handle all of our quirks.
As a side note, their help desk is friendly and very knowledgeable.
Cons
The biggest con to this software is the setup, it takes time to do it correct. However, I would rather take the time to go through all the steps to set up a note and have all the information I need, compared to doing the minimal amount of setup and regretting it later.
To be fair to The Mortgage Office, there is a way to upload all your existing notes via a CSV file, we just opted not to do it.
- Industry: Nonprofit Organization Management
- Company size: 2-10 Employees
- Used Daily for 2+ years
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Review Source
The software is so stable, I never experience downtime.
I've been using The Mortgage Office for 5 years. My monthly invoicing process went from being a 2-day challenge to a 2-hour piece of cake. My support needs are rare, but I still run into an occasional problem because I have entered something wrong and can't find it myself. Invariably the support staff is readily available, responsive, competent, and dedicated to getting me back on track. Plus the software is so stable, I never experience downtime. Just a great product.
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.
- Industry: Financial Services
- Company size: 2-10 Employees
- Used Daily for 1-5 months
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Review Source
Almost perfect
After years of searching, I was thrilled to discover a software designed with by business in mind. The ease of purchasing and installing the software was remarkable. The amount of customizable features and the power behind this software sold me almost instantly. I am a heavy user of the construction module, and there are no options for training in this module which seems odd to me. We went to the training in CA. and learned some general tips and tricks, but were not able to gain any further knowledge into the construction module which is why went in the first place. It's very difficult to get a hold of the support line. You never get through to anyone when you call. If you opt for sending an email, you typically get a call back within the same business day. The downside is that now I am in an epic game of phone tag trying to get my software functioning and have no idea when this might be resolved. When I do have the opportunity to speak with someone I am so happy with the customer service. Bottom line I would recommend this software, but make sure you're not in a hurry to implement it.
Pros
Ease of purchase and installation. I can customize everything and anything. The math computations are accurate and also custom to your specific needs.
Cons
It's difficult to get support staff on the phone and sometimes end up in a phone tag scenario.
- 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
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Review Source
ABS-TMO Loan Service Software
My mortgage company invested in the ABS loan service software in 1981. We were lucky to have originally selected ABS because, through the years, they have outperformed the other companies we've examined, that have developed along the way. ABS has continued to frequently upgrade not only their programs but the software and systems that drive their loan service software, TMO. I've been very happy with the customer service; however, some of our employees have on occasion expressed a desire for higher levels; in fairness, I believe the ABS customer service is above the average of most software companies with which we've dealt.
Accommodating convenience and ease of use is strong. ABS allows huge volumes of supporting files, loan documents, appraisals, ETC, to be available at a click from within a specific loan file; more important is that the method they've designed does so without noticeably slowing the system.
ABS appears to have strived to accommodate requirements of the many new loan servicing regulations as they have developed in recent years. Although, we have worried about ABS meeting some of the required loan service deadlines and on a few occasions began developing work around procedures in case the programming changes were not made in time. In the end, our concerns were unnecessary and ABS delivered by the regulatory deadlines.
Note: The software agreement is unusual; potential clients should carefully read and understand the agreement which is easy to inadvertently violate by accessing the program from a home or other remote connection unless a single laptop is used in all locations in conjunction with a single dedicated terminal server. In the end, the negative issues mentioned herein are relatively small in relationship to the overall quality and ease of use of the product and of the company's history of updating the quality and performance of their systems as well as accommodating the required regulatory changes. I have not seen another system I'd rather have; even at a much higher price.
- 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: 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: 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: 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.
- 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: Financial Services
- Company size: 2-10 Employees
- Used Daily for 1+ year
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Review Source
Great working Modules with support at hand.
Having friendly and professional statements for Loans, Investors which can be e-mailed & printed.
Pros
TMO has culminated over decades of work in loan servicing software. Rep has lot of in-depth knowledge that he passes on in the Seminar. Wish we had done this seminar when we purchased the software. We are very keen in trying the easy methods. Also the Support team help is great. We are not utilizing all the modules. But their integration of ACH, emails, Text messages are very helpful. All the staff is eager to help. Sales & Marketing team was awesome. PLEASE ATTEND THE SEMINAR AFTER YOU DIVE INTO THIS SOFTWARE. Earlier the better.
Cons
For odd loans/transactions it may be customized but the cost can be high. For those we are still using Excel spreadsheets
