Overview of mortgage broker tools & technologies

Sep 18, 2023
mortgage broker tools and technologies

Listicle with all the options out there

Overview of mortgage broker tools & technologies

POS- Point of Sale Systems

  • Arive
  • Soan Stream
  • PreApp 1003

LOS- Loan Operating Systems

  • Arive
  • Loan Stream

Pricing Software

  • Loan Sifter
  • Free

CRM- Client Relationship Management Systems

  • Jungo
  • Constant Contact
  • Go High Level

Project Management Software-

  • Trello
  • The one Orlicki uses

Cloud Document Management

  • Microsoft One Drive
  • Google Drive
  • Box
  • Dropbox

Financial Management Tools

  • Quickbooks Online
  • Epoch OS

Overview of mortgage broker tools & technologies

Welcome to Part 3, the final installment of our series on technology and automation tools and resources for mortgage brokers. In this section, we'll introduce you to some select tools and resources that we believe to be vital and our favorites among the many available in the market. While the ones we discuss here are not the only ones out there, they hold a special place due to their inherent capabilities to enhance efficiency and productivity in mortgage brokerage. Dive in as we continue to unearth the potential of technology and automation in revolutionizing your mortgage business.

POS- Point of Sale Systems

A Point of Sale system, commonly known as a POS system, serves as a vital tool for mortgage brokers who want to streamline their operations and bolster sales productivity. Essentially, a POS system is a digital platform where transactions occur and data about these transactions is CAPTURED.

In the context of a mortgage brokerage, a POS system allows brokers to quickly and efficiently collect necessary borrower information, create loan applications, and submit them to their chosen lender. This software not only automates and simplifies these processes but also significantly reduces the amount of time brokers spend on data entry, allowing them to focus on cultivating client relationships and closing deals. By integrating a POS system into their workflow, mortgage brokers can significantly enhance their productivity and efficiency, giving them a competitive edge in the market.

I want to start this section by stating that for any brokers who are really trying to go bare bones starting out, United Wholesale Mortgage will provide you with an application link that can serve as your POS, if you don’t have access to one.

Before we switched over to the Arive Loan platform, we have used a number of independent POS systems, with the most recent being PreApp 1003.

Co/LAB's Favorite POS Systems as of 2023

  • Arive- hands down by far the best loan origination system on the market in my opinion (and I do not get paid a penny to say this). With this being said, a few things to note:

    - You have to be a mortgage broker to use Arive
    -  I believe you must also be a member of AIME, The Association of Indpendent Mortgage Experts.
  • Flowify - Seems to come in as a second best option that many originators are using today. The biggest difference between Arive & Flowify is that Flowify is a second system, so you will need to connect your LOS system into Flowify. Once you do that, you will have almost the same features.
  • Ice from Encompass
  • PreApp 1003

LOS- Loan Operating Systems

A Loan Operating System (LOS) is a comprehensive software solution that manages the entire loan process, from origination to closing. For a mortgage broker, the LOS acts as a central hub, facilitating document management, underwriting, loan approval, and closing processes. It integrates with other systems such as credit report providers, title companies, or distinct third-party vendors to streamline these processes and eliminate the need for manual data entry. In addition, these systems often come equipped with features to aid in compliance management, ensuring that brokers stay aligned with changing regulatory requirements. By using an LOS, mortgage brokers can automate and standardize the lending process, significantly reducing processing times and increasing overall efficiency. This drives cost efficiency and enhances customer service, giving brokers a competitive advantage.

Arive is an all-in-one loan origination system that is specifically designed for independent loan originators. It brings together all the essential tools - point-of-sale, product & pricing, secure document management, and integrated communication channels - into one comprehensive platform. With Arive, brokers can streamline their workflow, manage customer relationships efficiently, and ensure secure handling of sensitive information. Its intuitive interface and robust features make it a popular choice among mortgage brokers seeking to enhance their productivity and provide top-notch customer service.

Our brokerage was one of the companies that were given the privilege of being Beta testers and I will stand behind the features listed above. It is a game changer for mortgage brokers, and any loan originator who has dreamed of working out of one system.

Some of our favorite features are:

  • Dual Running of AUS
  • Ability to run credit and issue a preapproval from your cell phone
  • Direct document storage that the clients upload into, that your processing partner must label “Reviewed & Approved”
  • It has its own mini CRM for loan process milestones only

  • Lending Pad- has the same digital and operating in the 20th century feel, compared to Point & Encompass that in my opinion need a whole makeover.
  • Encompass & Point

Pricing & Income Software

Mortgage rate pricing software is a high-tech tool that is indispensable to the modern mortgage broker. This software automatically gathers live pricing data from multiple lenders, allowing brokers to compare and analyze different mortgage rate options at a glance. Brokers can input a client's unique financial situation and property details into the software, which then generates the most competitive mortgage options tailored to that client. This not only accelerates the decision-making process but also ensures that brokers are able to provide their clients with the most suitable and cost-effective mortgage options. Hence, incorporating a mortgage rate pricing software into their workflow enables brokers to optimize their client service and gain a competitive edge.

Loan Sifter is an invaluable tool that empowers mortgage brokers by centralizing the loan pricing process. It aggregates live pricing data from multiple lenders, providing mortgage brokers a comprehensive platform where they can easily compare, contrast, and select the most competitive loan offerings. It's not just about visibility, this software also simplifies the complex process of assessing mortgage rates and terms by offering intuitive tools and features. The integration of Loan Sifter into a mortgage broker's workflow streamlines operations, enhances service quality, and ultimately, helps in delivering bespoke mortgage solutions to clients.

Loan sifter costs roughly $79/user and is worth every penny! (I didn’t have it my first 10 years in the business and had to login to 3 or 4 lenders to compare any rates)

  • Lender Price - is new to the market and I don’t have a lot of experience with it, but it is claiming to be a Free pricing tool for mortgage brokers.

CRM- Client Relationship Management Systems

A Customer Relationship Management system (CRM) is a multi-faceted tool designed to streamline and enhance interaction and communication with clients. For mortgage brokers, a CRM system is a critical technology that helps manage, track, and analyze all interactions with clients throughout the loan process. It can automate routine tasks such as following up with clients, scheduling appointments, and sending reminders about loan deadlines. This allows brokers to maintain a personal touch and build stronger relationships with their clients while also saving time and increasing productivity. Moreover, a CRM system can provide valuable insights into client behavior and preferences, which brokers can leverage to refine their services and meet client needs more effectively.

  • Jungo

Jungo is a robust CRM system designed specifically for mortgage professionals. It offers more features than you will know what to do with, including contact management, document storage, and marketing automation - all aimed at enhancing the efficiency and effectiveness of brokers' operations. I have heard of many loan officers using Jungo, but we struggled tremendously trying to build it out, and in the end decided to go with a more simple CRM.
If you have a tech person on your team or an outsourced contact, go for it! In my opinion, there are less expensive options that have as many features as you will use.

Constant Contact is a dynamic CRM system that serves as a robust tool for mortgage brokers looking to bolster their client relationship management processes. Known for its user-friendly interface and extensive suite of features, Constant Contact enables efficient tracking and analysis of client interactions throughout the loan process. It offers comprehensive email marketing capabilities, allowing brokers to send personalized messages, automate email schedules, and monitor open rates and click-throughs. This data-driven approach not only enhances communication with clients but also offers valuable insights into client behavior, aiding brokers in tailoring their services to meet individual client needs.

Go High Level is a versatile CRM system that offers a comprehensive suite of tools designed to optimize mortgage brokers' client management process. It automates routine tasks, allowing brokers to focus on strategic decision-making and client interaction. With its advanced analytics, brokers can gain valuable insights into client behavior and preferences, helping to tailor services to meet individual needs. Go High Level's robust features, combined with its user-friendly interface, makes it a popular choice among mortgage brokers looking to enhance their productivity and customer service.

One of our favorite features with Go High Level is its white label service option, along with the affordable monthly cost.

If you would like help building out your CRM system, reach out to us HERE and we will give you details on how we are helping other brokers get their systems setup, so they are primarily working out of one main system!

Project Management Software-

Project Management Software is an essential tool that aids mortgage brokers in planning, executing, and managing various tasks associated with their workflow. This type of software allows brokers to track the progress of different loan processes, assign tasks, set deadlines, and manage resources more effectively. For a mortgage broker, this translates to improved organization, streamlined workflow, and increased productivity. A well-implemented Project Management Software can assist in expediting loan processes, ensuring timely communication with clients, and managing the many moving parts of a mortgage brokerage operation. Thus, by adopting a robust Project Management Software, mortgage brokers can deliver a more efficient, transparent, and reliable service to their clients, thereby gaining a competitive advantage in the market.

  • Arive- Brokers who choose to use Arive will truly have an all in one system for your clients WHEN THEY ARE IN THE PIPELINE AND PURCHASING A HOME. This is an important distinction, as Arive does not provide process flows for leads or post closing.
  • Flowify If you are not using Arive, Flowify in my opinion is your next best option. All the features that Arive has integrated inside of their POS system is in flowify. You will need to connect your POS to Flowify and then connect Flowify to your CRM, but if you are able to setup this tech flow, you should have most of what you need.

Flowify is a remarkable project management software designed specifically to meet the needs of mortgage brokers. It offers a platform to efficiently manage and track loan processing tasks, enhancing organization and streamlining workflows. With Flowify, brokers can automate tasks, assign responsibilities, set deadlines, and monitor the progress of different loan processes in real time. Its user-friendly interface combined with robust features helps mortgage brokers improve productivity, ensure timely communication with clients, and deliver a more efficient and reliable service, thereby obtaining a competitive edge in the market.

  • Trello- is a great option as well and will allow you to set it up as you choose. It is extremely reasonably priced and we have used Trello for years to organize our company. I have also taught originators at companies how to use it to manage their clients among their team. On this list, Trello is the only tool that will allow you to create workflows for activities outside of originating, which becomes important when you are running a business.

Trello is a versatile project management platform favored by many mortgage brokers for its customizable boards, lists, and cards that allow for organizing and prioritizing projects in a fun, flexible, and rewarding way. With Trello, mortgage brokers can track the progress of different loan processes, assign tasks to team members, set deadlines, and even attach files, making communication and collaboration seamless. The platform's real-time updates and notifications ensure everyone is on the same page, markedly boosting productivity. By leveraging Trello's intuitive design and robust features, mortgage brokers can streamline their workflows, effectively manage their team and tasks, and ultimately provide faster, more efficient service to their clients.

There are many others in Trello's category, such as Clickup and Asana, but I wanted to stick to the ones that we had experience with as a mortgage broker.

Cloud Document Management

A Cloud Document Management System is a software that stores, manages, and tracks electronic documents and images of paper-based information captured through the use of a document scanner. For a mortgage broker, this digital solution is a game-changer. It allows brokers to store a vast array of client documents, such as loan applications, credit reports, and income verification documents, securely in the cloud. Moreover, it streamlines the retrieval and sharing of these documents, significantly reducing the time spent on these tasks. The system also offers robust security measures, ensuring that sensitive client data is protected. By adopting a Cloud Document Management System, mortgage brokers can not only improve their efficiency but also offer a smoother, more organized experience to their clients.

  • Microsoft One Drive
  • Google Drive
  • Box
  • Dropbox

Microsoft OneDrive, Google Drive, Box, and Dropbox are all excellent cloud document management solutions, each with their own strengths and unique features. Microsoft OneDrive integrates seamlessly with Microsoft Office suite, making it a suitable choice for brokers heavily using Word, Excel, and PowerPoint. Google Drive, on the other hand, excels with its collaborative features, allowing multiple users to work on the same file simultaneously - a boon for team-oriented mortgage brokers. Box stands out for its robust security features and administrative functions, making it a solid choice for those handling sensitive client data. Lastly, Dropbox shines with its simple, user-friendly interface and reliable syncing capabilities, making it a fit for those who value straightforwardness and dependability.

Financial Management Tools

Financial Management Tools refer to software or platforms that facilitate effective management of a business's finances. These tools often provide a range of functionalities such as accounting, invoicing, budgeting, and financial reporting. For a mortgage broker, these tools are crucial in tracking and managing transactions, payments, and commissions, thereby ensuring accuracy and transparency in their financial dealings. Furthermore, these tools can automate several time-consuming financial tasks, reducing the likelihood of human error and freeing up time for brokers to focus on their core duties. By effectively utilizing financial management tools, mortgage brokers can maintain a clear overview of their financial health, make informed business decisions, and ultimately enhance their operational efficiency.

  • Quickbooks Online

QuickBooks Online is a comprehensive financial management tool that can prove invaluable to mortgage brokers. Offering a wide array of functionalities such as invoicing, expense tracking, and financial reporting, it provides an integrated solution for managing all aspects of a broker's financial operations. Furthermore, with its capability to automate numerous financial tasks, QuickBooks Online significantly reduces the potential for human error and allows brokers to focus more on their core responsibilities. By using this tool, mortgage brokers can maintain an accurate and clear picture of their financial position, enabling them to make informed business decisions and increase their overall operational efficiency.

  • Epoch OS- Evan

Epoch OS is yet another powerful tool that can greatly enhance the operational efficiency of mortgage brokers. Its comprehensive range of features includes robust accounting capabilities, seamless transaction tracking, and accurate financial reporting. This means mortgage brokers can automate and streamline many of their financial management tasks, reducing the risk of human error and freeing up more time to focus on their core duties. By utilizing Epoch OS, mortgage brokers can maintain a clear and up-to-date picture of their financial health, leading to more informed business decisions and improved productivity.

  • Wave Accounting - free!

Co/LAB Mortgage Broker Resource Category

All of the categories above are needed and important when running a mortgage business. Arive has given our company autonomy for our loan officers, but finding something to run our business was the next challenge we had to tackle.

This is the topic that plague's most mortgage brokers, as our industry is not advanced enough to create a platform yet. As we streamlined our loan process and helped our loan originators, we wanted to find something to manage our business responsibilities and help remind & organize us with things such as:

  • Notify us when insurance policies needed reviewed and renewed
  • Notify us when licensing actions were needed inside of the company's NMLS portal
  • Store all in one place
  • Organize the onboarding of a new employee or loan originator

Luckily as we began building products and services for all of you, we were introduced to technology that helps manage franchises and other types of industries. They are out there!

How to identify which technologies are necessary for your business

Now that you have the master (probably overwhelming) list of technology & tools you can use in your mortgage brokerage, I recommend that you take a few hours to think through a strategy and do a needs assessment.

If you are drooling over the capabilities you read in our blog series, I understand.  I didn’t think we would ever get to the point where we are today.  It took years of trial and error and a tremendous amount of money figuring everything out.

You don’t have to go through the same thing.  If I had an option back 5 years ago, I would have paid money to eliminate all the trial and error.  Co/LAB has created services to help current mortgage brokerages get up to speed in a fraction of the time.  We want all of you who are still originating loans, to be able to stay there in your zone of genius.  It is why we created our consulting company that helps mortgage brokers with operational efficiency and work.  We would love to help you too, but before we tango, here are some questions to think through:

Ask yourself:

  1. What is my top 3 priorities with choosing the best technology for me and my team & company?
    1. Cost?
    2. Ease of Use & help with setup & maintenance?
    3. Robust functions for your business?
  2. Do I have the resources and knowledge to deploy this technology if I sign up for it?
  3. Where & who can help me integrate technology into my mortgage brokerage?
  4. Do I want to spend time implementing these tools or do I want to hand the reigns over to someone who can do it for me?
  5. What is the risk if I don’t deploy the strategies discussed last week?
    1. Will your loan officers leave for greener pastures?
    2. Will your personal relationships suffer every time you have to “go into the office?”
    3. Will customers choose other lenders when your team asks for the same documents for the 2nd and 3rd time?
    4. Will you spend much more than the cost of getting this right over the next 3-5 years?


In Part 3 of our Technology & Tools series, we dove deep into the necessity of innovative technology in the mortgage brokerage industry. We highlighted how robust software like Quickbooks Online and Epoch OS can dramatically streamline financial management tasks, and how resources like Co/LAB can offer invaluable guidance. The implementation of these technologies is not a luxury, but a necessity for modern mortgage brokers seeking to remain competitive and efficient. We discussed creating strategies and conducting needs assessments to identify the most beneficial tools for your brokerage. Yet, we also emphasized the importance of assistance in implementing these tools to their full potential. Balancing technology implementation with the day-to-day operations of your business is a challenge, but one that can be tackled with the right support and resources.

Whether you are an aspiring mortgage broker or already operating in the market, it's time to revolutionize the way you do business. The Co/LAB team is here to guide you through adopting and implementing cutting-edge technology that connects all your systems and eases the daily chaos. We are committed to propelling your business into the future, ensuring you stay competitive and effective. 

Don't wait to streamline your processes and maximize your efficiency. Reach out to the Co/LAB team today, and together, we can transform your brokerage into a well-oiled, technologically advanced machine. Let’s get started with the future of mortgage brokerage, today!

Start Making Additional Income!

Learn how to make a stable source of income for your real estate or mortgage business with this untapped resource.

Get Started

About The Author

Megan Marsh is one of the top mortgage brokers in the country, with her brokerage being named 2023 Regional Mortgage Broker of the Year.  Read Megan’s “About Us” story “From Fired to Financial Freedom.”

Feel Free to send Megan a message to [email protected].