Top LOS Platforms for Canadian Brokers

A mortgage loan origination system (LOS) is one of the most important technological solutions lenders use. It supports a broad range of functions, with everyone from processors and loan officers to underwriters and closers leveraging it regularly. 

Most LOS platforms support the loan process from lead through closing, and feature key components such as a Point of Sale (POS) system, a fulfillment function, and a system for generating pricing. Many also have an interface layer, which allows the LOS to integrate with third-party software, including CRM systems. 

While there are several options to choose from, certain systems stand out among the rest and are known for their dependability, ease of use, and convenient features. In particular, here are three of the top LOS platforms for Canadian brokers:

1. Floify

Created with mortgage professionals in mind, Floify is a leading POS system which enhances the loan process. It acts as a web-based portal for the key parties in the mortgage process, including borrowers, lenders, and other mortgage stakeholders, ensuring smooth and secure communication between all. 

Floify is also useful for loan originators. It streamlines the processes of collecting and verifying borrower data through automated communication tools, questionnaires, and alerts. The simple-to-use system can be accessed via email and mobile, and comes with functions such as eConsent and customizable 1003 applications. Brokers can also take advantage of the white-label solutions to strengthen branding, along with convenient month-to-month pricing. Pricing is passed on company size, with packages available for a single loan officer or up to five users, as well as customized team plans.

2. Finmo

Canadian LOS Finmo digitizes the mortgage experience, supporting quick and seamless document collection and applicant management. Powered by machine learning algorithms, the platform alleviates the hassle of document requests and automatically converts uploads to PDF for seamless use by lenders. Their application system ensures clients complete only the required information, helping to save time, increase accuracy, and drive application completion rates.

With the upgraded pro membership, brokers can take advantage of a number of enhanced features. Easy-to-use calculators can attract prospects, while SMS capabilities make it easy to contact clients with updates about their application via text. Pro membership also provides unlimited document storage via Canadian AWS servers. While the Finmo Pro starts at $99 a month, Finmo Basic is available for free.  

3. BrokrBindr

A comprehensive POS system created to support agents, underwriters, mortgage brokers, and loan officers, Canadian BrokrBindr gives users complete ownership over their client data in a secure platform. The standout feature for this solution is its commitment to maintaining “government level document security” – with 24/7 monitoring, full SSL security across the whole platform, and servers based exclusively in Canada, you can rest assured your sensitive client data is well-protected here. 

BrokrBindr offers full training for your teams, though their system also ensures ease of use with features like three-click invitations, quick collection and review of documents, and convenient at-a-glance application management. Interested brokers can see the system in action by signing up for a free trial. 

While these LOS platforms have their own obvious benefits, the greatest advantage shared by all three is the fact that they integrate seamlessly with BluMortgage. Our CRM system supports process automation, centralized data, and simplified underwriting, making it simpler than ever to track mortgages through the pipeline. Find out more about what BluMortgage can do for you today.