Mortgage Care

Short description: Unique loan software company

Mortgage Care LOAN SERVICING SOFT (MCLSS) is a U.S. software company servicing Private money Lenders and Loan servicing organizations.

MCLSS Screenshot

History

Mortgage Care was founded by Bob Spier^[1] in 1983 in San Mateo, California. It was originally written in dBaseIII, then Clipper (programming language) on MS-DOS computers for a small group of private lenders.
The program was soon converted to Microsoft Windows
The latest version of LOAN SERVICING SOFT runs on Microsoft .NET Framework and Microsoft SQL Server
The software has been used by thousands of leders, brokers, fund managers, and loan servicers throughout the world.^[2]

Private Money Loan Servicing Software

Private Money or a Hard money loan is used for non-standard loans funded by Investors. Examples include bridge loans, fix-and-flip projects, apartment buildings, or commercial projects.

These loans require specialized servicing to cover compliant loan documentation, interest breakdown to multiple investors, trust accounting, and governmental reporting. It is nearly impossible to do with spreadsheets or regular accounting software.

Developing loan software requires an understanding of real estate law, accounting principles, as well as complicated math like Annual percentage rate calculations.