No LOS vendor publishes a price list. nCino's SEC filings show 620 of its 2,700 customers pay over $100,000 a year on three to five year non-cancelable contracts. Here is what drives the number.
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Search for loan origination software pricing and every result ends the same way: contact vendor for pricing, request a demo, talk to sales. Baker Hill NextGen on Capterra lists its starting price as contact vendor for pricing, with no free trial and no free version. nCino, Encompass, Abrigo and the rest of the category do the same. There is no rate card anywhere, which leaves a credit operations lead building a budget with nothing to anchor on and no way to compare three vendors without running three parallel sales cycles.
There is one exception, and almost nobody uses it. nCino is a public company, so it has to tell the Securities and Exchange Commission things it will never volunteer on a discovery call. Its annual report for the fiscal year ended January 31, 2026 discloses how its customer base splits by what those customers actually pay. That single disclosure is the most reliable public evidence of loan origination system cost that exists, and it is free to read.
This page works through what that filing says, what the four pricing models in this market actually bill you for, and which variables move a quote before you ever get on a call. Every figure is attributed to its source. Where a number is our own arithmetic on public data, it says so.
Everything below is sourced. Figures from SEC filings are quoted from the filing itself; anything derived from them is labeled as our calculation. No vendor rate has been estimated or invented. Last updated August 2026.
nCino's Form 10-K for fiscal 2026 states it ended the year with over 2,700 customers, and that of those, 620 generated more than $100,000 in subscription revenues, 114 generated more than $1.0 million, and 14 generated more than $5.0 million. Read that as a price distribution and it is the clearest picture of loan origination system cost anyone publishes. Our arithmetic on those figures: roughly 23 percent of nCino customers pay six figures or more a year, about 4 percent pay seven figures, and around half a percent pay over $5 million. The other 77 percent, more than 2,000 institutions, pay under $100,000 a year. That last group is the one most community banks and credit unions actually belong to, and it is the number the category never talks about because vendors would rather anchor you high.
This is the most important structural change in LOS pricing in years and most buyers have not priced it in. nCino's filing states it transitioned to an asset-based pricing strategy beginning in fiscal 2025, whereby subscription revenues from existing customers will continue to grow with their portfolio assets and AI capability consumption. In plain terms: your software bill is indexed to how big your institution gets. Grow from $800 million in assets to $1.2 billion and the cost of the same software, the same seats and the same loan volume goes up. The filing even acknowledges the friction, noting customers may renew on less favorable terms if they seek to negotiate alternatives to the asset-based pricing model. Before you sign, model your own three year asset growth plan against the pricing schedule and ask what the escalator looks like at the top of your projection, not at the bottom.
The same filing is unusually plain about contract structure: subscription contracts are generally three to five years in length, billed annually in advance, are non-cancelable, and do not contain refund-type provisions. It adds that in a limited number of contracts, customers have an option to buy out for a specified termination fee. This matters more than the headline rate. A five year non-cancelable commitment billed annually in advance is a capital decision, not a software subscription, and it means a bad fit discovered in month eight is something you pay for until month sixty. If a termination or step-down clause is not in your draft, that is a negotiation item, and it is far easier to win before signature than after.
Vendors in this market bill in one of four ways, and knowing which one you are being sold changes which internal number you need to bring to the call. Asset-based pricing indexes cost to your institution size, which is where nCino has moved. Per seat plus per module pricing charges for named users and for each piece of functionality you switch on, which is the traditional community bank suite model and the one where scope creep does the most damage. Success-based or per closed loan pricing charges a fee on each funded loan, which ICE has historically offered on Encompass, and it moves cost from fixed to variable. Published subscription pricing, where the vendor puts a number on a public page, is rare in origination and more common in the analysis tools that sit alongside it. Ask which model you are in during the first call, because the follow-up questions are completely different for each.
The license is one line. Getting an origination system live is another, and it is the line that breaks first year business cases. You are paying for configuration of your credit policy and approval matrix, migration of in-flight loans and historical files, integration with the core banking system, document and reporting templates, and staff training across lenders, credit analysts and closers. On a full commercial suite this is a multi-quarter project. When you ask a vendor for a price, ask separately for a professional services estimate and for the name of a reference customer of similar asset size, then ask that customer how long their rollout actually took versus what was scoped. The gap between those two answers is the most useful due diligence in this entire process.
Asset size is now the dominant variable at the vendors that have moved to asset-based pricing. After that: the number of named users, how many lines of business you need (commercial, small business, consumer and mortgage are typically separate modules), whether you need the deposit and account opening side as well as lending, the number of core and third-party integrations, and whether you are buying a hosted standard configuration or something customized. Two institutions of identical size routinely pay very different numbers because one bought three modules and one bought seven. Before any call, write down your asset size, your user count by role, and the specific lines of business in scope. Without those three numbers, no quote you receive is comparable to any other.
Success-based pricing is genuinely attractive for lenders with volatile or seasonal volume, because a quiet quarter costs you less. The trap is that the per loan figure on the contract is rarely the all-in figure on the invoice. Add-on services, data pulls, e-close and e-sign, and compliance modules are frequently billed separately, so the effective cost per funded loan can land well above the headline. If you are evaluating a per loan model, do not compare the quoted rate. Take your last twelve months of actual funded volume, apply the rate, then ask the vendor in writing which services are excluded and what those are billed at. Model the total against a fixed subscription at both your best and worst volume months before deciding which risk you would rather carry.
We sell document analysis, not an LOS, so it is worth being direct about where each one belongs. If your problem is workflow, that loans move through intake, approval, closing and booking with an audit trail and core integration, you need an origination system and a lighter tool will not substitute. If your problem is that analysts spend hours keying bank statements, tax returns and debt schedules into spreadsheets before anyone can make a decision, that is a document and spreading problem, and buying a five year origination contract to solve it is an expensive way to miss. Plenty of institutions need both. The mistake we see most often is a bank that bought the larger system, spent a year implementing it, and still has an analyst retyping statements at the front of the process, because the origination system was never the thing that read the documents.
What each model bills you for and who it fits. Figures are cited to their source; nothing here is an estimated vendor rate. Last updated August 2026.
Swipe sideways to see the full comparison
| Pricing model | How you are billed | What you can verify publicly | Best for |
|---|---|---|---|
| LenderAnalyzer (published subscription) This page | Flat monthly plan by document page allowance | $99/mo Starter, $199/mo Growth and $399/mo, with higher volume tiers at $1,199 and $3,990/mo. Roughly half those rates billed annually. Published on our pricing page, self-serve, no demo required | Lenders whose bottleneck is analyst hours spent reading statements, tax returns and debt schedules, not loan workflow |
| Asset-based (nCino model) | Indexed to your institution's portfolio assets, plus AI consumption | No rate card. SEC 10-K for fiscal 2026: over 2,700 customers, 620 above $100,000/yr, 114 above $1.0M, 14 above $5.0M. Contracts three to five years, non-cancelable, billed annually in advance | Institutions replacing the full origination and account opening stack who expect steady, budgeted asset growth |
| Per seat plus per module | Named users, plus a fee for each functional module enabled | No published rates anywhere in the category. Capterra lists Baker Hill NextGen as contact vendor for pricing, with no free trial and no free version | Community banks buying selectively, one or two lines of business at a time rather than a full suite |
| Success-based, per closed loan | A fee on each funded loan, often with a monthly minimum | No published per loan rate. ICE has historically offered this option on Encompass. Add-ons such as e-close are commonly billed separately from the per loan fee | Mortgage and consumer lenders with seasonal or volatile volume who want cost to track originations |
Comparison compiled by LenderAnalyzer from public vendor materials; see the date noted above each table. Competitor names are trademarks of their respective owners; figures may change, so verify current details with each vendor.
Computed deterministically from every extracted transaction, every figure traceable to its source line.
Computed across the full statement period, carried forward day by day.
Deposits vs withdrawals and net flow, broken down month by month.
Every insufficient-funds and overdraft incident counted, with fees totaled.
Recurring deposits grouped into income streams with estimated monthly amounts.
Debits to other lenders and funders detected and totaled per month.
Days below zero across the period, a direct stress signal.
The biggest credits with dates and sources, concentration flagged.
Automatic red and yellow flags your analysts can review in seconds.
Drop in PDFs, scans or photos, one statement or a multi-month package, from any bank.
Every transaction is extracted, then cash flow, balances, income streams, NSF activity and debt payments are computed.
Read the underwriting snapshot, download the Excel report, or pull structured JSON into your LOS via API.
28 lending document types extracted out of the box, build the complete picture of an applicant's financial situation.
Common questions from lending and credit teams.
There is no published price, but the best public evidence is nCino's fiscal 2026 SEC filing: of its 2,700 plus customers, 620 paid over $100,000 a year, 114 over $1.0 million and 14 over $5.0 million. By our arithmetic that leaves roughly 77 percent paying under $100,000 annually. Implementation is quoted separately and is frequently the larger first year line.
Four models dominate. Asset-based pricing indexes your cost to portfolio size, which is where nCino moved in fiscal 2025. Per seat plus per module charges for named users and each function enabled. Success-based pricing charges per closed loan. Published subscription pricing, where a real number appears on a public page, remains rare in origination itself.
Because cost of delivery genuinely differs by buyer. A $400 million credit union running one lending line and a $12 billion bank running four are different implementations, so one list price would be wrong for both. The tradeoff falls on you: without published rates, comparing three vendors means running three full sales cycles before anyone quotes a number.
It ties your subscription cost to your institution's portfolio assets rather than to seats or loan volume. nCino's 10-K states it began implementing this in fiscal 2025, so subscription revenues from existing customers grow with their portfolio assets and AI capability consumption. Practically, your software bill rises as your balance sheet does, even with flat headcount and flat origination volume.
Longer than most software you buy. nCino's filing states subscription contracts are generally three to five years in length, billed annually in advance, non-cancelable and without refund-type provisions, though a limited number include a buyout for a specified termination fee. Treat it as a capital commitment and negotiate step-down or termination language before signature.
Vendors quote it separately and it varies too widely for a single figure to be honest. The work is real: credit policy configuration, migration of in-flight and historical loans, core banking integration, document and report templates, and role-based training. Ask for a written professional services estimate alongside the license, then verify the timeline with a reference customer of similar asset size.
It depends which problem you have. If you need loans to move through intake, approval, closing and booking with an audit trail, you need an origination system. If the bottleneck is analysts keying bank statements and tax returns into spreadsheets, that is a document analysis problem and it is solved for a published monthly fee rather than a multi-year contract.
Usually not in the way lenders expect. Origination systems manage workflow, approval routing and compliance; reading a borrower's bank statements and spreading their tax returns is typically a separate capability you either buy alongside or staff manually. Confirm exactly what document handling is included before you assume the license covers it.
How credit teams run these calculations by hand, so you can see exactly what the software automates.
The platform landscape this pricing applies to, vendor by vendor.
The cost drivers and total cost of ownership behind the headline license.
What the underwriting side of the stack costs once implementation is counted.
A closer look at the one vendor in this market with public financial disclosure.
Per document pricing for the analysis layer, with attributed contract data.
The step most origination contracts leave to your analysts.
Quote drivers and the only public price signals.
End-to-end platform or analysis layer, priced honestly.
Analyze your first statements free, plans from $99/month, 50% off billed annually.
