Mortgage Loan Origination Software (LOS)

Working from home offers many benefits: from overhead cost-cutting to providing improved employee productivity and morale.

According to one study, 85 percent of businesses confirm that productivity has increased in their business because of greater flexibility. What's more, 63 percent of those surveyed report at least a 21 percent improvement in productivity because of flexible working.

This flexibility to work from home, not only makes workers happier (Owl Labs found full-time remote workers reported being happy in their jobs 22 percent more than workers who are never remote), but hopefully healthier. Recent events have added a new caveat: working from home reduces interpersonal contact, mitigating the spread of dire illnesses like the Coronavirus.

It should go as a surprise to no one then, that Software as a Service (SaaS), which allows for individuals to access their necessary software from any internet accessible location, is already a staple for many businesses and is expected to explode in usage.

As a show of unity, the 2020 Software as a Service Awards program announced it will donate part of its proceeds to the World Health Organization’s COVID-19 Solidarity Response Fund.  "With the global rise of COVID-19, it's important that organizations worldwide consider the technology to let staff work from home,” said James Williams of the Cloud Awards. ”[It] is now an essential weapon in the fight to contain the virus …helping shield anyone with a 'desk job' from the risk this global pandemic represents.”

Past the current pandemic preparedness strategy, SaaS solutions provide tangible benefits for employees and organizations that move to the cloud. And these are no more evident than for mortgage lenders, community banks, and credit unions. 

SaaS-based mortgage loan origination software (LOS) centralizes a mortgage lender’s system of record. By doing so, organizations with multiple locations in multiple cities and states can evenly distribute the workload of loan processors, mortgage underwriters, and any authorized user who touches the loan. The digital mortgage with e-signatures replaces the need (not requirement) for in-person meetings. The addition of a front-facing web-based point-of-sale (POS) gives that same flexibility to home buyers as well as a wealth of information they need to make informed decisions (such as). The end results? Happier borrowers, lower cost operations, faster closings and more closed loans.

Curious to hear how our lender clients are faring during the pandemic? Contact us for client testimonials who can provide their experiences. At OpenClose, we’re confident that we will get through this together. We believe soon things will be looking up. And so should you – to the cloud.

Each year, National Mortgage Professional Magazine selects a list of Top Mortgage Employers. The mortgage banking publication polls readers about their employers based on the following criteria: Compensation, Speed, Marketing Support, Technology, Corporate Culture, Long-Term Strategy, Day-to-Day Management, Internal Communications, Training Resources, Industry Participation, and Innovation.

The 2020 list is out, and we are proud to announce that OpenClose was named to the list for the fourth year in a row!

What criteria do you use when selecting a mortgage technology provider? According to its Top Mortgage Employers selection process, NMP weights factors that are more important to its readers. For example, corporate culture was determined to be very important. 

As mortgage loan origination system (LOS) developers, OpenClose distinguishes itself through personalized customer service and mortgage banking industry-leading technology, but we give much of the credit for the customer praise to our exemplary staff - many of whom come from mortgage banking backgrounds. They often know what mortgage professionals need in an LOS because they've often been the ones originating, processing closing and/or funding the loan. 

“We are pleased to again earn a spot as a 2020 Top Mortgage Employer by NMP,” said JP Kelly, president of OpenClose. “Our employees have rich backgrounds working in the mortgage industry and tend to be out-of-the-box, solution-oriented thinkers who go above and beyond to help customers be as successful as possible by leveraging our software. We’re lucky to have assembled such a stellar team of passionate, driven, dedicated employees.”

To read more, check out the press release here. 

According to a new study by STRATMOR Group, a data-driven advisory that guides lenders and vendor clients alike lenders perceive “increased borrower satisfaction” as the top benefit of pursuing digital advancement with their loan processes. 

The study concludes that the top three benefits (increased borrower satisfaction, faster cycle times, and increased transparency for borrowers) are all tied to the borrower experience.

OpenClose -- a pioneer in SaaS-based computer and now the digital POS --continues its efforts to improve conversion rates while enhancing the customer experience through its digital mortgage efforts. 

Ask us for more information or click below to schedule a demo and see what's changed since you last saw OpenClose.

Digital Mortgage: it's the new buzzword everyone's using. But at OpenClose, we've been using it from the start. Why? We've always been digital. In fact, we helped pioneer it along with SaaS (yep, we were one of the first in the mortgage industry to do that too)

What's the expression? It ain't bragging if it's true? 

And we keep pioneering the mortgage loan origination software with our multichannel offerings.  We keep adding all the integrations. We keep making the digital mortgage better.

Take a look what we have to offer. You'll be glad you did.

Recent LOS Acquisitions in Mortgage Loan Origination Software have left Lenders asking… Where Does This Leave Me as a Customer?

Sure, the post-acquisition message to customers is always: “Business as usual…Nothing will change and you’ll be well-supported.” But any lender who has lived through it will attest, it’s not always the case.

Mergerphobia is real, so take a look at OpenClose.  If you’re a lender that has had LOS bombshell news dropped on you in the past year, you’re right to be concerned about the future of your mortgage business workflow as your favorite functionality may disappear in favor of consolidation.

Founded in 1999, OpenClose remains under the same private ownership, runs a highly service-oriented customer support structure, and handles the heavy lifting of implementations for lenders. 

OpenClose offers a 100% web browser-based, multi-channel platform that offers both an end-to-end LOS as well as a robust Digital Mortgage POS. Whether you're an independent mortgage banker, bank or credit union, OpenClose has a configuration option to meet your specific needs.

OpenClose LOS Highlights:

• Flexible multi-channel workflow configurations and highly scalable platform 
• Modern Digital Mortgage POS
• PPE for agency, portfolio & non-QM products with customized pricing 
• Business Intelligence analytics and reporting dashboards 
• Comprehensive solution substantially reduces loan-manufacturing costs while keeping you in full compliance
• RESTful API Suite interfaces easily, lowering your costs
• Swift implementations and a highly responsive customer support team 
• Our software was built by mortgage people for mortgage people. We aren’t a start-up fintech that lacks domain experience and may not be around tomorrow 

To learn more or schedule a demo, please fill out our form and someone will promptly contact you.

STRATMOR Group’s latest Technology Insight Survey, our LOS platform, POS, and PPE were ranked as having the highest Overall Satisfaction and Lender Loyalty Score™ out of any vendor surveyed in the mortgage industry!

The report covered multiple areas of mortgage technology, providing detailed evaluations of vendors in core areas of residential lending automation. Our mortgage software solution suite scored extremely well in all categories surveyed!

Key Findings in the Report:

• We had the highest Overall Satisfaction rating out of all LOS vendors surveyed in the mortgage industry, scoring 9.7 out of 10, and had a perfect 100 Lender Loyalty Score™.

• We were the only LOS provider that had zero outages reported.

• In the POS category of the survey, we scored higher than any vendor for Overall Satisfaction at 9.4 out of 10 and had the best Lender Loyalty Score™ with 86 out of 100.

• For front-end digital mortgage solutions, STRATMOR’s analysis of the Lender Loyalty Score™ for these systems shows us as the #1 vendor in Overall Satisfaction.

• Our DecisionAssist™ PPE scored the highest in Overall Satisfaction and also touted a perfect 100 for its Lender Loyalty Score™.

• We were also the only vendor to receive an LOS functionality score of 100% from users for ‘Availability of Help Desk’ and ‘Overall Customer Support’ as being “Highly Effective/Competitively Advantaged.”

The complete press release announcing the survey findings for OpenClose can be read here. 

The ACUMA (American Credit Union Mortgage Association) brings together the real estate lending and housing finance interests of nearly 3,000 credit unions and CUSOs, as well as financial technology companies operating in the field of mortgage banking.

According to the Mortgage Professional America article Tech buying: Part four – Loan Origination Systems (LOS) by Craig Anderson, lenders should skip the RFP process insisting all answers will have a rosy “sales-spin."

Anderson maintains that RFPs are old school techniques and are a time-wasting and unnecessary process. "The first thing you need to do is evaluate your current process and see if there are any improvements that can be made," says Anderson the director of client integrations for Genworth Mortgage Insurance, a provider of mortgage insurance and technology solutions. "With the money you will save on the RFP process, hire an independent consultant to complete a complex evaluation of your current processes."

Full article

OpenClose®, an industry-leading multi-channel loan origination system (LOS) and mortgage fintech provider, announced at the California Mortgage Bankers Association (CMBA) 46th Annual Western Secondary Marketing Conference that it unveiled DecisionAssist™ Mobile, which provides fingertip access to the company’s proprietary web-based product and pricing engine (PPE).

Using DecisionAssist Mobile, originators are able to quickly and efficiently compare eligible products and pricing and deliver the results directly to their borrowers from anywhere at any time via any mobile device. Retail originators, wholesale brokers and correspondent sellers can instantly quote multiple loan products for a specific loan scenario on-the-fly and immediately email the borrower comparative details. An email summary of the quoted prices is simultaneously returned to the originator to follow up with the borrower. The result is faster service, convenience, greater transparency, reduced cycle times and increased pull-through rates.

“As an industry leader in the digital mortgage space, one of the key things we focused on when developing DecisionAssist Mobile was speed and ease of use for the originator,” said Gordon Frigaard, director of PPE technologies at OpenClose. “A common complaint we hear is that many mobile apps are difficult to work with and require too many data points to input. DecisionAssist Mobile, however, makes it quick and simple for salespeople to deliver borrowers detailed product and pricing answers while on the go.”

OpenClose’s DecisionAssist PPE is leveraged by direct lenders, investors and portfolio lenders. Of significance is that OpenClose is able to easily implement and maintain custom non-QM programs within DecisionAssist, instantly decision them, and provide immediate insight on salability of loans under agency or non-agency guidelines. The product can be used via OpenClose’s LenderAssist™ LOS or as a standalone web-based solution. It also integrates seamlessly with DU® and LP® for full automated underwriting capability on agency products.

OpenClose employs a team of mortgage specialists who maintain an extensive library of up-to-date investor guidelines and pricing on a daily basis to ensure accurate decisioning results are returned. Custom non-agency programs are also fully configured and completely maintained by OpenClose for lending entities. In addition, custom rate creation can be automated for timely distribution to branches, originators, brokers and sellers.

OpenClose will be holding discussions regarding DecisionAssist Mobile, its LenderAssist multi-channel LOS, as well as the company’s ancillary digital mortgage solutions on July 16 – 18 at the CMBA’s 46th Annual Western Secondary Marketing Conference in San Francisco, California.

About OpenClose:
Founded in 1999 and headquartered in West Palm Beach, Florida, OpenClose® is a leading enterprise-class, multi-channel loan origination system (LOS) and fintech provider that cost effectively delivers its platform on a software-as-a-service (SaaS) basis. The company provides a variety of innovative, 100 percent web-based solutions for lenders, banks, credit unions, and conduit aggregators.

OpenClose’s core solution, LenderAssist™, is comprehensive loan origination software that is completely engineered by OpenClose using the same code base from the ground up, thus avoiding the problems that often accompany assembling best-of-breed applications or acquiring disparate technologies in an effort to create an end-to-end platform. The company provides lending organizations with full control of their data and creates a truly seamless workflow for complete automation and compliance adherence.

#OpenClose #DecisionAssistMobile #WesternSecondary #LoanOriginationSystem #MortgageSoftware

With all the M&A activity in the Loan Origination software arena, it feels like LOS vendors change their names more than a movie marquee. Making you wonder, which lenders will be left without a seat?

The LOS space continues to see M&A activity occur, leaving lenders in a state of flux. After these transactions occur, the message to clients is always: Business as Usual.  But that is rarely the case. Will their LOS be supported?  Merged with another? Discontinued all together? 

Just ask around and you'll hear the "war stories." All too often customer support is compromised, innovation is stifled, system enhancements come to a crawl, and the prospect of the acquiring company letting the LOS die on the vine is a distinct possibility.  

If you’re concerned with your LOS vendor’s long-term stability, take a look at OpenClose.  Founded in 1999, OpenClose remains under the same private ownership, runs a highly service-oriented customer support structure, and handles the legwork of implementations for lenders. 

OpenClose offers 100% web-based, multi-channel LOS for the wholesale, retail, correspondent, and consumer channels. Whether you're a lender, banker, or credit union, there's an OpenClose custom-configuration for your specific way of doing business.

Nothing Comes Close to OpenClose’s LenderAssist™ LOS, Customer Support Model, and Company Structure:

• 100% truly SaaS and browser-based LOS; NO installs whatsoever

• Comprehensive multi-channel capability via a centralized platform

• Intuitive and easy-to-use

• Swift, easy implementations - we do the "heavy lifting" for you

• Robust analytics reporting and dashboards

• Flexible workflow configurations with the ability to add custom work queues

• Customized pricing sourced from your investors and integrated into the LOS

• System-to-system integrations with leading 3rd party technology vendors

• Same ownership since 1999 with a long-standing management team