Mortgage Software for Mortgage Bankers

Colony American Finance Now Using OpenClose’s LOS

Posted by Joe Bowerbank on Tue, Aug 30, 2016

Colony American Finance (CAF), a specialty finance company that provides loan products to residential real estate investors, is now using OpenClose‘s loan origination system (LOS) to support its new Single Asset loan product across correspondent, wholesale and retail channels.

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CAF was able to launch OpenClose’s stand-alone correspondent module, OC Correspondent, in under 45 days, OpenClose reports. The Web-based solution enables the lender to fully automate its new conduit business.

OC Correspondent incorporates a seller-facing Web portal that allows correspondents to electronically deliver loans to CAF for purchase; access instant eligibility and pricing, automated lock desk functions, real-time pipeline status and comprehensive cure condition; and purchase advice workflow, OpenClose says in a release.

OpenClose worked closely with CAF during the implementation stage in order to customize and streamline the lender’s entire whole loan purchase workflow, including the automation of quality control, compliance, analytics, reporting, document management and imaging, and more.

OpenClose’s correspondent module can be used as a stand-alone solution or integrated with its LOS, LenderAssist.

“Our initial focus is to implement OpenClose to support our Single Asset loan product to launch our correspondent channel, followed by wholesale and retail channels,” says Matthew March, chief information officer at CAF. “We are excited to leverage the capabilities of the OpenClose technology platform to optimize the entire process for our team and our partners.

“We needed the right technology to achieve these goals, and OpenClose’s correspondent module will efficiently and effectively automate the review, acceptance and processing of loans from our correspondent sellers,” March adds. “It gives us complete control and visibility over the entire loan lifecycle, which OpenClose tailored to our specific Single Asset loan products and processes for us.”

As seen in MortgageOrb

Tags: LOS

OpenClose Case Study: Sabadell United Bank

Posted by Frank Bocchino on Wed, Aug 10, 2016

The Challenge? A Tight Schedule, Defined Budget, and Need for Compliance 

 

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Headquartered in Miami, Florida, Federally chartered Sabadell United Bank, N.A. currently operates 23
locations, services more than 40,000 customers, and has over 700 employees.  In growth mode, it needed a lending origination software that could be easily implemented, custom-configured to their specific workflow, flex with operational changes, and scale with them as they expand. And one that was fully compliant with the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB), the QM/ATR rule, the TILA- RESPA Integrated Disclosure (TRID) rule, and state-based rules.  

Key Results:

  • Volume grew by more than 500% 

  • Cycle times were reduced by 20%

  • A consistent, 25 day loan closing process was achieved

  • Implemented the entire system in under 45 days

Download Case Study

Weekly Mortgage Market Index Drops, Refis Most

Posted by Vince Furey on Mon, Jun 27, 2016

DALLAS -- (June 27, 2016) As rates inched higher over the past week, new refinance activity tumbled. But recent developments in the United Kingdom are likely to reverse the latest activity.

The U.S. Mortgage Market Index from OpenClose and Mortgage Daily for the week ended June 24 was 157, an 11 percent decline from the week-earlier report.

Compared to the report from the same week a year earlier, the index -- a measure of average per-user rate locks by clients of OpenClose -- increased by 12 percent.

Refinance activity slowed 14 percent from the week ended June 17, the largest week-over-week decline of any category. Refinance share was 68 percent, thinning from 70 percent in the previous report.

A 13 percent week-over-week retreat was recorded for rate locks on mortgages insured by the Federal Housing Administration. FHA share was little changed at 25.2 percent versus 25.6 percent the prior week.

Conventional mortgage rate locks retreated 11 percent from the last report.

Rate locks for purchase financing slowed 9 percent for the week.

A 5 percent improvement was recorded for adjustable-rate mortgage activity. ARM share was fatter at 9 percent compared to 8 percent a week earlier.

With a 13 percent increase from the previous report, jumbo rate locks had the best week-over-week gain. Jumbo share widened to 8 percent from 7 percent.

The jumbo-conforming spread widened to 7 basis points from 3 BPS in the last report.

Fixed-rates on 30-year mortgages averaged 3.56 percent, 2 BPS higher than in the last report.

A 73-basis-point spread between 15- and 30-year rates was no different than a week previous.

Study: Lower Origination Volume Leads to Revenue Slump. Answer? Here's How to Bounce Back

Posted by Frank Bocchino on Tue, May 24, 2016

According to a report from analysts at Keefe, Bruyette & Woods, a  downturn in mortgage origination volume, offset in part by improved gain-on-sale margins, has led to a slump in mortgage banking revenue. Among the banks studied, some fared worse than others. Volume dropped year-over-year at PNC by 26.9% to $1.9 billion and at Citi by 21.4% to $12.6 billion.

So is the plight of any mortgage banker.: a rollercoasater romp of ups and downs. But new mortgage technologies can help smooth the ride. By having operations centralized, and going to a browser-based loan origination system, residential mortgage lenders can distribute loans effortlessly with enhanced workflows.

OpenClose® is a leading multi-channel loan origination system (LOS) provider that cost effectively delivers its platform on a software-as-a-service (SaaS) basis. The company provides a variety of 100 percent browser-based solutions for lenders, banks and credit unions. OpenClose’s core solution, its LenderAssist™ LOS, 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.

Wany to learn more? Contact us today.

OpenClose and MCT Streamline the Loan Sale and Purchase Advice Process for Secondary Marketing Departments

Posted by Frank Bocchino on Tue, May 17, 2016

NEW YORK, N.Y., May 16, 2016 (SEND2PRESS NEWSWIRE) — MBA National Secondary Market Conference & Expo – OpenClose® an enterprise-class, multi-channel loan origination system (LOS) provider, announced that in conjunction with Mortgage Capital Trading, Inc. (MCT) it has developed a solution that normalizes and extracts a lender’s committed loan sale and purchase advice data to be uploaded directly into OpenClose’s LenderAssist™ LOS, thus eliminating significant manual intervention. Depending on the number of loans that have been executed, time savings can be reduced from days to minutes.

OpenClose and MCT Trading

“We use MCT as our secondary marketing advisory firm and OpenClose as our LOS provider. The solution they jointly developed empowers us with an invaluable tool to slash the amount of time it used to take us to rekey committed loan data and purchase advice information from Fannie Mae,” stated Dan Beam, senior vice president of capital markets at Firstrust Bank. “Given the number of trades we are doing in a particular week, the automation of this process can easily shave off what previously required dozens of man hours down to just minutes.”

The solution works by MCT converting large committed loan sale reports or purchase advices into normalized datasets, which is then automatically transmitted to the lender for easy upload into OpenClose’s LenderAssist™ LOS. All of this transpires with the simple click of a button.

“We want to do whatever we can to make our customers’ jobs as easy as possible and this new capability delivers a tremendous uptick in efficiency, saving secondary marketing departments inordinate amounts of time which in turn reduces costs,” says JP Kelly, president of OpenClose. “Whether our mutual customers upload a few dozen loans at once or hundreds of loans, it takes a fraction of the time it used to.”

“MCT is committed to providing innovative solutions with our technology partners that enable work efficiencies and cost savings for our mutual clients. This interface delivers on that promise,” says Chris Anderson, chief administration officer at MCT.

About OpenClose:

Founded in 1999 and headquartered in West Palm Beach, Florida, OpenClose® is a leading multi-channel loan origination system (LOS) provider that cost effectively delivers its platform on a software-as-a-service (SaaS) basis. The company provides a variety of 100 percent browser-based solutions for lenders, banks and credit unions. OpenClose’s core solution, its LenderAssist™ LOS, 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 comprehensive automation and compliance adherence. For more information, visit http://www.openclose.com/ or call (561) 655-6418.

About MCT:

Mortgage Capital Trading (MCT) is a capital markets-focused risk management and advisory services company providing independent analysis, training, hedging strategy and loan sale execution support to clients engaged in the secondary mortgage market. Founded in San Diego, California in May 2001, the company has expanded to include field sales and support offices in Philadelphia, Dallas, San Francisco and Charlotte. MCT is a recognized leader in the industry and currently supports more than 150 clients on the HALO (Hedging And Loan sales Optimization) Program. The company also develops and supports MCTlive!™, an award-winning real-time, trading and best-execution secondary marketing platform. MCT’s LockCentral™ is the industry’s largest outsourced centralized lock desk service. For more information, please visit http://www.mct-trading.com/ or call (619) 543-5111.

MEDIA CONTACT:
Joe Bowerbank
Profundity Communications, Inc.
949-378-9685
jbowerbank@profunditymarketing.com

Tags: Secondary Marketing

Michael Falce Joins OpenClose as VP, Enterprise Account Executive

Posted by Frank Bocchino on Wed, Apr 20, 2016

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OpenClose has announced that industry veteran Michael Falce has been hired as a vice president, enterprise account executive. In this role, he will work with lending entities of various types and sizes to utilize OpenClose’s LenderAssist LOS and additional software solutions.

Falce brings to OpenClose a unique blend of mortgage banking and mortgage technology experience that spans more than 25 years of exclusively serving the mortgage industry. Falce has extensive knowledge of correspondent lending and capital markets and has been directly in charge of establishing business models, platforms, processes and sales execution strategies for many different types of lending organizations. He has worked in sales management and held executive-level roles at Countrywide Home Loans, Aurora Loan Services, IMPAC Mortgage, Cherry Creek Mortgage, First Guarantee Mortgage, CUNA Mortgage and First American CoreLogic. 

“Mike has been a top producer at every company he has been with and is armed with both mortgage banking and first-hand technology experience,” said JP Kelly, president at OpenClose. “We are pleased to have him join the OpenClose team and interface with our industry’s professionals to meet the increasing demand of our end-to-end LOS platform as well as other innovative standalone solutions we’ve developed.”

“I am excited to leverage my mortgage background to introduce OpenClose’s industry leading LOS technology,” said Falce. “I’ve worked with many different types of mortgage technology systems throughout my career and OpenClose is one of the most comprehensive and advanced that I’ve seen.” 

Tags: LOS

Report: 75% of lenders not satisfied with LOS value

Posted by Frank Bocchino on Fri, Apr 15, 2016

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STRATMOR announced at the "MBA National Technology in Mortgage Banking Conference and Expo" that it has launched an expanded 2016 Technology Insight Survey. Previous Technology Insight Surveys --- 2015 participation included lenders representing 40 percent of industry volume --- showed that roughly 3 out of 4 lenders are not satisfied with the value they are getting from their LOS systems, of the roughly 1 in 4 lenders that are, most are smaller lender wanting to "keep things simple," and roughly 20% of lenders reported abandoning an LOS implementation, with proprietary systems being least likely to be abandoned. It is easy to see how important it is for lenders to have information about the technology they are considering based upon the independently surveyed experience of real users, as provided by the Technology Insight Survey.

Curious about what other thousands of mortgage companies that have made the change to OpenClose?

Due to our wide-range of web-based solutions, our mortgage software customers range from Top 30 mortgage lenders, credit unions, or community banks to loan originators.

OpenClose's suite of mortgage software products is designed to create business channels, streamline workflows, and help you to do more with less. So our customers are both large and small, established and start ups

The story is quite diferent with users of OpenClose! But read for yourself!

Client Testimonials 

Best Correspondent Lender Secret?

Posted by Frank Bocchino on Mon, Feb 22, 2016

 

Answer: OpenClose's multi-channel LOS for correspondent lenders

Are you taking advantage of the burgeoning correspondent lending business?  OpenClose has developed a correspondent lending software that can stand alone or work alongside our loan origination software.  

We encourage you to take a look at OpenClose Correspondent. It’s the fastest, easiest, most compliant way to take advantage of the latest trend.  

OpenClose offers 100% web browser-based, multi-channel LOS with wholesale, retail, and correspondent options. Whether you're a lender, banker, or credit union, there's an OpenClose configuration for you:

  • Flexible workflow with the ability to add custom work queues
  • Enhanced reporting and dashboards (OC Optics)
  • Managed pricing with more than 60 Investors included in the LOS
  • Imaging and document management
  • System-to-system integration with top Document providers

Visit OpenClose

Tags: LOS

Can Hedge Funds Give Mortgage Loans?

Posted by Frank Bocchino on Mon, Feb 08, 2016

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Can Hedge Funds Give Mortgage Loans? In short, you bet they can!

But once all the legalities, licensing and compliance is in place, getting up to speed quickly is imperative for any Hedge Fund serious about entering the residential mortgage arena.

The best way of course to cut to the head of the line so to speak is by impementing technology. In this case, loan origination software specifically designed for mortgage banking. 

OpenClose offers Hedge Funds mortgage lending software that can stand alone or work alongside our loan origination software. It is an All-in-One Correspondent Investor Solution with comprehensive whole loan purchase workflow that can be “out-of-the-box” or custom configured.

  • Robust Seller Portal Provides Superior Seller Experience
  • Real-time Pipeline Dashboard
  • Powerful decisioning capability ensures loans meet pricing & eligibility requirements
  • Comprehensive lock desk functionality
  • Automated Cure Conditioning and Purchase Advice Workflow
  • Non-Delegated and Delegated Workflow Options
  • Paperless Environment with Full Document Management and Imaging Functionality
  • Real-time Compliance Monitoring
It's 90 Days Sign to Live. Contact us now to find out more!
Learn About our Hedge Fund Package

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Mortgage Origination Made Easy for Hedge Funds

Posted by Frank Bocchino on Fri, Jan 22, 2016

HF.pngHedge Funds across the country are taking advantage of the opportunities now available in residential mortgage lending. Are you?

OpenClose offers Hedge Funds mortgage lending software that can stand alone or work alongside our loan origination software. It is an All-in-One Correspondent Investor Solution with comprehensive whole loan purchase workflow that can be “out-of-the-box” or custom configured.

  • Robust Seller Portal Provides Superior Seller Experience
  • Real-time Pipeline Dashboard
  • Powerful decisioning capability ensures loans meet pricing & eligibility requirements
  • Comprehensive lock desk functionality
  • Automated Cure Conditioning and Purchase Advice Workflow
  • Non-Delegated and Delegated Workflow Options
  • Paperless Environment with Full Document Management and Imaging Functionality
  • Real-time Compliance Monitoring
It's 90 Days Sign to Live. Contact us now to find out more!
Learn About our Hedge Fund Package

 

Tags: Loan Origination software, LOS, Loan Origination, hedge funds

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