Mortgage Software for Mortgage Bankers

OpenClose Launches Corporate Website to Reflect New Positioning of its Enterprise-class, Multi-channel LOS and Mortgage Software Solutions

Posted by Joe Bowerbank on Tue, Jun 27, 2017

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WEST PALM BEACH, Fla., June 26, 2017 (SEND2PRESS NEWSWIRE) — OpenClose, a multi-channel loan origination system (LOS) and mortgage software solutions provider, announced it unveiled a new corporate website to better position the company’s expanded enterprise-class solution set, customer profile focus and long-term value proposition.

“We’ve grown exponentially over the past five years, and as such, had a need to ensure that the positioning of OpenClose as a company and its products are in line with our corporate mission, business strategy, customer commitment and ongoing technology innovation efforts,” explains JP Kelly, president of OpenClose. “This new website is designed to clearly convey our comprehensive solution offering and our ability to cater to top 20 lenders that have multiple business channels and complex operations.”

OpenClose offers one of the mortgage industry’s only 100 percent browser-based LOS platforms that has robust multi-channel automation capability. The company’s LenderAssist™ LOS and other solutions were all engineered from the ground up using the same code base, and it has been owned and operated by the same principles since the company was founded in 1999. Unlike many LOS vendors, LenderAssist’s comprehensive end-to-end functionality was not created by way of multiple acquisitions, which typically rope together disparate technologies that can be prone to issues; or, via integrations with many third party vendors that are done in order to make up for system deficiencies.

Vince Furey, SVP of lending solutions at OpenClose, stated: “We have been boarding top-tier, very large lending entities that are successfully leveraging our LOS as a centralized platform to automate all business channels and workflows. Our new positioning showcases the immense power that OpenClose’s enterprise-class mortgage software solutions offer and how they are very flexible, scalable and well-supported by our staff. While we have the proven scalability to support the largest national lenders, OpenClose is really the ideal solution and long-term technology partner for any size lending organization.”

Key aspects of OpenClose’s value proposition include: quick implementations; custom-configurable with easy set up; seamless workflow-driven automation with no manual intervention; fully web-based with no installs whatsoever; fully SaaS and Cloud-based technology; proven scalability; single code; hands-on implementations and system training; and second to none, boutique-style customer support.

OpenClose solutions include its LenderAssist™ LOS, DecisionAssist™ product and pricing engine (PPE), turnkey OC Correspondent™ conduit module, ConsumerAssist™ borrower-direct websites, OC Optics™ analytics and reporting software, and mobile technology.

 

QuestSoft and OpenClose to Hold Webinar on the New CFPB HMDA Rules

Posted by Frank Bocchino on Wed, Jun 07, 2017

 

cfpb.pngWEST PALM BEACH, Fla. and LAGUNA HILLS, Calif., June 6, 2017 – OpenClose, a multi-channel loan origination system (LOS) provider, and QuestSoft, a provider of automated mortgage compliance software, announced that they will host a joint webinar covering the new CFPB HMDA regulations, how they will impact organizations, and outline specific plans to make compliance with the new HMDA rules the most efficient and time-saving process in the mortgage industry. The webinar will be held on June 21, 2017 from 1:00 p.m. – 2:15 p.m. EDT.

Entitled “The New CFPB HMDA Rules -- What You Need to Know,” this webinar will provide insight on not just what the new rules are, but what organizations will need to prepare for well in advance of the January 2018 implementation deadline. The companies say that while the deadline may seem a long way off, there are business-critical functions that should considered now or run the risk of being caught off-guard.

Key topics that will be covered in the webinar:
• The inside day to day nuances behind the new regulations.
• Above and beyond: practical, actionable information will be provided to attendees, not a legal review as is typical with most HMDA webinars.
• New loan types required with HMDA and how OpenClose and QuestSoft are answering the call.
• Recommendations for improving data integrity across the enterprise.
• A timeline of the changes and companies need to prepare for in advance.
• The new public face of HMDA: implications for Fair Lending and the future of mortgage lending.

OpenClose and QuestSoft will also touch on key updates being made their specific products that will help companies effectively test, train and prepare for, including release dates and 2018 CFPB HMDA data that can already be tested now.

Speakers:
Kathy Olsen, director of LOS support services at OpenClose
Kathy leads customer support and training at OpenClose for its multi-channel LOS, LenderAssist™, as well as its integrated products. She joined OpenClose in 2010 and has over thirty years of experience in the mortgage banking and technology fields.

Leonard Ryan, president of QuestSoft Corporation
Leonard has been associated with the mortgage industry for over 30 years, and is the founder of QuestSoft. He is a member of both MBA HMDA and NMLS Mortgage Call Report working groups, and is nationally recognized as a HMDA expert.

Downloadable materials that will be made available after the webinar:
• Presentation Slides [PDF] -- available on the day of the webinar
• Webinar Recording [streaming] -- available 2-3 days after the webinar
• Q&A [PDF] -- available on the day of the webinar

The webinar is offered as complimentary to the mortgage industry but availability is limited. To sign up for the webinar, click Webinar and to contact the companies:
OpenClose at 561-575-4632 Option 1, or email sales@openclose.com.
QuestSoft at 800-575-4632 option 1, or email sales@questsoft.com.

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

About QuestSoft®
Laguna Hills, Calif.-based QuestSoft is a leading provider of comprehensive compliance software and services for the mortgage, banking and credit union industries. QuestSoft combines 20+ years of mortgage regulatory, CRA and Fair Lending compliance analytics, data management and software design expertise with best-in-class customer service to consistently improve client compliance accuracy and facilitate smoother regulatory audits. QuestSoft products, interfaced with over 40 LOS providers, enable more than 2,200 clients to simplify and speed the collection, analysis, compilation and reporting of key lending regulatory report data. For more information, call 800-575-4632, ext. 1, or visit www.questsoft.com.

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

David Jones, for QuestSoft
William Mills Agency
678-781-7238
djones@williammills.com

New LOS Integration To Optimize Loan Hedge Positions For Lenders

Posted by Frank Bocchino on Fri, Jan 27, 2017

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OpenClose an enterprise-class, multi-channel loan origination system (LOS) provider, and Mortgage Capital Trading, Inc. (MCT), a mortgage hedge advisory and secondary marketing technology firm, have developed an integration that eliminates manual intervention and streamlines the delivery of loan data to maximize hedging for lenders.

Read the full story

 

Topics: LOS

OpenClose and MCT Complete New Integration to Optimize Loan Hedge Positions for Lenders

Posted by Joe Bowerbank on Mon, Jan 23, 2017

PALM SPRINGS, Calif., Jan. 23, 2017 (SEND2PRESS NEWSWIRE) — Independent Mortgage Bankers Conference — OpenClose® an enterprise-class, multi-channel loan origination system (LOS) provider, and Mortgage Capital Trading, Inc. (MCT), a leading mortgage hedge advisory and secondary marketing technology firm, jointly announced they developed an integration that eliminates manual intervention and streamlines the delivery of loan data to maximize hedging for lenders.

Mortgage Capital Trading and OpenClose
The integration works by automatically taking loan-level details that are originated and locked in OpenClose’s LenderAssist™ LOS and then securely passing them directly to MCT to hedge. The entire process of obtaining critical data becomes very easy, with updates occurring every 15 minutes. This removes several steps in the data acquisition process, saving time, reducing errors and providing faster reporting.

“We worked diligently with the team at OpenClose to develop this connectivity between their LOS and our proprietary HALO hedging model, which now facilitates a much smoother, quicker way for us to obtain locked loan information from our mutual customers,” said Chris Anderson, chief administrative officer at MCT. “We are continuing to expand our integration partner network in order to provide the best service and support for our lender clients. Over the past few years, MCT has significantly expanded our business services with technology being a key area, especially with the adoption of our web-based secondary marketing platform, MCTlive!

The longer lenders are exposed to interest rate movements the more prone they are to have locked loans without hedge positions. As a result of the integration, MCT is able to hedge more frequently as opposed to having the lender manually send pipeline reports to them. The automatic updates are performed every 15 minutes which provides a tangible reduction in risk by shortening the time period between rate locks and hedge positions.

As it relates to lenders, there isn’t anything that they have to do to enable the new integration. MCT performs the heavy lifting and all parties benefit from the resulting efficiencies gained. OpenClose and MCT worked closely together from a technology perspective to streamline the process.

“This integration saves my staff valuable time and transfers our data quickly and securely, ensuring that my hedge positions are always optimized,” says Dan Beam, senior vice president of capital markets at Firstrust Bank. “Both OpenClose and MCT are forward-thinking companies that recognize the importance of investing in enhancements like this for the benefit of lenders.”

“A key common thread between our organizations is an unwavering commitment to always provide excellence in customer support,” said Vince Furey, senior vice president of lending solutions at OpenClose. “We are also like-minded in that we are both very selective about the organizations we partner with. OpenClose is pleased to expand our technology relationship with 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 www.openclose.com or call (561) 655-6418.

OpenClose Twitter: https://twitter.com/openclosesocial

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 www.mct-trading.com or call (619) 543-5111.

MCT Twitter: https://twitter.com/mcttrading

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

 

OpenClose President JP Kelly Named to HousingWire’s 2016 Vanguard Award List

Posted by Joe Bowerbank on Fri, Jan 06, 2017

WEST PALM BEACH, Fla., Dec. 22, 2016 (SEND2PRESS NEWSWIRE) — OpenClose, an enterprise-class, multi-channel loan origination system (LOS) provider, announced that HousingWire honored its president, JP Kelly, with its second annual Vanguard Award. The list recognizes highly successful executives who are making a positive difference in their respective fields across the mortgage industry.

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“The HW Vanguards continued to impress going into its second year; the winners are second-to-none and this list represents the finest cross section of mortgage talent available,” said Jacob Gaffney, HousingWire editor-in-chief.

Winners were comprised of demonstrated leaders in the housing industry, achieving success that has impacted not only the members of individual organizations, but also the entire industry. The program recognizes C-level and business unit executives who have become leaders in their respective fields within housing and mortgage finance — those whose leadership is moving markets forward, each and every day. HousingWire states that it sets an extremely high bar for choosing its second annual list of HW Vanguards, which is a very competitive contest.

Key reasons that Mr. Kelly made the Vanguard Award list is the immense success that OpenClose has been experiencing with its multi-channel LenderAssist™ LOS and turnkey OC Correspondent™ module. Under Mr. Kelly’s leadership, OpenClose continues to grow at a rapid rate with lenders, banks and credit unions adopting its comprehensive LOS platform that fully automates all lending channels. The company also has a significant number of mortgage lenders and conduit aggregators that started leveraging its correspondent technology.

Several industry LOS technology studies and surveys have repeatedly scored OpenClose as being a leader in successful implementations, ease of system use, depth of functionality, innovation, responsive technical support, overall satisfaction, and customer retention, among other areas.

“I am honored to have been chosen as a Vanguard Award winner; it speaks volumes about the success OpenClose has had in recent years,” stated JP Kelly, president of OpenClose. “We have been at the forefront of web-based LOS technology since our inception in 1999. The impetus behind OpenClose’s success is really the result of our extremely dedicated, passionate, customer-focused employees who possess both mortgage lending and mortgage technology experience.”

Vanguard Award Stats:

  • 40 winners in total
  • Second annual list
  • Winners were chosen by the HousingWire editorial board based on tangible leadership within their companies and the industry at large
  • All winners are executives, most being of the C-level suite
  • 23 of the winners serve as president or CEO of their company
  • The list also includes a COO, an executive director, a division president, seven EVPs and an SVP
  • Eight of the winners are the founders of their company.

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 www.openclose.com or call (561) 655-6418.

About HousingWire:
HousingWire.com is the leading independent source for news, commentary and analysis covering the entire mortgage banking and financial markets. Staffed by a core team of experienced journalists and editors, HousingWire.com delivers breaking news and opinions on U.S. housing and mortgage finance. HousingWire.com has a well-developed reputation for delivering today the news other trade outlets will be reporting on tomorrow — and our readers value the information they get from www.housingwire.com first.

Topics: LOS

OpenClose Releases New Mobile and Online Tools for Borrowers with Enhancements to its ConsumerAssist Solution

Posted by Joe Bowerbank on Tue, Nov 15, 2016

WEST PALM BEACH, Fla., Nov. 15, 2016 (SEND2PRESS NEWSWIRE) — OpenClose, an enterprise-class, multi-channel loan origination system (LOS) provider, announced that it has redesigned and added new features to its borrower-facing ConsumerAssist™ solution to deliver exceptional online and mobile point-of-sale tools.

OpenClose
The enhancements to ConsumerAssist creates a highly attractive, straightforward and interactive experience for consumers. ConsumerAssist can be accessed via the web or any mobile device, providing portability and accessibility at any time and from anywhere. This results in an increase in leads and a decrease in production costs.

As a borrower completes an application from any device, alerts are triggered in real-time that are sent to the lender for quick follow up by a loan officer or customer service representative. Lenders can then immediately engage the borrower, quickly answer questions and start the sales process. This significantly improves lead capture and conversion rates, resulting in more closed loans and greater profits. The features of ConsumerAssist can be customized to a lender’s unique specifications along with branding for both branch and loan officer web pages, as well as mobile applications to create a more personalized experience.

“In today’s competitive mortgage marketplace, customers are seeking new ways to attract borrowers and to do more with less while maintaining high service levels,” said Jason Regalbuto, CEO and CTO of OpenClose. “ConsumerAssist is ideal for lenders looking to add a high impact web and mobile presence that provides an outstanding consumer experience. The solution allows visitors to start the lending process themselves without having to first speak to a loan officer. At the end of the day, ConsumerAssist is about increasing leads and decreasing origination costs for lenders.”

Lenders also have the flexibility to offer on-demand program eligibility and pricing for borrowers by leveraging OpenClose’s DecisionAssist™ product and pricing engine (PPE), which instantly returns decisioning at the point-of-sale. OpenClose’s team of mortgage specialists maintain an extensive library of up-to-date investor programs, guidelines and pricing for its customers.

ConsumerAssist can easily be added to a lender’s existing website and is integrated with OpenClose’s LOS, LenderAssist™. It also has the capability to integrate with customer relationship management (CRM) software and other third party applications. The set up timeframe for ConsumerAssist can be customized and implemented in as little as 30 days.

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.

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

Topics: LOS

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

Topics: 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.

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