Mortgage Loan Origination Software (LOS)

Bill Mitchell

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Mortgage banking software: competitive advantage or disadvantage

Posted by Bill Mitchell on Mon, Sep 30, 2013

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Is your core mortgage banking software a competitive advantage or disadvantage…or worse, going out of business leaving you stranded?

           

Could this be you?

 Problem: We understand how daunting the task of selecting or replacing an LOS is. The market is slowing down, which can be the very best time to upgrade your technology.

 Answer: Leverage your business long term position by having a fully integrated lending solution, from Pre-Qual to post Closing… imaging to interim servicing…yes one system!

 Solution: At OpenClose, our process starts with your needs. Get rid of the bottlenecks and maximize pipeline profitability through seamless integration to AUS, investors, warehouse lenders and more.

 Results: The lenders that succeed as the future unfolds will be those who can quickly convert legacy systems and get back to expanding their production capacity, maintain and control fixed costs, and provide excellent customer service.

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Topics: Mortgage Banking Software, Mortgage Banking Software, Mortgage Banks

Is your current mortgage software ready for your company’s future?

Posted by Bill Mitchell on Tue, Jun 25, 2013

 

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Whether you’re a Broker to Banker, have moved from Best Efforts to Mandatory, or are expanding from Servicing Released to Servicing Retained, does your mortgage software platform align with your business goals. When companies make any transition the mortgage technology often is considered as an after thought. But when it's such a major part of your daily management process, it should be at the top of your list.

And does your current vendor understand the metamorphosis to and from each paradigm? Wouldn't it be nice if there was a mortgage loan origination system that had figured out the puzzle so you didn't have to.

At OpenClose, we are ready for your company's future growth, change, or metamorphosis. We've helped other companies just like you. It's your turn now. 

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Topics: Loan Origination software, Mortgage Software, mortgage lending software, mortgage technology

MBA Technology Conference: Sunny Concerns

Posted by Bill Mitchell on Mon, Apr 22, 2013

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I just spent a few days at the MBA Technology Conference in sunny Florida and walked away with some great learnings of some great new products and services. I also had and a few concerns.

Take for example my first sentence where I refered to "sunny Florida" but the weather was sketchy at best and last month was (almost) as cold elsewhere in the country. With that, it reminds me of the saying, perception becomes reality. And so those concerns I mentioned refer to the "sunny" description of those new products without testing them to know if they were truly "hot" or just "Hollywood"

Does your current loan origination software provider lead with “Image” or “Integrity”? For those lenders, banks, and credit unions considering a new technology / LOS solution, watchful consideration must be given to the product demo as well as what is to be delivered. Moeover, the service, as well as the character and reputation behind the company is on stage as well.

By getting to know more about the character of the leadership team (the two I’s) and longterm objectives of the provider, one may sleep better at night after due diligence is done.

Once substance replaces sizzle, then the real considerations begins. Despite what some of the eager vendors there said, there is no "one size fits all" when it comes to mortgage software. Every lender has unique needs and requirements and needs to find the right match for truly sunny days ahead.

Ask me more about mortgage software

Topics: Loan Origination software, Mortgage Software, LOS

8 Change Points a Mortgage Lender Needs to Consider

Posted by Bill Mitchell on Mon, Feb 11, 2013

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Many lenders are looking to change and/or enhance their loan software technology this new year. But regardless of whether you are looking for a new LOS to and or improve loan pricing, loan origination, banking, or post closing, you'll need a Change Implementation Plan (CIP)

Here are a few key questions to ask yourself prior to an LOS change:

 1.     Why are you changing? Never change for the sake of changing or because the budget allows for it. Change for the right reasons  

 2.     Why now? Is this the best time to change or simply start the review process. Is there a merger down the road with a company that will require additional functionality.

 3.     What if we don’t do this now? Waiting to change in not always good and not always bad. 

 4.     How will we get there? Who will make the decision. Will IT be consulted?

 5.     What’s in it for our people? Will this make the employees lives easier or more complex.

 6.     How will the gains outweigh the losses? Will it cost ypou more or less per loan to modernize. Will you lose time, people?

 7.     How will we bring our people along with us? What is the training procedure in your company? Will you need additional resources

 8.     How will we consolidate change? Here's where implentation and scheduling are key

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Topics: Mortgage Software, LOS, mortgage lender, Banking Software

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