Mortgage Software for Mortgage Bankers

Frank Bocchino

Recent Posts

Need multichannel lending software?

Posted by Frank Bocchino on Tue, Apr 17, 2018

image-1OpenClose®’s end-to-end LOS platform is proven to centralize all lending channels from a single, easy-to-use system that flexes and scales with your unique business model. 

  • Automate: Lending organizations of all types have come to rely on OpenClose’s all-in-one, 100% web-based LOS.
  • LenderAssist™ LOS to compliantly automate the retail, wholesale, correspondent, and consumer direct channels.
  • Growth: If your LOS can’t efficiently and effectively handle all business channels, then you’re at a competitive disadvantage and missing growth opportunities.  
  • Revenue: Maximize your revenue and gain newfound efficiencies across each channel with OpenClose’s multi-channel LOS platform.

 

OpenClose Multi-channel Lending

Stability with Your LOS Vendor is Business Critical.Don’t Fall Prey to Instability

Posted by Frank Bocchino on Sat, Mar 31, 2018
 
 

 

If you’re concerned with your LOS vendor’s stability, take a look at OpenClose. Founded in 1999, OpenClose has remained under the same private ownership since its inception, with a long-standing leadership team, and an incredibly low employee attrition rate. OpenClose is constantly innovating and has developed a highly service-oriented customer support structure which handles the onus of configuration and implementations for lenders along with extensive system training.

OpenClose offers a 100% web-based, multi-channel LOS that automates the wholesale, retail, correspondent and consumer channels. OpenClose customers range from medium to large-size lenders, banks, credit unions and conduit aggregators. The platform is very flexible and highly scaleable. And, we’re not going anywhere.

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
 



 

FinTech Providers: Which Loan Origination Software Vendors are Growing? 

Posted by Frank Bocchino on Thu, Mar 22, 2018

When it comes to loan origination software, if you’re not seeing ongoing innovation, regular enhancements and new integrations, it may be time to look for a new vendor.


OpenClose has been busy bolstering its staff to continually optimize its software performance for customers and add robust functionality. We have hired knowledgeable staff that possess a unique combination of both mortgage technology and mortgage lending experience. This includes senior software developers, integration specialists, and technical support staff.

Our customers don’t look at us as just a vendor, but as a long-term trusted technology partner that they can grow with. OpenClose’s LenderAssist™ LOS and other web-based mortgage software solutions are being leveraged in a variety of institutions, including mortgage banks, credit unions, community banks, conduit aggregators and other lending entities.

Nothing on the market comes close to our 100% multi-channel web-based LOS, highly responsive boutique-style customer support model, and flexible company structure.  You’ll never be just a number at OpenClose. Contact us to learn more about our FinTech-level innovation and why our customers love us so much. 

All is Well at OpenClose!

Posted by Frank Bocchino on Wed, Sep 13, 2017

back.jpgOffices are open! We appreciate your well wishes in the aftermath of Hurricane Irma. Our offices were well protected and all of us are well!

 

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

Progress-headerLogo.png

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 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

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

Topics: Secondary Marketing

Michael Falce Joins OpenClose as VP, Enterprise Account Executive

Posted by Frank Bocchino on Wed, Apr 20, 2016

Mike_Falce_Pic.jpg

 

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.” 

Topics: LOS

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