Mortgage Loan Origination Software (LOS)

Frank Bocchino

Recent Posts

Mortgage Banking COVID-19 Strategy: Is the Best Direction with Our Heads in the Clouds?

Posted by Frank Bocchino on Tue, Apr 07, 2020

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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.

Topics: mortgage loan software, SaaS, Web-based Mortgage Software

Who are the Top Mortgage Employers for 2020?

Posted by Frank Bocchino on Tue, Mar 24, 2020

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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

More About Our Team  

 

Topics: Loan Origination software, Loan Origination system, Web-based Mortgage Software

Using Digital to Improve the Customer Journey

Posted by Frank Bocchino on Tue, Aug 27, 2019

mortgagebuttonAccording 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.

 

SEE IT NOW

 

 

Topics: OpenClose Mortgage Software, POS, Digital Mortgage

Digital Mortgage: New Buzzword, Not New to Us

Posted by Frank Bocchino on Tue, Jun 25, 2019

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.

More About OpenClose

Loan Origination Software: Are You Suffering from "Mergerphobia"?

Posted by Frank Bocchino on Fri, Jun 07, 2019

6009c1b8-3fcc-46df-af8c-f07613b57feaRecent 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.

More About OpenClose

Topics: Loan Origination software, Loan Origination system, LOS

Who will be at ACUMA 2018?

Posted by Frank Bocchino on Fri, Sep 21, 2018

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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.

"Takin’ It to the Street" is this year’s annual ACUMA Conference theme. They've built a program around making connections, collaborating, creating new ways of doing business, including a Digital Mortgage Showcase.   
That's why OpenClose, leaders in the FinTech digital mortgage space will be there.
Interested? Visit https://www.openclose.com/loan-origination-software/ for more info!

Topics: credit unions

RFPs for an LOS are Dead? So says one expert

Posted by Frank Bocchino on Thu, Aug 02, 2018

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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

Was there (Another) LOS merger?

Posted by Frank Bocchino on Wed, Jun 27, 2018

MandA

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

More About OpenClose

Making the digital home loan mortgage easier?

Posted by Frank Bocchino on Tue, May 29, 2018

 

Forbes has a great article  Where Tech Is Taking The Mortgage Lending Consumer Experience.  "The mortgage industry appears ready for some of the most sweeping updates, particularly with regards to their sales approach and process. New tools like online user platforms and machine learning will make it easier for lenders to guide borrowers through the origination process ..."

What have you done to improve the sales approach and process for customers in the digital mortgage? Just a website with some helpful hints just won't cut it any more. 

Maybe it's time to take a look at new mortgage origination technology from a leading FinTech leader.

The majority of the loan origination systems (LOS) that are commercially available today have deficiencies and issues ranging from antiquated technology, an inability to scale, inflexible workflows, customization limitations, long implementations, require internal resources to maintain and additional issues.

ConsumerAssist™ enables you to place various tools and functionalities on your consumer mortgage lending website that puts the borrower in charge of searching for loans and provides them with various features to leverage. ConsumerAssist creates a highly attractive, straightforward and interactive experience for borrowers and can be conveniently 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.

 

Consumer Mortgage Made Easy

 

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

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