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WEST 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.
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 firstname.lastname@example.org.
QuestSoft at 800-575-4632 option 1, or email email@example.com.
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.
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.
Joe Bowerbank, for OpenClose
Profundity Communications, Inc.
David Jones, for QuestSoft
William Mills Agency
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.
The Challenge? A Tight Schedule, Defined Budget, and Need for Compliance
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.
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
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.
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.
“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.
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.
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.
Profundity Communications, Inc.
Topics: Secondary Marketing
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.”
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!
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
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.