Mortgage Software for Mortgage Bankers

Joe Bowerbank

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Arch MI and OpenClose Announce New Integration

Posted by Joe Bowerbank on Tue, Aug 29, 2017

Arch MI and OpenClose Announce New Integration

Enhancement provides easy access to Arch MI RateStar within OpenClose LOS

GREENSBORO, N.C. – Aug. 21, 2017 – Arch Mortgage Insurance Company (“Arch MI”), a leading provider of private mortgage insurance (MI) and a wholly owned subsidiary of Arch Capital Group Ltd., and OpenClose®, a multi-channel loan origination system (LOS) and mortgage software solutions provider, have completed a new integration allowing immediate access to Arch MI RateStar® pricing from within the OpenClose LenderAssist™ LOS.

RateStar is a risk-based pricing program that matches Arch MI’s most competitive MI rates more precisely to individual loan risk. As a result of the integration, LenderAssist users can call up RateStar pricing at the press of a button, then view side-by-side comparisons of multiple live Arch MI products and rates.  LenderAssist users can then select the best mortgage insurance option for their borrowers and automatically apply the selected Arch MI product and pricing to their loan. Live MI pricing is returned in seconds and stored in LenderAssist for future reference.

“We are pleased to be the first MI company to partner with OpenClose,” said Chris Hovey, executive vice president and chief operating officer at Arch MI. “The completion of this RateStar integration means that LenderAssist customers now have access to a more competitive, sophisticated and dynamic MI pricing solution than conventional rate sheets. Not only will they be able to quickly obtain RateStar quotes from within OpenClose’s multi-channel LOS, the integration will also eliminate the cumbersome re-entry of data and increase their productivity.”

“Put simply, this integration eliminates manual steps and allows our customers to tap Arch MI’s RateStar solution to price mortgage insurance coverage based on loan risk, which ultimately helps originators offer eligible borrowers the best pricing for their specific loan scenario,” said Vince Furey, senior vice president of lending solutions at OpenClose. “Both OpenClose and Arch MI are committed to maximizing value for lenders, which this integration showcases.” 

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, credit unions and conduit aggregators. OpenClose’s core solution, LenderAssist™, is comprehensive loan origination software 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 creates a truly seamless workflow for complete automation and compliance adherence. For more information, visit http://www.openclose.com  or call 561-655-6418.

About Arch MI

Arch Capital Group Ltd.’s U.S. mortgage insurance operation, Arch MI, is a leading provider of private insurance covering mortgage credit risk. Headquartered in Walnut Creek, CA, Arch MI’s mission is to protect lenders against credit risk, while extending the possibility of responsible homeownership to qualified borrowers. Arch MI’s flagship mortgage insurer, Arch Mortgage Insurance Company, is licensed to write mortgage insurance in all 50 states, the District of Columbia, and Puerto Rico. For more information, please visit archmi.com.   

Media Contacts:              

Arch MI

Greg Hare
+1 336-333-0416
ghare@archcapservices.com

Method Communications
Ramona Redlingshafer
+1 415-849-1322
ramona@methodcommunications.com

OpenClose

Joe Bowerbank
Profundity Communications, Inc.
+1 949-378-9685
jbowerbank@profunditymarketing.com

Topics: Compliance

National Mortgage Professional Magazine Names OpenClose President JP Kelly to Annual ‘Top 50 Most Connected Mortgage Professionals’ List

Posted by Joe Bowerbank on Tue, Aug 22, 2017

OpenClose, a multi-channel loan origination system (LOS) and mortgage software solutions provider, announced that its president, JP Kelly, has been awarded the ‘Top 50 Most Connected Mortgage Professionals’ distinction for 2017 by National Mortgage Professional (NMP) magazine.

OpenClose President JP Kelly
The magazine states that individuals who earn a spot on the list are very successful, well-connected, recognized, powerful networkers and influencers in the mortgage industry. They are esteemed by their peers as subject matter experts in their respective areas of focus who consistently serve as trusted sources of guidance, data and leadership.

JP is a long-time veteran of the mortgage industry who possesses a diverse background, owning both a full-service mortgage bank and an enterprise-class mortgage technology software firm. He is a renowned executive that is lauded by industry participants as a constant innovator of contemporary, completely web-based technology which helps lending entities operate efficiently and effectively.

Under JP’s leadership, OpenClose’s footprint has expanded in the mortgage industry with consistent revenue growth for the last several years, realizing an impressive 30 percent growth rate from 2015 to 2016.

OpenClose offers one of the mortgage industry’s only 100 percent web-based LOS platforms that has robust multi-channel automation capability. The company’s solutions include its LenderAssist™ LOS, DecisionAssist™ product and pricing engine (PPE), turnkey OC Correspondent™ module, ConsumerAssist™ borrower-direct websites, OC Optics™ analytics and reporting software, and mobile technology.

The company’s mortgage software is utilized by medium to large-size mortgage bankers, banks, credit unions and conduit aggregators.

 

More About OpenClose

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

17-0626-openclose-site-600x450.jpg

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.

 

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.

jp_kelly-1.jpg
“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.

occaf.jpeg

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 Releases Version 4.0 of its OC Optics ™ Web-based Enterprise Analytics and Reporting Module

Posted by Joe Bowerbank on Wed, May 13, 2015

ios-114px

FOR IMMEDIATE RELEASE


WEST PALM BEACH, Fla. May 14, 2015 – OpenClose, an enterprise-class, multi-channel end-to-end loan

origination system (LOS) provider, announced that it has released version 4.0 of OC Optics™, a web-based

analytics and reporting system that integrates tightly with its LenderAssist™ LOS platform. The

enhancements provide clients with more control, added functionality, and robust editing and configuration

tools that effectively customizes data analysis and reporting outputs.

OC Optics 4.0 provides detailed analytics and up-to-the-minute reporting using an easy-to-configure

dashboard-level user interface, which has been significantly enhanced to empower clients with more editing

and report creation tools while becoming more self-sufficient. Using OC Optics 4.0, lenders can view all

metrics in a single graphical interface from multiple sources such as production, secondary marketing

underwriting, processing, closing, post-closing, accounting, etc.

The module utilizes business critical data to produce rich graphs, charts, performance management

tools and more. As a result, organizations are able to execute intelligent, profitable business decisions while

managing risk across the enterprise including other locations and branches.

Michael Luu, EVP of national production at Residential Bancorp, commented: “OC Optics has proven

to be a critical enterprise management tool for our business. The system enables us to efficiently analyze

and slice data across multiple origination channels. The extracted data helps us make better, more informed

and faster decisions, and automatically deliver essential business management reports on a predefined

schedule.”

Version 4.0 of OC Optics allows permissioned users to leverage the multi-channel capability of

OpenClose’s LenderAssist LOS to separately analyze various activities occurring in retail, wholesale,

correspondent and consumer direct lending channels. Detailed reports can be created for any business

channel as well as specific functions and processes within those channels.

“Often, important information is trapped in Excel spreadsheets located in various functional areas

within an organization, which renders it either useless or onerous to make sense of for business decisions,”

OpenClose| 314 Clematis Street, Suite 200, West Palm Beach, FL 33401 | 561.655.6418

www.openclose.com





said Vince Furey, SVP of lending solutions at OpenClose. “One of the biggest advantages of OC Optics is that

it provides clients with more autonomy and options to easily tap into information to create custom reports

in the form of charts, graphs, dashboards and individual reports.”

Directly from the dashboard, users are able to extract key information and populate it into a useful

reporting presentation format that provides enterprise-wide management metrics and performance

reporting from all desired business areas. This provides management with the oversight and intelligence to

fully understand departmental and employee productivity and shows where areas for improvement and

greater profitability can be realized.

OC Optics 4.0 can be accessed via any web browser, tablet device or smart phone. The system

combines highly configurable management dashboard tools that integrate seamlessly with OpenClose’s

LenderAssist™ LOS to optimize the use of captured data.

OpenClose Reports Banner Year, Adds Staff to Handle Increasing Demand for its End-to-End LOS Platform and Correspondent and Wholesale Solutions (Clone)

Posted by Joe Bowerbank on Thu, Nov 20, 2014

ocLOGO-(2)

OpenClose, an enterprise-class end-to-end loan origination system (LOS) provider, announced that it is adding technical staff to effectively manage a growing demand for its browser-based LOS platform, LenderAssist™, and accompanying solutions.  Amid a down market, OpenClose is having its best revenue growth year in company history.   

“We're seeing a significant uptick in LOS deal flow, and as such, proactive measures are being taken in order to have adequate resources on hand to implement and support the on-boarding of new clients," said JP Kelly, president of OpenClose.   "Our sales team recently signed a number of different lenders, which includes several marquee clients.   We treat our customer base as long-term partners and always strive to provide excellence in service; the new hires will help us to continually deliver on that promise." 

Part of OpenClose's rapid growth is the result of its recent development of a correspondent lending module, which is being used to help launch new correspondent channels or grow existing correspondent businesses.  The module can work as a standalone, turnkey solution or in conjunction with the LenderAssist LOS.  In addition, OpenClose’s wholesale lending solution has also generated significant revenue.

"The correspondent and wholesale components of our technology offering have been wildly successful and a major driver of OpenClose's growth over the past year," states Kelly.  "We want to make sure that we are well-staffed and have a solid infrastructure in place to effectively support clients.  Our plan is to keep adding personnel in an effort to manage company growth at a healthy, controlled rate."

Also key to OpenClose’s growth is its end-to-end lending solution that automates the retail, wholesale and correspondent business channels.   OpenClose’s LenderAssist LOS platform is in use by medium and large size lenders, banks and credit unions. 

“We’ve found that in a down market lenders have more time to evaluate and implement new LOS platforms,” stated Jason Regalbuto, CEO and CTO of OpenClose.  “Lenders are attracted to our LenderAssist LOS because it is highly configurable, flexible, scalable, feature rich, easy to implement and cost effective.  Our competitors fall short in most of these areas, which is serving us very well.”

Specifically, the addition of staff will largely focus on software development, solution implementation and technical support. OpenClose has offices in West Palm Beach, Florida and Seattle,Washington.  The company says most new hires will reside out of its corporate office in Florida.

OpenClose Reports Banner Year, Adds Staff to Handle Increasing Demand for its End-to-End LOS Platform and Correspondent and Wholesale Solutions

Posted by Joe Bowerbank on Wed, Oct 22, 2014

ocLOGO-(2)

OpenClose, an enterprise-class end-to-end loan origination system (LOS) provider, announced that it is adding technical staff to effectively manage a growing demand for its browser-based LOS platform, LenderAssist™, and accompanying solutions.  Amid a down market, OpenClose is having its best revenue growth year in company history.   

“We're seeing a significant uptick in LOS deal flow, and as such, proactive measures are being taken in order to have adequate resources on hand to implement and support the on-boarding of new clients," said JP Kelly, president of OpenClose.   "Our sales team recently signed a number of different lenders, which includes several marquee clients.   We treat our customer base as long-term partners and always strive to provide excellence in service; the new hires will help us to continually deliver on that promise." 

Part of OpenClose's rapid growth is the result of its recent development of a correspondent lending module, which is being used to help launch new correspondent channels or grow existing correspondent businesses.  The module can work as a standalone, turnkey solution or in conjunction with the LenderAssist LOS.  In addition, OpenClose’s wholesale lending solution has also generated significant revenue.

"The correspondent and wholesale components of our technology offering have been wildly successful and a major driver of OpenClose's growth over the past year," states Kelly.  "We want to make sure that we are well-staffed and have a solid infrastructure in place to effectively support clients.  Our plan is to keep adding personnel in an effort to manage company growth at a healthy, controlled rate."

Also key to OpenClose’s growth is its end-to-end lending solution that automates the retail, wholesale and correspondent business channels.   OpenClose’s LenderAssist LOS platform is in use by medium and large size lenders, banks and credit unions. 

“We’ve found that in a down market lenders have more time to evaluate and implement new LOS platforms,” stated Jason Regalbuto, CEO and CTO of OpenClose.  “Lenders are attracted to our LenderAssist LOS because it is highly configurable, flexible, scalable, feature rich, easy to implement and cost effective.  Our competitors fall short in most of these areas, which is serving us very well.”

Specifically, the addition of staff will largely focus on software development, solution implementation and technical support. OpenClose has offices in West Palm Beach, Florida and Seattle,Washington.  The company says most new hires will reside out of its corporate office in Florida.

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