Mortgage Loan Origination Software (LOS)

Joe Bowerbank

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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.

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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

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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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