Mortgage Software for Mortgage Bankers

Credit Unions Successfully Leveraging OpenClose LenderAssist™ LOS

Posted by Joe Bowerbank on Tue, Nov 07, 2017

LOS platform helps credit unions effectively manage the mortgage business, bringing newfound efficiencies to operations and further elevating member service levels

OpenClose®, a multi-channel loan origination system (LOS) and mortgage software solutions provider, announced that multiple credit unions are now using OpenClose’s LenderAssist™ LOS platform to automate the mortgage side of their businesses.

The company attended the American Credit Union Mortgage Association’s (ACUMA) annual fall conference being held at the Bellagio Hotel and Resort in Las Vegas on Sept. 24 – 27, 2017, which this year had a focus on new technology and digital mortgages.

OpenClose has been helping credit unions optimize the member/borrower experience, simplify their mortgage processes, improve efficiencies, maximize productivity, reduce costs and ensure compliance. Its end-to-end web and SaaS-based LOS can be configured to credit unions’ unique way of doing business.

Credit union implementations are swift, easy and are custom-configured by the OpenClose team. The onus of the implementation is performed by OpenClose along with comprehensive training and support. Maintenance of the LOS is completely handled by OpenClose, requiring no extra resources from credit unions.

“OpenClose treats customers as long-term partners, responding to enhancements and new functionality requests while always providing excellence in support and training,” said JP Kelly, president of OpenClose. “Our customers aren’t just numbers at OpenClose, as with so many other LOS vendors. This directly ties into the way credit unions service their members.”

The LenderAssist LOS creates a seamless workflow process that removes manual touch points, freeing employees up to devote more time to member service. Throughout the mortgage lending process, OpenClose checks for QM/ATR compliance, TRID compliance, Reg B, Reg Z, fee tolerance, and state and federal rules and regulations. Further, robust reporting and analytics document everything that transpires during the lending process for auditing and compliance purposes.

To better service credit unions’ unique needs, OpenClose recently joined the American Credit Union Mortgage Association (ACUMA), which provides resources and education to credit unions aimed at streamlining performance, processes and procedures for real estate lending services. ACUMA’s goal is to encourage credit unions to help more consumers get fairly priced and safe mortgage loans delivered locally, and in so doing, providing them with a pathway to the American dream of home ownership. 

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