Mortgage Software for Mortgage Bankers

OpenClose provides web-based software solutions requiring no installs

Posted by Vince Furey on Tue, Sep 05, 2017

Multi-channel LenderAssist LOS is scalable and flexible


Many loan origination systems that are commercially available today have deficiencies and issues ranging from antiquated technology, an inability to scale, inflexible workflows, customization limitations and long implementations. During the dot-com era, OpenClose saw the need early on to develop purely web-based mortgage software solutions that require no installs whatsoever.

Openclose logo

The company sought to develop a product suite that would enable lenders to implement quickly, operate cost effectively and maximize their productivity. The result is LenderAssist — a true multi-channel, web-based LOS that is custom-configurable, scalable, flexible, easy-to-use and compliant. What’s more, OpenClose has a boutique-style, responsive business model for customer implementations, training and ongoing support which ensures that lenders will never be treated like just a number.

Unlike many mortgage software providers, the OpenClose platform was built from the ground up using the same code base and architecture design — and built by the same company. Many LOS providers attempt to create a comprehensive solution by roping together various best-of-breed integrations or simply by way of vendor acquisitions. However, these are all still disparate technologies, which often result in ongoing issues and challenges. In contrast, everything is native to the OpenClose system.

Openclose box

OpenClose’s multi-channel LOS is ideal for both small, medium- and large-size lending entities ranging from independent mortgage bankers to banks and credit unions. And, OpenClose’s OC Correspondent turnkey module is also leveraged by conduit aggregators to efficiently and compliantly buy quality closed loans.  

Because OpenClose can easily automate the retail, wholesale, correspondent and consumer direct business channels and workflows, it is increasingly capturing new business from lenders that have a need to quickly launch a new channel or turn off an existing one. The scalability and flexibility of the system has attracted lenders that are closing thousands of loans each month. 

Lenders used to dealing with larger companies are also pleasantly surprised by the level of customer service OpenClose provides to its customers.

“Our boutique-style customer support model is highly responsive, providing personalized attention. Unlike some other vendors, many of which have been acquired by large organizations, OpenClose staff is easily accessible. We pick up the phone when users call,” Vince Furey, senior vice president of lending solutions at OpenClose, said.

And OpenClose handles the onus of implementation and system configuration for customers, with a rapid 60 to 90-day implementation timeline, depending on the number of configurations and third-party integrations. 

OpenClose has grown exponentially over the past several years, with revenue growth of 30% from 2015 to 2016. 

“The biggest game-changer for our customers is that the platform has multi-channel capability and is completely web-based, thus requiring no installs,” Furey added. “This is a huge advantage for OpenClose customers.”

Originally appeared in HW Magazine

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