Topics: OpenClose Mortgage Software
Forbes has a great article Where Tech Is Taking The Mortgage Lending Consumer Experience. "The mortgage industry appears ready for some of the most sweeping updates, particularly with regards to their sales approach and process. New tools like online user platforms and machine learning will make it easier for lenders to guide borrowers through the origination process ..."
What have you done to improve the sales approach and process for customers in the digital mortgage? Just a website with some helpful hints just won't cut it any more.
Maybe it's time to take a look at new mortgage origination technology from a leading FinTech leader.
The majority of the loan origination systems (LOS) that are commercially available today have deficiencies and issues ranging from antiquated technology, an inability to scale, inflexible workflows, customization limitations, long implementations, require internal resources to maintain and additional issues.
ConsumerAssist™ enables you to place various tools and functionalities on your consumer mortgage lending website that puts the borrower in charge of searching for loans and provides them with various features to leverage. ConsumerAssist creates a highly attractive, straightforward and interactive experience for borrowers and can be conveniently 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.
Our customers don’t look at us as just a vendor, but as a long-term trusted technology partner that they can grow with. OpenClose’s LenderAssist™ LOS and other web-based mortgage software solutions are being leveraged in a variety of institutions, including mortgage banks, credit unions, community banks, conduit aggregators and other lending entities.
Nothing on the market comes close to our 100% multi-channel web-based LOS, highly responsive boutique-style customer support model, and flexible company structure. You’ll never be just a number at OpenClose. Contact us to learn more about our FinTech-level innovation and why our customers love us so much.
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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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.
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’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.”
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.”
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.
Profundity Communications, Inc.
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.
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.