Mortgage Loan Origination Software (LOS)

Band aids won’t help that Loan Origination Software

Posted by Frank Bocchino on Thu, Feb 14, 2013

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Some loan origination software vendors use technology "band-aids" -- short cuts that mask the problems temporarily until something else breaks. That's because adding new functionality to old software is often too costly, too time consuming, or downright impossible.

Whether it's adhering to new compliance laws or adding custom functionality, OpenClose's all Web-based technology  makes changes that make your LOS better -- not buggier .  


Topics: Loan Origination software, Loan Origination system, LOS, bank loan software

One last Holiday gift: residential mortgage software

Posted by Frank Bocchino on Wed, Dec 19, 2012

images 1 resized 600Done with your Holiday shopping? Time to add one more item: residential mortgage software. If you are planning a change in 2013, there's still time to see OpenClose and take advantage of the 2012 pricing.

Get started with us now, and depending upon your company size, and we can get you on the implementation schedule for early next year.   

If you fund 30 loans or more a month, OpenClose would save you money, time, and costly errors. Whether you're a bank, lender, or credit union, utilizing OpenClose -- an all Web-based solution from loan pricing through post closing -- is a good New Year's resolution. Register for a demo


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Topics: residential mortgage software, bank loan software

Bank loan software: Beginning the search

Posted by Frank Bocchino on Fri, Jul 06, 2012

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According to data released yesterday by Freddie Mac, mortgage rates continued to decline with the 30-year fixed-rate average reaching a record low in 10 of the past 11 weeks. The 30-year fixed-rate average fell to 3.62% -- that's down from the 4.6% from just a year ago.

How has your bank reacted to the news? Many community banks and credit unions were accustomed to offering just car, boat, and home equity loans to their customers and members for years. Now, however, those same potential borrowers are looking for residential home loans and are turning to those lenders they trust.

This has prompted many lenders to seek out bank loan software to accommodate those clients and members to provide them with their home mortgage needs. But to their surprise the search has been anything but simple.

The problem is the vendors they've used for years for their banking technology simply don't offer residential mortgage software.  And the few that do may offer partial functionality like a 1003 form. So bankers are forced to educate themselves on mortgage software companies  and that can be a very daunting task.

When starting your search for bank loan software there are a few key things to ask. First, is the solution scalable -- meaning will it grow with your organization in the good times and scale down in the lean times? Second, is it accessible from any computer from a web browser? So many solutions require certain hardware and networking solutions. Finally, what is the support system in place? Will you be trained, do they offer a live help desk, etc.

Start with these questions and you'll be able to make better sense of what could be an overwhelming task of selecting a bank loan software.

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Topics: mortgage software companies, bank loan software

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