Mortgage Software for Mortgage Bankers

Arch MI and OpenClose Announce New Integration

Posted by Joe Bowerbank on Tue, Aug 29, 2017

Arch MI and OpenClose Announce New Integration

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.” 

About OpenClose

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.   

Media Contacts:              

Arch MI

Greg Hare
+1 336-333-0416
ghare@archcapservices.com

Method Communications
Ramona Redlingshafer
+1 415-849-1322
ramona@methodcommunications.com

OpenClose

Joe Bowerbank
Profundity Communications, Inc.
+1 949-378-9685
jbowerbank@profunditymarketing.com

Topics: Compliance

The Sky's Not Falling. Your Mortgage Lending Profits Are.

Posted by Frank Bocchino on Thu, Jul 31, 2014

 

By most estimates, mortgage rates were expected to climb this year, with rates on the 30-year fixed-rate mortgage predicted to exceed 5%. Instead, rates are now lower than they were this time in 2013 — much to the advantage of mortgage shoppers.

Yes the rates will rise again, and the nature of the lending business. You can't control the rates from rising and falling, but you can better prepare for the demand. Many lenders overlook the one are that can help them reduce costs, control, spending, and maximize profits: their loan origination software.

What choices are your organization making? 
Are you taking advantage of the current rates with the most current lending software?  Open Close has developed a lending software that can stand the test of fluctuating markets. At a cost that won't break the bank.  

We encourage you to take a look at OpenClose. It’s the fastest, easiest, most compliant way to maximize profits today and tomorrow regardless if rates rise or fall.  Ask us how.

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Topics: Loan Origination software, Mortgage Banking Software, mortgage lender, Compliance

DocMagic and OpenClose Complete LOS Integration

Posted by Frank Bocchino on Wed, Feb 19, 2014

 

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DocMagic Inc. and OpenClose have jointly announced that the two companies have established a new seamless integration. The integration will allow users to access DocMagic’s services, including its full compliance suite for qualified mortgage (QM) and High-Cost loans, without ever having to leave OpenClose’s LOS.

“Both DocMagic and OpenClose are very progressive, innovative technology companies that have engineered true software-as-a-service (SaaS) applications, which work very well together,” said Dominic Iannitti, CEO of DocMagic. “We have many clients in common that can take advantage of our robust document system, eSigning and eDelivery functionality from within OpenClose. Establishing a tight, seamless integration with the LOS platform is a best practice that will serve our customers well.”

The interface with DocMagic allows OpenClose’s users to efficiently and compliantly handle the entire document preparation process directly from within their LOS, complete with eSigning capability, automatic eDelivery to borrowers and tracking. OpenClose’s LOS serves as the database of record, which prevents data inconsistencies between the two systems that can potentially produce inaccurate documents or information.

The interface is bi-directional and allows the two systems to communicate time sensitive, actionable information and tasks in real-time, thus speeding up the process. There is no re-keying of data and all relevant information returns to OpenClose’s system in full compliance with state and federal-based regulations as well as the Consumer Financial Protection Bureau’s (CFPB) new QM rule.

“Our clients count on us to keep them operating smoothly and in full compliance with document preparation and QM guidelines amid a highly fluid and challenging marketplace,” said Rob Pommier, SVP of business development and strategic alliances at OpenClose. “Put simply, this integration facilitates effortless automated orders, delivery and reception of compliant mortgage documents back into our system for imaging storage in a very easy and straightforward manner. Using the integration, our mutual clients don’t have to worry about being out of compliance with any document preparation and QM rules.”

Topics: Compliance, QM rules, DocMagic

OpenClose Expands Functionality to Better Serve CFPB Mandates

Posted by Frank Bocchino on Fri, Feb 14, 2014

OPenClose_Logo_02_13_14

OpenClose has announced that is has implemented the functionality necessary for lenders to adhere to the Consumer Financial Protection Bureau’s (CFPB) new Qualified Mortgage (QM) and Ability-to-Replay (ATR) rules. The company’s client base is successfully processing QM loans.

OpenClose began adding numerous lines of code to its LOS well in advance of the CFPB’s QM deadline of Jan. 10, 2014. While at the point-of-sale, the loan officer takes the 1003 application, selects a product, and clicks a QM button that returns a decision if it’s a QM or non-QM loan. If it meets QM guidelines, an evaluation report and ATR certification are provided for the lenders’ records. 

Once the loan has been decisioned, it seamlessly moves through OpenClose’s LOS workflow where the loan is continuously checked in the background on a screen-by-screen basis for any changes that affect QM requirements. If a change is detected, an alert appears on the screen that the user is working on, which provides a pass/fail indicator along with messaging as to why there was a QM fail so the user can address it and proceed.

Custom business rules can be configured within the LOS to meet lenders' specific workflow preferences and easily implement any new rules the CFPB introduces. As a result, lenders are able to turn on a dime and remain QM compliant given changes to guidelines or the introduction of new rules.

“A lot of technology vendors are just jumping on the band wagon and touting QM readiness,” said Rob Pommier, SVP of business development and strategic alliances at OpenClose. “But there are lots of changes to LOS code bases that vendors must design, implement and test before being rolled out into a production environment. That’s no easy task. It took us many months of development and making alterations to our graphical user interface (GUI) in order to ensure that our end-to-end system is what I term ‘bulletproof QM ready.’”

“The work that OpenClose has done to their LOS to meet QM rules has made our jobs incredibly easy,” said OpenClose client Colleen Thingelstad, director of real estate lending at Horizon Credit Union. “We don’t need to think; the system automatically does everything for us. It has literally saved us countless hours of work, and our investors are very comfortable with accepting the system’s finding s.”

OpenClose hasprovided a number of different training activities in order to effectively prepare its clients to utilize the added QM functionality to its LOS. This was accomplished using individual hands-on training, webinars and detailed supporting documentation. All of the company’s clients are fully ready to accept, process and deliver QM loans to investors, in full accordance with CFPB rules and underwriting guidelines.

Created on 06/07/12 at 11:57:33

Topics: Compliance, OpenClose, Ability-to-Repay (ATR), qualified mortgage

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