Mortgage Software for Mortgage Bankers

Citigroup Courting Correspondent Lenders: Are You On Board?

Posted by Frank Bocchino on Thu, Jun 05, 2014

Citigroup Inc.  is seeking to increase its U.S. mortgage business, partly by increasing purchases of home loans from other firms, according to Jane Fraser, who oversees the lending. The effort to expand Citigroup’s share of a market curbed by higher interest rates, consumer aversion to debt and new regulations will include a renewed focus on buying mortgages from correspondent lenders, Fraser said. It plans to use its balance sheet to hold loans as part of the push, she said.

What about your organization? Are you atking advantage of the burgeoning correspondent lending business? 

OpenClose has developed a great correspondent lending guide on what you need to know including the pitfalls and tips.

Download the free eBook here.

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or if you're ready to see the software, click here:

Correspondent lending

Topics: Loan Origination software, Loan Management Software, correspondent lending, correspondent banking, correspondent lenders

IDS Integrates Mortgage Closing Docs, Compliance Software with OpenClose LOS

Posted by Frank Bocchino on Wed, Nov 13, 2013
SALT LAKE CITY, Utah, Oct. 28, 2013 (SEND2PRESS NEWSWIRE) -- IDS, a nationwide provider of mortgage documents and compliance, announced today an integration of its mortgage document preparation system, idsDoc™ with OpenClose's LenderAssist™ Web-based, mortgage banking and loan origination software (LOS).

OpenClose users can now select the IDS documents they require, and are provided with the desired compliance and/or closing documents through a customized, easy-to-use interface. IDS safeguards inter-system data transfers in an effort to avoid data inconsistencies and the regulatory penalties that can follow. Documents are returned moments later and posted on a secured password protected web site or sent electronically. OpenClose users generate disclosures and closing documents through IDS without leaving the system.

"The link between LOS and doc prep has become mission-critical, as lenders seek to safeguard data integrity and maintain compliance while preserving the efficiency that technology provides," said Mark Mackey, executive vice president at IDS. "Through this integration, our mutual customers will be able to seamlessly create fully compliant mortgage documents and can be assured that the data behind those docs has not been compromised."

"IDS solutions are on the cutting edge of compliance and closing doc provision," says Rob Pommier, senior vice president business development, OpenClose. "The focus on data integrity from regulatory agencies requires seamless integrations for transfer of data between systems with no room for error. IDS is leading the charge to enhance and safeguard mortgage origination for lenders while expediting the process."

About OpenClose:
OpenClose­ is a pioneer of Software as a Service (SaaS) computing solutions for the mortgage industry since 1999. OpenClose, built in modern (.NET) technology is supported by mature, service-over-sales approach delivery. It provides a variety of Web-based residential loan origination software solutions for credit unions, banks, and mortgage lenders. For more information about loan origination systems, visit OpenClose athttp://openclose.com/industries/lending/los.aspx.

About IDS:
IDS, founded in 1986 in Salt Lake City, Utah, is a nationwide provider of mortgage documents and compliance. IDS services include closing documents, initial disclosures and fulfillment. The IDS flagship doc prep solution, idsDoc, is recognized in the industry for its ability to be customized to meet specific lender needs. IDS backs the system with unsurpassed customer service, cutting-edge technology, compliance and document guarantees, and a solid compliance team. Lenders looking to move forward when it comes to doc prep can visit the IDS website at http://www.idsdoc.com/ or call 800.554.1872.

Topics: Loan Origination software, Loan Management Software

OpenClose: First Quarter right on track

Posted by Frank Bocchino on Thu, Apr 25, 2013

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OpenClose had one of its best years in sales while continuing to enhance its product offering to meet the needs of the residential mortgage banking industry. Perhaps the greatest testament to our mortgage software and service is that many of our customers’ contracts came up for renewal last year and all re-signed.

Keeping compliance in the forefront, OpenClose has continued to make the loan process easier to use across platforms. Most notably it released OC Optics: a new Enterprise Reporting System that combines configurable management dashboard tools with a powerful graph and reporting solution to be used with its loan origination software. 

A matured LOS, OpenClose continues with the spirit of innovators and continued to make strides in burgeoning areas through our social media management software as well as a being a recognized as a financial social media influencer through our blog.  According to one recent study, about 52% of U.S. adults now use social media - 81% of people ages 18 to 24, 67% of 25-to-34-year-olds and 59% of 35-to-44-year-olds. In the next 5 years 70% of mortgage originations will come from Gen X and Gen Y consumers.  OpenClose anticipates the needs of the industry rather than waits to catch up.

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Topics: Loan Origination software, Loan Management Software, Banking Software, social media, OpenClose

Does Your LOS Have Advanced Analytics?

Posted by Frank Bocchino on Fri, Apr 19, 2013

Does Your LOS Have Advanced Analytics?

BY TONY GARRITANO APRIL 18, 2013

TonyGAs the LOS war heats up, smart vendors are looking to incorporate analytics into their core offering. For example, I learned that origination vendor OpenClose has launched the latest version of OC Optics, a loan production analytics and reporting solution. OC Optics relies on the proactive approach to loan management reporting. It can easily be configured to automatically send out reports to each department or employee based on job function. Now originators, processors, underwriters, secondary, through post closing can get only the reports they need. Here’s how it works:

The data analytics management module for its loan origination software includes analytics and enhanced reporting for any mortgage banking channel. The new OC Optics release, which includes scorecards, report building, and power-packaged reports for busy banking executives, comes fully implemented and is instantly accessible from a Web-browser.

It accesses the entire loan database and boils it down to only the pertinent info and allows advanced scheduling, automatically delivering reports it at the desire times. Authorized users can schedule reports daily, weekly, monthly, to be delivered to users, department heads, managers, to have them waiting on their desks.

Want to see which employees or branches, or even loan products aren’t pulling their weight? The new scorecard feature tracks, analyzes and ranks like a stock analyst or a sports franchise might. Need to check reports of loans about to expire, but get bogged down with other work? The new power-packed reporting let’s you choose exact data you need, posts it in your dashboard in a chart, sends it to you in an email, allows your to download it as raw data, an Excel chart, etc. Prepackaged power reports come standard. Edit colors, chart type and a variety of key performance indicators to match products, divisions, etc.

The other major competitive advantage with OC Optics is that it comes installed and integrated for its loan origination users with all the data mapped and analyzed. The implementation period is done in a matter of days at a greatly reduced, simplified step.

“As the loan origination and funding industry becomes more complex, the need for simplification in the loan software industry has come to the forefront,” says JP Kelly, OpenClose president.  “The lenders we talk with want compliant and comprehensive solutions that are easy for all their employees to use. Our latest release of OC Optics with its scorecards, and power report building, does just that. It’s fully integrated into the LOS. That means there can be no implementation nightmares, no delays, and no mapping errors. Just the reports they need when they need them.”

OC Optics utilizes web-based technologies, designed to allow organizations to consolidate information from multiple data sources (e.g. loan origination, servicing, accounting) into a single, graphical view of the organization. From the dashboard, users are always just a click away extracting critical information into a Microsoft Excel workbook for further analysis or saving reports as PDF documents for distribution. The system is accessible via a web browser, tablet device or smart phone.

In the market today some lenders are trying to cobble together output from loan origination systems, spreadsheets and separate risk management tools in an attempt to analyze their loan production. OC Optics brings it all together in a single web-based solution, combining reporting from all areas of the organization.

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

Topics: Loan Origination software, LOS, Mortgage Loan Origination software, Loan Management Software

Margins Squeezed by loan origination software vendor?

Posted by Frank Bocchino on Wed, Mar 27, 2013
 

Your Margins Are Getting Squeezed. Again.


Your loan origination software vendor may be increasing their profits by raising transaction fees on third-party services (docs, flood, credit, fraud, etc.). Some of which, they may own. But every LOS vendor does that right? Uhm, no.
 
OpenClose is a mortgage banking solution that lets you choose from a variety of independent third party interfaces. Whether its a per loan price or a flat monthly fee, your price is your price. Learn what makes partnering with us so different. Find a better LOS. Find a better LOS company.
 
 
 
Facebook
Facebook
Twitter
Twitter
LOS Website
LOS Website

Topics: Loan Origination software, Loan Management Software, Banking Software

Loan Origination: Is it tomorrow ready?

Posted by Frank Bocchino on Mon, Mar 18, 2013

future pic

 

“Is your LOS prepared for todays as well as tomorrow’s market?” 

 OpenClose delivers modern and mature, forward thinking tools that enable mortgage bankers to make better decisions.  

 

·         Client Server, Web enabled or Web based / browser

·         Nonintegrated web sites or Integrated Consumer facing sites

·         Old code or .NET

·         Multiple clicks or one click access

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Topics: Loan Origination software, Loan Origination system, Loan Origination, Loan Management Software

Mortgage Banking Software: Only two choices

Posted by Frank Bocchino on Mon, Feb 18, 2013

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Integration and training are often the biggest regrets lenders have after selecting a loan origination software vendor. Integration with older software can take forever while new systems don't have a track record on what can happen down the road.

OpenClose is all Web-based, proven, and integrates faster than any comparable system. So really you only have two choices: the hard way, or OpenClose: the easy way.  

  • Easy to integrate 

  • Easier to Use

  • Hard to Beat

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Topics: Mortgage Software, Mortgage Banking Software, Loan Management Software

It's loan software: not rocket science

Posted by Frank Bocchino on Thu, Aug 16, 2012

Loan management softwareWe know that creating loans is not as simple as it used to be -- but come on.  It's not rocket science.

Some of our competitors would have you think a lending solution is overly complex.  Their loan software confuse and frustrate users. Their technology may be  “complete” (which is good) but they're so complicated you need a Masters in Physics to figure out how to pull credit, edit the 1003 or move a loan through your workflow (that's bad). Solutions need to be comprehensive, intuitive and easy or no one will use them.

OpenClose provides a complete, end-to-end Web-based loan software solution for banks, credit unions, and lenders. It's one seamlessly integrated solution, created by one vendor. The back-end functionality provides you with all that you need through post closing, while the front end is simple, intuitive and compliant for originators. It includes a custom consumer-facing website, program eligibility and pricing engine and complete document management and imaging system. All developed in-house by OpenClose. Give us a call.

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Topics: Loan Management Software, loan software

It's loan management software -- not rocket science

Posted by Frank Bocchino on Tue, Jun 19, 2012

We know that creating loans is not as simple as it used to be -- but come on.  It's not rocket science.

Yes, the loan management business can be challenging. There are multiple offices, perhaps thid-party originators, and the need to view all the loans in the company pipeline, not just those in the corporate office.

And there are a lot of "hands in the pie" with each department needing their own way to manage.

But let's be honest, it's a process that's been done  for years long before the computer age. So why would so many mortgage software vendors have you think a mortgage banking solution need be overly complex?  Their technology may be  “complete” (which is good) but they're so complicated you need a Masters in Physics to figure out how to pull credit, edit the 1003 or move a loan through your workflow (that's bad). Their systems confuse and frustrate users.

Solutions need to be comprehensive, intuitive and easy or no one will use them. OpenClose provides a complete, end-to-end Web-based solution for banks, credit unions, and lenders. It's one seamlessly integrated solution, created by one vendor. The back-end functionality provides you with all that you need through post closing, while the front end is simple, intuitive and compliant for originators. It includes a custom consumer-facing website, program eligibility and pricing engine and complete document management and imaging system. All developed in-house by OpenClose.

Click me

Topics: Loan Management Software, loan software

Why does Loan Management Software require so much management?

Posted by Frank Bocchino on Wed, Jun 13, 2012

loan management software

Why is it that Loan Management Software always seem to require someone to manage it full-time?

If you're like most residential mortgage lenders, your financial institution is using a variety of vendors and mortgage software solutions to manage. Each department has it's own software because it has the functionality that they need to do their job. The problem is communication -- not only between departments but between the software. Chances are they were all written in different software languages, perhaps some written for a pc, others for a main frame, and others for the web.

But as a wholesale lending manager or president of a bank, credit union, or mortgage company, you just want one system to do it all. One Loan Management system that allows any and every department to access what they need when they need it.

"Why didn't the loan close?" If the answer to this most common question is because a file was missing or the wrong form was sent the answer may be in the software and not employee oversight.

With OpenClose lending technology, all of the required forms over the course of a loan -- from origination through post closing -- can be automated. This allows management to track the progress and prevent oversights. And since the technology is all web-based, everything is accessible from secure connections. In short, total accountability is just a click away.

 Created on 06/07/12 at 11:57:33

Topics: Mortgage Banking Software, Loan Management Software

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