Mortgage Software for Mortgage Bankers

Mortgage Origination Made Easy for Hedge Funds

Posted by Frank Bocchino on Fri, Jan 22, 2016

HF.pngHedge Funds across the country are taking advantage of the opportunities now available in residential mortgage lending. Are you?

OpenClose offers Hedge Funds mortgage lending software that can stand alone or work alongside our loan origination software. It is an All-in-One Correspondent Investor Solution with comprehensive whole loan purchase workflow that can be “out-of-the-box” or custom configured.

  • Robust Seller Portal Provides Superior Seller Experience
  • Real-time Pipeline Dashboard
  • Powerful decisioning capability ensures loans meet pricing & eligibility requirements
  • Comprehensive lock desk functionality
  • Automated Cure Conditioning and Purchase Advice Workflow
  • Non-Delegated and Delegated Workflow Options
  • Paperless Environment with Full Document Management and Imaging Functionality
  • Real-time Compliance Monitoring
It's 90 Days Sign to Live. Contact us now to find out more!
Learn About our Hedge Fund Package

 

Topics: Loan Origination software, LOS, Loan Origination, hedge funds

OpenClose a hit at MBA Annual 2015 in San Diego

Posted by Frank Bocchino on Mon, Oct 26, 2015

The MBA Annual 2015 in San Diego was a big hit this year. The expo continues to gtrow each year showing a strong mortgage industry.

Compliance and TRID were the hot topics at the conference as expected. And it was no big surprise that the search for loan origination software that was compliant with all the regulations.

OpenClose was showing its 100% web browser-based, multi-channel LOS with wholesale, retail, and correspondent options.

Here's what other lenders said their top reasons for choosing OpenClose:

· Flexible workflow with the ability to add custom work queues
· Enhanced reporting and dashboards (OC Optics)
· Managed pricing with more than 60 Investors included in the LOS
· Imaging and document management
· System-to-system integration with top Document providers

Thanks to all who attended! Missed us?Just fill out a form and we'll call!

New Call to action

 

Topics: LOS, mortgage lender, Loan Origination, Mortgage Banks

Is Your Web-Based Loan Origination System Truly SaaS? Part 3

Posted by Frank Bocchino on Fri, May 16, 2014

MortgageOrb recently interviewed JP Kelly, President of OpenClose to learn more about the changes and challenges currently facing LOS providers.

This is the final installment of a three-part series.

describe the image

Q: When selecting a new LOS platform, what steps should lenders take to perform adequate due diligence before engaging with an LOS vendor?

Kelly: After the crash, many lenders bought just enough technology to "get by," as they didn't know if they would be in business for the long haul. But in today's market, smart lenders are looking five-plus years out. An LOS implementation is a big deal and can be very disruptive to operations - if the wrong vendor is selected. Different LOS platforms are suited for different types of lenders and their specific workflows.

In general, I recommend that lenders do not just let one or two functional areas make the buying decision. Involve all areas. How will the new LOS affect production? Underwriting? Processors? Secondary marketing? Servicing? IT and support? How does it function within each business channel from retail to wholesale, correspondent, consumer direct? What is the bottom line return on investment from the chief financial officer's perspective?

Involving all functional areas is key to making the right decision - the first time. You should approach buying and LOS using a committee-level decision-making process. Look for a long-term LOS partner, not a vendor with which you'll potentially become "just another number."

We all know the usual request for information/request for proposal-type questions to ask. But other "above and beyond" questions to ask include:

  • Look at how long the vendor has been in business. Longevity is a good sign. How long has its core application been in use? Is it contemporary or elderly? Too old of an application could mean that there are issues with antiquated code bases. On the other hand, too young means the application probably isn't mature and may not be fully proven.
  • Is the vendor a continual innovator? How many new solutions has it recently launched? What is on its product development and enhancement road map? This will give you an idea as to what's to come if you were to engage. Many are just working to stay abreast of new compliance rules, which stifles innovation.
  • Does the LOS use multiple code bases that have been married together by way of acquisitions? How many integrations does the LOS have? If it partnered with too many other vendors, it probably isn't a very good interface. And it can make your LOS provider resource challenged to successfully support it.
  • How scalable is the software and how flexible? The application needs to be proven to handle an increase in volume given lender growth. And, it needs to have the flexibility and configurability to morph to a lender's unique business model and workflow. What are is customer sizes and profiles like - and how does scalability and flexibility apply?
  • A good, mature, robust LOS should address all business channels. Make sure the system does this and does it well. You don't want to be a wholesale and/or retail lender, as an example, and later decide to perhaps launch a correspondent or consumer direct channel, only to find that the system wasn't built for it.
  • It's also important to look at the length of tenure and experience of the vendor's developers, architects and support staff. Are they loaded with technical experience and do they possess a deep understanding of the mortgage process, having worked at multiple organizations? It counts.
  • What is its customer support like? What are its average response and resolution time frames?
  • What's their average implementation time frame, specifically for a company similar to your size?
  • Corporate structure and management is important. Ask for the vendor's organizational chart and management team experience. Does it have well-established functional areas? It's indicative of how well it operates internally. Some vendors are run by just a few owners that don't take input from other senior executives, and thus do not employ any. This should send up a red flag.
  • Are there any lawsuits pending? If so, why? What is the nature of the litigation?


It goes without saying, but don't just let a vendor give you a canned sales-centric solution demo. Watch its team run a loan through the system from start to finish. Put yourself in the driver's seat.


Q: What do you see on the horizon in the next 12 to 18 months in the LOS space?

Kelly: That's an easy one. First, we'll clearly have more compliance rules and regulations to implement. Not just for LOS vendors, but all mortgage technology providers. Second, we're going to start to see some consolidation. Profits are pinched for lenders - and consequently they will also be for vendors. Those providers that aren't well-capitalized will look at selling options. There is money sitting on the sidelines awaiting bargain-buying opportunities.

Topics: Loan Origination software, Loan Origination system, Mortgage Banking Software, Mortgage Loan Origination software, Loan Origination

Is Your Web-Based Loan Origination System Truly SaaS? Part 2

Posted by Frank Bocchino on Thu, May 01, 2014

OpenClose President, JP Kelly

MortgageOrb recently interviewed JP Kelly, President of OpenClose to learn more about the changes and challenges currently facing LOS providers.

This is the second of a three-part series.

Q: There is a lot of ongoing talk about what truly defines a Software-as-a-Service (SaaS)-based LOS platform. Can you weigh in?

Kelly: By definition, SaaS is a software distribution model in which applications and associated data are centrally hosted by a vendor, typically in the cloud. With SaaS, there is nothing for an organization to install in terms of software applications or data hosting.

As it relates to LOS platforms, once the mortgage industry no longer had an appetite for self-hosted and self-managed applications (which were expensive), had lengthy installs, required significant IT resources, and were onerous to maintain, the use of SaaS terminology became popular among mortgage technology vendors.

Many vendors that claim to be SaaS term their systems "Web-based" or "Web-enabled." This generally translates to there being some sort of an install on the client’s side. A truly SaaS-based LOS platform, however, is 100% accessible via a Web browser - from any computer, anywhere, and without installed software. Web-based/enabled (non-SaaS vendors) must rely on installed applications to extend their applications to the Web, such as Citrix.

There are a lot of LOS platforms in the mortgage industry that do not have a true SaaS model but lay claim to it anyway for the sake of sales and marketing purposes. There aren’t very many true SaaS LOS vendors for lenders to choose from. True SaaS offers faster implementation, reduced costs through little to no upfront investment for new servers and infrastructure, seamless automated updating, virtualization and reduced need for internal support.

Q: How are LOS vendors working with other vendors and lender clients to address the sea of ever-changing compliance rules and regulations in today’s highly fluid marketplace?

Kelly: It’s very hard for Loan Origination System vendors that developed an end-end-end platform using different code bases to produce a seamless workflow and offer lenders full control over their data, and hence compliance. Once you have too many code types, databases and/or integrations involved you’re going to encounter issues. When it comes to compliance in today’s market, it’s like a mish-mash of poorly paired food groups and wrong ingredients - a recipe for disaster.

An end-to-end LOS vendor has the ability to better control data across a seamless workflow. At our company, we developed automated compliance monitoring functionality. This enables us to track things such as, for example, potential ability-to-repay/qualified mortgage (ATR/QM) compliance issues where we provide instant change of circumstance notifications to our clients. With the best-of-breed approach, you often have a lot of chefs in the kitchen all doing things a bit differently. Our approach is streamlined compliance monitoring across our clients’ specific workflows within our LOS.

Topics: Loan Origination software, Loan Origination system, Mortgage Banking Software, Mortgage Loan Origination software, Loan Origination

Is Loan Origination Software on Your Resolution List?

Posted by Frank Bocchino on Wed, Jan 08, 2014

images

We all make resolutions for ourselves come the New Year, but what about a New Year's resolution for our lending business? 

That's another way of looking at budgets I suppose, but we tend to look at budgets to add to what we have rather than change it. And resolutions are about change.

Maybe you've been relying upon the same software vendor for years? Maybe they've been promising to improve or to add those features you need year after year but never do?

Is Loan Origination Software on your resolution list? It should be. And finding the best mortgage software can be difficult. 

We suggest you take a look at OpenClose. It has been developed to change with the market and for a growing mortgage banker.

New Call-to-Action

Topics: Loan Origination software, Loan Origination system, Mortgage Banking Software, Mortgage Loan Origination software, Loan Origination

Your Loan Software Should Be Easy to Use. This Easy.

Posted by Frank Bocchino on Fri, Sep 27, 2013

Some LOS vendors would have you believe that having a comprehensive solution means a complicatedsolution. It's simply not true. Nor are cramped screens, non-compliance and 1980s technology "necessary evils."

Lenders who use OpenClose get a simple solution to their complex  banking operations. It's a better way to think about the loan process where everything you need is securely at your fingertips.

OpenClose is all Web-based, proven, and integrates faster than any comparable system. 

Need help finding a new loan management system? Read our eBook!

 

Download our whitepaper

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

LenderAssist™ loan origination software

Posted by Frank Bocchino on Thu, Sep 12, 2013

LOS Websites Pricing Social top

LenderAssist™ loan origination software keeps going where most other mortgage software vendors leave off. Our LOS provides mortgage banking functionality, document imaging, underwriting, secondary marketing, shipping and accounting, and post closing software. Our mortgage origination software is 100% web-based and provides the individual user with only the tools they need. Management loves the functionality, employees love the speed and ease of use. It's one multi channel software that adapts to any and all of your business channels: wholesale, retail, and correspondent.

LenderAssist™ doesn't make you change the way you do business, it makes the way you do business easier, faster, with less mistakes. We're sure you've never used an LOS that was easier, faster, or more reliable.

  • fully Web-based, end-to-end loan solution
  • secondary marketing and post closing tools included
  • integrates with our loan pricing engine
Download our eBook on Correspondent Lending
New Call-to-Action

Topics: Loan Origination software, Loan Origination system, Mortgage Loan Origination software, Loan Origination

Who's leading the LOS charge, coach?

Posted by Frank Bocchino on Thu, Sep 05, 2013

babyplayer

 

Next week Football season begins --  and so does loan origination software (LOS) season.

Many lenders use the fourth quarter to select a vendor to lead their charge in mortgage technology. Many vendors say they  "can" and "will" but if you ask around, you'll find few have the experience. We're not just software vendors, we're teammates leading the charge through experience. 

At OpenClose, we know that a successful integration requires teamwork and experience. We like to think of ourselves as affordable superstars. We pioneered the Web-based mortgage yet our technology remains on the cutting edge.  Many of our employees are ex-mortgage bankers themselves. That's why the transition to a new LOS runs smoothly, from sales to implementation to support.

Download our LOS Buyer's Guide FREE!
 

Click me
  

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

Band aids won’t help that Loan Origination Software (LOS)

Posted by Frank Bocchino on Fri, Aug 16, 2013
 
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 .  
 
 
 
Facebook
Facebook
Twitter
Twitter
LOS Website
LOS Website

Topics: Loan Origination software, LOS, Loan Origination

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

New Call to action

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

Subscribe to Email Updates

Posts by Topic

see all