Mortgage Loan Origination Software (LOS)

MBA Technology Conference: Sunny Concerns

Posted by Bill Mitchell on Mon, Apr 22, 2013

florida resized 600

I just spent a few days at the MBA Technology Conference in sunny Florida and walked away with some great learnings of some great new products and services. I also had and a few concerns.

Take for example my first sentence where I refered to "sunny Florida" but the weather was sketchy at best and last month was (almost) as cold elsewhere in the country. With that, it reminds me of the saying, perception becomes reality. And so those concerns I mentioned refer to the "sunny" description of those new products without testing them to know if they were truly "hot" or just "Hollywood"

Does your current loan origination software provider lead with “Image” or “Integrity”? For those lenders, banks, and credit unions considering a new technology / LOS solution, watchful consideration must be given to the product demo as well as what is to be delivered. Moeover, the service, as well as the character and reputation behind the company is on stage as well.

By getting to know more about the character of the leadership team (the two I’s) and longterm objectives of the provider, one may sleep better at night after due diligence is done.

Once substance replaces sizzle, then the real considerations begins. Despite what some of the eager vendors there said, there is no "one size fits all" when it comes to mortgage software. Every lender has unique needs and requirements and needs to find the right match for truly sunny days ahead.

Ask me more about mortgage software

Topics: Loan Origination software, Mortgage Software, LOS

Does Your LOS Have Advanced Analytics?

Posted by Frank Bocchino on Fri, Apr 19, 2013

Does Your LOS Have Advanced Analytics?


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.
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


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

Point A to B in a Loan Origination System

Posted by Frank Bocchino on Fri, Feb 22, 2013
Funding loans can be an involved -- often tricky -- process. But OpenClose's Web-based loan origination software can streamline your loan workflow through advanced automation rules. Going from Point A to Point B can be straightforward. 

Some LOS vendors say they're web-based but they're really just web-enabled and require additional software to communicate  That means transactions take more complicated routes, more time and are at more risk for errors. 

Funding loans may be complicated, but loan software doesn't have to be. 

New Call to action

Topics: Loan Origination software, Loan Origination system, residential mortgage software

Band aids won’t help that Loan Origination Software

Posted by Frank Bocchino on Thu, Feb 14, 2013

describe the image

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

OpenClose Mortgage Software Names Bill Mitchell as Vice President of Business Development

Posted by Frank Bocchino on Wed, Jan 23, 2013


WEST PALM BEACH, FL -- (Marketwire - Jan 15, 2013) - OpenClose has named Bill Mitchell as Vice President of Business Development. In this new position, Mitchell will market and sell Lender Assist mortgage software: the company's web-based, end-to-end, loan origination software to mortgage lenders, banks and credit unions.

Prior to OpenClose, Mitchell served a dual role as both Vice President and National Sales Manager at Mortgage Builder Software. There he managed a national sales team and was a driving force to the company's success, opening regional sales offices in Texas, Georgia, Arizona, North Carolina and Massachusetts. Before joining Mortgage Builder, Mitchell served as Regional Sales Manager for Fiserv-Del Mar Database. He began his mortgage software career as National Vendor Services Manager for West Palm Beach, Fla.-based Ocwen Technology Xchange.

"We'll be making a big push in 2013 to increase sales and awareness throughout the mortgage industry of our SaaS-based LOS, analytic dashboards, imaging, and consumer-facing websites, and Bill will be a large part of that charge," said J.P. Kelly, President. "He has a proven track record of accurately identifying prospects and new customers and educating them on the business improvements that can be made by implementing mortgage loan origination technology from a single vendor."

About OpenClose
OpenClose® is a pioneer of Software as a Service (SaaS) computing solutions for the financial industry since 1999. It provides a variety of Web-based for credit unions, banks, and mortgage lenders from loan origination software, loan pricing, website design and social media marketing. In 2010, the company released OpenClose Social: the first online social media management solution for credit unions, banks, and mortgage lenders. For more information about loan origination systems, visit OpenClose at You can also follow OpenClose@OpenCloseSocial


Topics: Loan Origination software, Mortgage Software, Loan Origination system, Mortgage Banking Software, credit unions, banks

Time to elect...a mortgage loan origination software

Posted by Frank Bocchino on Fri, Nov 09, 2012

 victor resized 600

The 2012 Elections are over. Will you be ready for the 2013 surge? 

If you're planning on upgrading your mortgage loan origination software next year then the time to start is here. Get started with us now, and depending upon your company size, we can have you up and running by the New Year. Now is the best time to select OpenClose.

Ours is an end-to-end solution for residential mortgages. If you fund 30 loans or more a month, OpenClose would save you money, time, while reducing human error. 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 game plan.

Ready to get started? Register for a demo at

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

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

Mortgage Software: Will it change you or will you change it?

Posted by Frank Bocchino on Tue, Oct 09, 2012

Mortgage Software Comparison

The typical residential lender can spend years refining its individual lending policies and procedures. And I can tell you that like snowflakes, no two are alike. A good loan origination system will be able to adapt to your way of doing business using workflows, defaults and custom fields. And not tie you to the software vendor’s limits that dictate how your business should be done.

A good loan origination system will be able to adapt to your way of doing business – not the mortgage software vendor’s way it feels business should be done. Every vendor will tell you they will try but some mortgage software companies with legacy systems simply can’t change as much as they might like to due to the software’s code and architecture. They get around this – or try to – by providing access to more third-party software vendors than you’ll ever need, conversion software that appears to make the change, custom Excel work sheets, just about anything without actually changing. Usually (not always) the newer the software, the easier it is to change as web-browser based software requires more of an open source structure.

This leads us to security so let’s get a few myths out of the way. First, the term “proprietary software” usually translates into “software code so antiquated and convoluted only we can change it.” There’s a successful mortgage software vendor that develops its software in a software language written 50 years ago and hasn’t been taught in schools in 30 years. Guess how much they charge to make a change? Second, there’s nothing’s more important to a credit union, community bank or mortgage lender than protecting the personal information of their members/customers.

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

Loan Origination system: mitigating the reality of risk

Posted by Frank Bocchino on Fri, Sep 14, 2012

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In business, we mitigate risk by doing due diligence, getting financials, assurances, service contract, etc. But as we reflect this week on the tragedy of 9/11 we deal with the sobering fact that true tragedy can happen despite when fail safes are put into place. And it happens in various degrees. It's not something we like to deal with until it we're forced to but then recovery can be slowed or even lost.

What happens if tragedy struck your business like a fire or flood? Or you’re sold, or go out of business? I know. Pretty harsh. Not very likely but it can and has happened.  Insurance will cover damages but what about irrecoverables -- like customer files. There's a lot you need to consider, but your loan origination system should not be one of them. 

When you use a web-based loan origination system, your critical data is infinitely more secure then on your premises. Think of it this way: a priceless pocket watch is safer in a bank vault than a sock drawer and priceless data is more secure on servers in a data center than on your servers. 

Natural disasters do happen, but what’s more likely are other changes your mortgage software company will make that won’t violate the contract but may cause great amounts of trouble. For instance, companies discontinue products or entire business lines. The women in my life tell me how their favorite shade of blush, or lipstick that they have used for years is just suddenly discontinued. Imagine if that was your mortgage banking software? Not pretty, so to speak.

Mergers usually mean product discontinuations. So ask those loan software companies what other businesses they are involved in. What’s their interest in other industries? Are they putting all their resources into their mortgage lending solutions or elsewhere? Where do they want to be five years from now? 

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Topics: Loan Origination software, Loan Origination system, mortgage software company

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