Mortgage Software for Mortgage Bankers

New LOS Integration To Optimize Loan Hedge Positions For Lenders

Posted by Frank Bocchino on Fri, Jan 27, 2017

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OpenClose an enterprise-class, multi-channel loan origination system (LOS) provider, and Mortgage Capital Trading, Inc. (MCT), a mortgage hedge advisory and secondary marketing technology firm, have developed an integration that eliminates manual intervention and streamlines the delivery of loan data to maximize hedging for lenders.

Read the full story

 

Topics: LOS

OpenClose President JP Kelly Named to HousingWire’s 2016 Vanguard Award List

Posted by Joe Bowerbank on Fri, Jan 06, 2017

WEST PALM BEACH, Fla., Dec. 22, 2016 (SEND2PRESS NEWSWIRE) — OpenClose, an enterprise-class, multi-channel loan origination system (LOS) provider, announced that HousingWire honored its president, JP Kelly, with its second annual Vanguard Award. The list recognizes highly successful executives who are making a positive difference in their respective fields across the mortgage industry.

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“The HW Vanguards continued to impress going into its second year; the winners are second-to-none and this list represents the finest cross section of mortgage talent available,” said Jacob Gaffney, HousingWire editor-in-chief.

Winners were comprised of demonstrated leaders in the housing industry, achieving success that has impacted not only the members of individual organizations, but also the entire industry. The program recognizes C-level and business unit executives who have become leaders in their respective fields within housing and mortgage finance — those whose leadership is moving markets forward, each and every day. HousingWire states that it sets an extremely high bar for choosing its second annual list of HW Vanguards, which is a very competitive contest.

Key reasons that Mr. Kelly made the Vanguard Award list is the immense success that OpenClose has been experiencing with its multi-channel LenderAssist™ LOS and turnkey OC Correspondent™ module. Under Mr. Kelly’s leadership, OpenClose continues to grow at a rapid rate with lenders, banks and credit unions adopting its comprehensive LOS platform that fully automates all lending channels. The company also has a significant number of mortgage lenders and conduit aggregators that started leveraging its correspondent technology.

Several industry LOS technology studies and surveys have repeatedly scored OpenClose as being a leader in successful implementations, ease of system use, depth of functionality, innovation, responsive technical support, overall satisfaction, and customer retention, among other areas.

“I am honored to have been chosen as a Vanguard Award winner; it speaks volumes about the success OpenClose has had in recent years,” stated JP Kelly, president of OpenClose. “We have been at the forefront of web-based LOS technology since our inception in 1999. The impetus behind OpenClose’s success is really the result of our extremely dedicated, passionate, customer-focused employees who possess both mortgage lending and mortgage technology experience.”

Vanguard Award Stats:

  • 40 winners in total
  • Second annual list
  • Winners were chosen by the HousingWire editorial board based on tangible leadership within their companies and the industry at large
  • All winners are executives, most being of the C-level suite
  • 23 of the winners serve as president or CEO of their company
  • The list also includes a COO, an executive director, a division president, seven EVPs and an SVP
  • Eight of the winners are the founders of their company.

About OpenClose:
Founded in 1999 and headquartered in West Palm Beach, Florida, OpenClose® is a leading multi-channel loan origination system (LOS) provider that cost effectively delivers its platform on a software-as-a-service (SaaS) basis. The company provides a variety of 100 percent browser-based solutions for lenders, banks and credit unions.

OpenClose’s core solution, its LenderAssist™ LOS, 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 comprehensive automation and compliance adherence. For more information, visit www.openclose.com or call (561) 655-6418.

About HousingWire:
HousingWire.com is the leading independent source for news, commentary and analysis covering the entire mortgage banking and financial markets. Staffed by a core team of experienced journalists and editors, HousingWire.com delivers breaking news and opinions on U.S. housing and mortgage finance. HousingWire.com has a well-developed reputation for delivering today the news other trade outlets will be reporting on tomorrow — and our readers value the information they get from www.housingwire.com first.

Topics: LOS

OpenClose Releases New Mobile and Online Tools for Borrowers with Enhancements to its ConsumerAssist Solution

Posted by Joe Bowerbank on Tue, Nov 15, 2016

WEST PALM BEACH, Fla., Nov. 15, 2016 (SEND2PRESS NEWSWIRE) — OpenClose, an enterprise-class, multi-channel loan origination system (LOS) provider, announced that it has redesigned and added new features to its borrower-facing ConsumerAssist™ solution to deliver exceptional online and mobile point-of-sale tools.

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The enhancements to ConsumerAssist creates a highly attractive, straightforward and interactive experience for consumers. ConsumerAssist can be accessed via the web or any mobile device, providing portability and accessibility at any time and from anywhere. This results in an increase in leads and a decrease in production costs.

As a borrower completes an application from any device, alerts are triggered in real-time that are sent to the lender for quick follow up by a loan officer or customer service representative. Lenders can then immediately engage the borrower, quickly answer questions and start the sales process. This significantly improves lead capture and conversion rates, resulting in more closed loans and greater profits. The features of ConsumerAssist can be customized to a lender’s unique specifications along with branding for both branch and loan officer web pages, as well as mobile applications to create a more personalized experience.

“In today’s competitive mortgage marketplace, customers are seeking new ways to attract borrowers and to do more with less while maintaining high service levels,” said Jason Regalbuto, CEO and CTO of OpenClose. “ConsumerAssist is ideal for lenders looking to add a high impact web and mobile presence that provides an outstanding consumer experience. The solution allows visitors to start the lending process themselves without having to first speak to a loan officer. At the end of the day, ConsumerAssist is about increasing leads and decreasing origination costs for lenders.”

Lenders also have the flexibility to offer on-demand program eligibility and pricing for borrowers by leveraging OpenClose’s DecisionAssist™ product and pricing engine (PPE), which instantly returns decisioning at the point-of-sale. OpenClose’s team of mortgage specialists maintain an extensive library of up-to-date investor programs, guidelines and pricing for its customers.

ConsumerAssist can easily be added to a lender’s existing website and is integrated with OpenClose’s LOS, LenderAssist™. It also has the capability to integrate with customer relationship management (CRM) software and other third party applications. The set up timeframe for ConsumerAssist can be customized and implemented in as little as 30 days.

About OpenClose:

Founded in 1999 and headquartered in West Palm Beach, Florida, OpenClose® is a leading multi-channel loan origination system (LOS) provider that cost effectively delivers its platform on a software-as-a-service (SaaS) basis. The company provides a variety of 100 percent browser-based solutions for lenders, banks and credit unions. OpenClose’s core solution, its LenderAssist™ LOS, 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 comprehensive automation and compliance adherence.

For more information, visit http://www.openclose.com/ or call (561) 655-6418.

MEDIA CONTACT:
Joe Bowerbank
Profundity Communications, Inc.
949-378-9685
jbowerbank@profunditymarketing.com

Topics: LOS

Colony American Finance Now Using OpenClose’s LOS

Posted by Joe Bowerbank on Tue, Aug 30, 2016

Colony American Finance (CAF), a specialty finance company that provides loan products to residential real estate investors, is now using OpenClose‘s loan origination system (LOS) to support its new Single Asset loan product across correspondent, wholesale and retail channels.

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CAF was able to launch OpenClose’s stand-alone correspondent module, OC Correspondent, in under 45 days, OpenClose reports. The Web-based solution enables the lender to fully automate its new conduit business.

OC Correspondent incorporates a seller-facing Web portal that allows correspondents to electronically deliver loans to CAF for purchase; access instant eligibility and pricing, automated lock desk functions, real-time pipeline status and comprehensive cure condition; and purchase advice workflow, OpenClose says in a release.

OpenClose worked closely with CAF during the implementation stage in order to customize and streamline the lender’s entire whole loan purchase workflow, including the automation of quality control, compliance, analytics, reporting, document management and imaging, and more.

OpenClose’s correspondent module can be used as a stand-alone solution or integrated with its LOS, LenderAssist.

“Our initial focus is to implement OpenClose to support our Single Asset loan product to launch our correspondent channel, followed by wholesale and retail channels,” says Matthew March, chief information officer at CAF. “We are excited to leverage the capabilities of the OpenClose technology platform to optimize the entire process for our team and our partners.

“We needed the right technology to achieve these goals, and OpenClose’s correspondent module will efficiently and effectively automate the review, acceptance and processing of loans from our correspondent sellers,” March adds. “It gives us complete control and visibility over the entire loan lifecycle, which OpenClose tailored to our specific Single Asset loan products and processes for us.”

As seen in MortgageOrb

Topics: LOS

Michael Falce Joins OpenClose as VP, Enterprise Account Executive

Posted by Frank Bocchino on Wed, Apr 20, 2016

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OpenClose has announced that industry veteran Michael Falce has been hired as a vice president, enterprise account executive. In this role, he will work with lending entities of various types and sizes to utilize OpenClose’s LenderAssist LOS and additional software solutions.

Falce brings to OpenClose a unique blend of mortgage banking and mortgage technology experience that spans more than 25 years of exclusively serving the mortgage industry. Falce has extensive knowledge of correspondent lending and capital markets and has been directly in charge of establishing business models, platforms, processes and sales execution strategies for many different types of lending organizations. He has worked in sales management and held executive-level roles at Countrywide Home Loans, Aurora Loan Services, IMPAC Mortgage, Cherry Creek Mortgage, First Guarantee Mortgage, CUNA Mortgage and First American CoreLogic. 

“Mike has been a top producer at every company he has been with and is armed with both mortgage banking and first-hand technology experience,” said JP Kelly, president at OpenClose. “We are pleased to have him join the OpenClose team and interface with our industry’s professionals to meet the increasing demand of our end-to-end LOS platform as well as other innovative standalone solutions we’ve developed.”

“I am excited to leverage my mortgage background to introduce OpenClose’s industry leading LOS technology,” said Falce. “I’ve worked with many different types of mortgage technology systems throughout my career and OpenClose is one of the most comprehensive and advanced that I’ve seen.” 

Topics: LOS

Best Correspondent Lender Secret?

Posted by Frank Bocchino on Mon, Feb 22, 2016

 

Answer: OpenClose's multi-channel LOS for correspondent lenders

Are you taking advantage of the burgeoning correspondent lending business?  OpenClose has developed a correspondent lending software that can stand alone or work alongside our loan origination software.  

We encourage you to take a look at OpenClose Correspondent. It’s the fastest, easiest, most compliant way to take advantage of the latest trend.  

OpenClose offers 100% web browser-based, multi-channel LOS with wholesale, retail, and correspondent options. Whether you're a lender, banker, or credit union, there's an OpenClose configuration for you:

  • 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

Visit OpenClose

Topics: LOS

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

Automating Loan Compensation for Mortgage Lenders

Posted by Frank Bocchino on Tue, Dec 08, 2015

loancomp.pngMost loan origination software (LOS) does not allow lenders to automate commission and bonus payroll calculations.  Instead, organizations must decipher complex commission sales structures using Microsoft Excel spreadsheet software or the need for additional resources.

But that tedious work is a thing of the best for OpenClose LOS users.OpenClose® an enterprise-class, multi-channel, end-to-end loan origination system (LOS) provider, and Lending & Banking Automation Software (LBA Ware), the leading provider of commission automation software, have formed a partnership to seamlessly pass loan information from OpenClose's LenderAssist™ LOS into LBA Ware's CompenSafe application to automate the entire commission process.  

CompenSafe removes repetitive, error prone, manual calculations and data re-entry from the lending compensation function, thus increasing efficiency, lowering costs, and effectively overseeing sales compensation and top line profitability.

"Integrating LenderAssist with CompenSafe allows our mutual customers to completely eliminate the use of spreadsheets to manually calculate commissions and other forms of compensation, which is laborious, cumbersome and error prone," said Vince Furey, SVP of lending solutions at OpenClose. "With CompenSafe, however, our customers' loan officers now have complete visibility over their pipelines and when they'll be paid while management gains easy access to compensation analytics, metrics, reporting and other performance indicators. This integration delivers a great deal of value for lenders."

Learn how your mortgage lending institution can do the same.

 

Automate Loan Compensation   

Topics: Loan Origination software, LOS, Automating Loan Compensation

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

Who's leading the LOS charge, coach?

Posted by Frank Bocchino on Thu, Sep 05, 2013

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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!
 

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

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