Mortgage Loan Origination Software (LOS)

Who's leading the LOS charge, coach?

Posted by Frank Bocchino on Thu, Sep 05, 2013



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

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 .  
LOS Website
LOS Website

Topics: Loan Origination software, LOS, Loan Origination

Does Your Loan Origination Software Like You?

Posted by Frank Bocchino on Fri, Jul 26, 2013

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Does my LOS "like me?" What kind of question is that?!

A very good one, actually, and one that many lenders neglect to ask. 

Some LOS solutions -- and the vendors that sell them-- have the attitude of "take it or leave it."  Sure, they may say they will tweak it for you, but it's more often that you and your staff will be doing all the adapting. But it doesn't have to be that way.

OpenClose makes it so your LOS likes you making it easier for you to like it back. We interview you on your unique needs, likes and dislikes in an LOS, then present an installation configured just for you. And since it's Web-based, our installation takes a fraction of the time of our competitors. 

Now you can use an LOS that likes you as much as you will like it.

Topics: Mortgage Software, LOS, mortgage software vendors, mortgage software companies, mortgage software company

Does your mortgage software LOS vendor stay nimble?

Posted by Frank Bocchino on Mon, May 13, 2013

Today’s volatile market is not just about the product decision; it’s about the impact on the business that is driving more lenders to look at a “new normal” amidst unprecedented opportunities and threats. These competitive dynamics when addressed as a whole and supported by a complete offering enable growth and speed (workflow), reduce costs and increase profitability for lending institutions.

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OpenClose is privately held allowing us to stay nimble, consumer-facing websites supporting the increase in online buyers, sales and support staff industry experience combined have delivered over 300 systems. With no additional fees for the Pricing Engine and keeps fees lower and with less integration. Social media, configurable workflow and rules automation provides safeguards allowing for higher delivery percentages, better investor pricing and turn times. Easily added custom fields and flexible implementation provided by our system architecture allow clients use our system without the need for additional staff, hardware, or software.


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Topics: Mortgage Software, LOS, mortgage software vendors, mortgage software companies, mortgage software company

MBA Technology Conference: Sunny Concerns

Posted by Bill Mitchell on Mon, Apr 22, 2013

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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

Band aids won’t help that Loan Origination Software

Posted by Frank Bocchino on Thu, Feb 14, 2013

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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

8 Change Points a Mortgage Lender Needs to Consider

Posted by Bill Mitchell on Mon, Feb 11, 2013


Many lenders are looking to change and/or enhance their loan software technology this new year. But regardless of whether you are looking for a new LOS to and or improve loan pricing, loan origination, banking, or post closing, you'll need a Change Implementation Plan (CIP)

Here are a few key questions to ask yourself prior to an LOS change:

 1.     Why are you changing? Never change for the sake of changing or because the budget allows for it. Change for the right reasons  

 2.     Why now? Is this the best time to change or simply start the review process. Is there a merger down the road with a company that will require additional functionality.

 3.     What if we don’t do this now? Waiting to change in not always good and not always bad. 

 4.     How will we get there? Who will make the decision. Will IT be consulted?

 5.     What’s in it for our people? Will this make the employees lives easier or more complex.

 6.     How will the gains outweigh the losses? Will it cost ypou more or less per loan to modernize. Will you lose time, people?

 7.     How will we bring our people along with us? What is the training procedure in your company? Will you need additional resources

 8.     How will we consolidate change? Here's where implentation and scheduling are key

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Topics: Mortgage Software, LOS, mortgage lender, Banking Software

Beware the Loan Origination Software "Toll Booth"

Posted by Frank Bocchino on Tue, May 22, 2012

Looking to replace your loan origination software? If you're looking for web-based banking software, then we hope you set aside some extra money - better make that a trunk load if your thinking about going with our competition.

Implementing with one of those big lender software conglomerates is comparative to installing a toll booth in your company. Their goal is to drive revenue growth by increasing per transaction costs to their licensed users via services (docs, flood, credit, fraud, etc.). But while concentrating on their growth they forgot about yours. Many do not support a direct broker portal or correspondent lending either. What's all that mean? Ka-ching! Ka-ching!

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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. Our representatives lived the production side of the lending business. It's why we are so confident the OpenClose platform will provide you a better, faster, more comprehensive system at far more economical cost.

We would welcome a chance to earn your business as well. One important note: our software is not for individual use so you must be a bank, credit union or mortgage lender originating 30 or more loans each month. Learn more here


Topics: Loan Origination software, LOS

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