Mortgage Loan Origination Software (LOS)

Mortgage Round Up from OpenClose mortgage software

Posted by Frank Bocchino on Mon, Nov 26, 2012

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UBS is is seeking to block a U.S. lawsuit today arguing that the U.S. Court of Appeals should overturn the ruling allowing the Federal Housing Finance Agency to pursue its lawsuit over lossesthat could set back Fannie Mae and Freddie Mac incurred in the housing crisis.

 Average U.S. rates on fixed mortgages fell to fresh record lows last week, a trend that is boosting home sales and aiding the housing recovery.The rate for a 30-year fixed mortgage fell to 3.31% last week from 3.34% a week earlier and nearly 4% a year ago.

And though some of the largest lenders eliminated jobs, hirings at other firms helped push the third-quarter 2012 Mortgage Employment Index from Mortgage Daily higher.  

If your company is one of those that's growing, why not get mortgage loan origination software that van grow with you? Contact OpenClose for all your mortgage software needs.

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

Topics: Mortgage Software, Mortgage Loan Origination software

Time to elect...a mortgage loan origination software

Posted by Frank Bocchino on Fri, Nov 09, 2012

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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

Where'd I put those documents? Mortgage Software to the Rescue

Posted by Frank Bocchino on Mon, Oct 29, 2012

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Business Insider has a great article today called "Here's Your Complete Checklist Of Documents Needed For A Mortgage Loan." It lets borrowers applying for a mortgage loan know what documentation to bring and will be required by the bank to start the loan process. 

That list keeps changing and growing with new regulations. And papers get lost. Fact.

What the article doesn't discuss is how the copies of those documents will be stored and accessed after the loan originator collects them. Several other people will need to access those documents and file folders go from crowded desk to crowded desk. It's a paper nightmare. 

Today's web-based mortgage software eliminates the danger of misplaced papers by digitizing every document and storing them in one central location where they can be accessed by all the poeple who need them. See how OpenClose mortgage software can make sure that a file is never lost again.

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Topics: Mortgage Software, Mortgage Loan Origination software

Mortgage Round Up from OpenClose mortgage loan origination software

Posted by Frank Bocchino on Fri, Oct 26, 2012
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  • The Wall Street Journal reports that according to a new study from the American Action Forum, the potential impact of three important mortgage regulations set to take effect next year could reduce lending by as much as 20%  over the coming three years. It sites the Basel III agreement, the “qualified mortgage” “qualified residential mortgage” rules that are part of Dodd-Frank.
  • Ally Financial Inc's banking subsidiary on Friday is planning to sell much of its remaining mortgage portfolio which had $122 billion of mortgage loans in the third quarter of 2012. Its Residential Capital LLC mortgage unit filed for bankruptcy in May and the assets were bid on this week in a bankruptcy auction.  
  • Freddie Mac published its Primary Mortgage Market Survey. It shows that fixed mortgage rates are moving higher but remaining near their all-time lows The 30-year fixed-rate mortgage averaged 3.41%. Last year at this time, it averaged 4.10%.

Want to access Freddie Mac and other third-party mortgage software right from your mortgage loan origination software? Get OpenClose!

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

Topics: Mortgage Loan Origination software, Banking Software

Off-the-rack mortgage loan origination software is too confining.

Posted by Frank Bocchino on Tue, Oct 16, 2012
mortgage loan origination software
It's the age old mortgage banking question: buy mortgage loan origination software that's off-the-rack or build it in-house?
The way people evaulate mortgage technology has changed vastly over the years.  Off-the-rack software packages were popular when the only functionality bankers cared about was loan origination. Many still use broker software as it was the only choice.But today's mortgage lenders want an end-to-end solution and many of the pre-packaged solutions simply don't offer that. And one that was designed for mortgage banking.
The cost to develop software continues to rise and custom-built software often takes years. Once built they are usually obsolete. And making any change afterwards usually takes too long and costs more in the long run.
Fortunately, today there's a third choice. A mortgage lender can get mortgage loan origination software that is ready to use but also completely cuistomizable to adapt to their loan flow. And that choice is OpenClose.
OpenClose offers loan pricing, loan origination and all mortgage banking functionality through post closing. It's an all web-based mortgage software that easily adapts to the way you do business. So don't live with an off the rack solution if it doesn't let you move loans like you need it to. Use OpenClose.
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Topics: Mortgage Software, Mortgage Loan Origination software, Banking Software

Fannie Mae changed guidelines -- did your loan software?

Posted by Frank Bocchino on Tue, Aug 28, 2012

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This week, Fannie Mae announced that it’s tightening some of its qualification standards for home buyers and those refinancing their homes. And self-employed borrowers will be required to supply more tax returns.  And -- well you get the picture. There were several changes to its guidelines. And changes to its guidance means changes to its software too.

What do you do when changes occur that affect the loans you originate? Is you loan software vendor up to date on those changes? Better yet, can they make changes to the software easily and quickly? If it's not web-based, then the answer is probably "no."

With Web-based software like OpenClose, you can be sure that your software is always up to date with the changing times.  And no need for our customers to update the investor guidelines, as we do it for them. Since we employ ex-mortgage bankers and brokers, you can take solace in that we know exactly what those changes mean and how they impact you.

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

Mortgage loan origination software: e-disclosures are safer

Posted by Kathy Olsen on Tue, Aug 14, 2012

Electronic disclosureWhen it comes to confidential mortgage documents and sensitive financial papers lender employees often ask “Can I email it?”  Yes, but to be honest, you really shouldn’t.

 If you’ve been in the mortgage business for a while, maybe you remember what it was like to fill out a 1003 on a typewriter? Or  switching from mail to fax to overnight carriers?  It’s human nature to be reluctant to change, but if that change is more efficient, saves money, or provides a more secure process, lenders tend to bite the bullet and embrace it.

 Take email for example. Years ago, software providers made it easy for lenders to email documents directly from their loan origination system. So today, the path of least resistance to get a mortgage document from here to there is to attach it to an email and click send.  Now that we’ve become so comfortable with our email assisted work, we tend to disregard that emails should not be considered a secure form of communication.

 We need to remember that we have the responsibility to protect our borrower’s identity from the electronic thieves that seem to grow in number daily. Just look at today’s cybercrime headlines to see that emailing documents is no longer the most secure methods. What if you emailed your borrower’s 1003 to their AOL account, only to find out later that it had been accessed by some hacker, account information and all?

 Fortunately progress has been made again by mortgage software companies. There are loan origination systems that provide a safer, more secure way than emailing delicate documents called “e-disclosure”.  E-disclosure takes safety one step further. Instead of sending a document actually attached to an email where it can be easily accessed and information compromised, e-disclosure provides a password protected hyperlink in the email to access the documents in a secure browser session from a secure server. For the lender it’s the click of a button, and for the borrower it is the click of a link.

 E-disclosure can be even more secure for your borrower by verifying your borrowers identity and also verifying that the person retrieving the documents is a human and not a machine. All of this nearly assures that your borrowers sensitive information will remain private.

 Contact us to learn more about e-disclosure and compliance methodology. 

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

Topics: Mortgage Loan Origination software, e-sign disclosures, electronic disclosures

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