Mortgage Loan Origination Software (LOS)

Residential Mortgage Lenders: Can this really be called a choice?

Posted by Frank Bocchino on Fri, Aug 23, 2013
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Some loan origination software (LOS) vendors like to tout the number of third-party interfaces they offer. But chances are, you've never heard of most of them, and your preferred vendors of choice are simply "not an option."
That's because those LOS vendors often own those companies and force you to use them so they can increase your cost per loan even more. Hmm. That doesn't sound like "choice" to us.  
At OpenClose, we choose to interface with third-party vendors based upon their reputation and marketshare, not by who's on the payroll.  
  Created on 06/07/12 at 11:57:33

Topics: Mortgage Software, residential mortgage software, Residential Mortgage Lenders

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

We love mortgages. Do you?

Posted by Frank Bocchino on Fri, Jul 19, 2013

I suppose you heard the news? Another loan origination software company was gobbled up by a big conglomerate this week. That means there will be fewer choices for an independent vendor when you are ready to upgrade your LOS. Why is that important? It all comes down to service.

OpenClose pioneered the end-to-end, Web-based mortgage solution for banks, credit unions, and lenders and it remains singularly focused on lending software. We are one of the longest privately-held companies of our kind. We don't have to worry about a Board of Directors cutting us out some day, and neither do our customers. In fact, most of us were once bankers which is why our attrition rate is so low. People love our mortgage software because we love mortgages.

Want to see if you'll love OpenClose too? Fill out the brief contact form and we will contact you shortly.

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

Mortgage software from a giant or a friend?

Posted by Frank Bocchino on Tue, Jul 16, 2013
Global consulting firm Accenture announced plans Monday to acquire loan originations and software document management services firm Mortgage Cadence.
If you're a mortgage lender, a bank, or becoming one you have to ask yourself, do I want to to get my loan origination software from a giant? Certainly there are some advantages of all that buying power but it comes down to being a small fish in a big pond or a big fish in a small pond I suppose. 
At OpenClose, we don't treat customers like big fish or little fish, but simply as friends. Loan origination software requires partnership to work and that begins with mutual trust, knowledge, and experience.
If you are looking for a mortgage software company that has a solid track record with big companies and small and treats its customers like partners, give us a call.
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Topics: Loan Origination software, Mortgage Software, mortgage lending software, mortgage technology

Are you sure that Mortgage Software is the right fit?

Posted by Frank Bocchino on Tue, Jul 09, 2013



What's the biggest difference between OpenClose and other vendors? 

We won't sell you our solution if we don't believe it's a good fit. Some vendors will sell you solutions too big for your needs, while others will partner with other vendors to fill in the gaps. We're selective on who we take on as clients because it's just good business.  

There are some great loan origination systems for lenders today. But is the LOS you've selected the right one for your organization? Contact us and we'll let you know if we have a solution that suits your needs. 

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

Is your current mortgage software ready for your company’s future?

Posted by Bill Mitchell on Tue, Jun 25, 2013


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Whether you’re a Broker to Banker, have moved from Best Efforts to Mandatory, or are expanding from Servicing Released to Servicing Retained, does your mortgage software platform align with your business goals. When companies make any transition the mortgage technology often is considered as an after thought. But when it's such a major part of your daily management process, it should be at the top of your list.

And does your current vendor understand the metamorphosis to and from each paradigm? Wouldn't it be nice if there was a mortgage loan origination system that had figured out the puzzle so you didn't have to.

At OpenClose, we are ready for your company's future growth, change, or metamorphosis. We've helped other companies just like you. It's your turn now. 

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Topics: Loan Origination software, Mortgage Software, mortgage lending software, mortgage technology

Get Ready Mortgage Lenders: The NAHB housing index soared

Posted by Frank Bocchino on Mon, Jun 17, 2013

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The National Association of Home Builders' housing market index rose well ahead of expectations to 52 in June (vs consensus 45) from 44 in May. The June increase brings the index to its highest level since March 2006. By component, builders' assessments of present sales rose 8 points, the future sales index rose 9 points, and traffic of prospective buyers rose 7 points. The NAHB index is a decent leading indicator of housing starts. Over the past year, the index has risen by 17 points. 

That means there will be more mortgages for the new first time buyers, as well as those who will upgrade. Will you be ready for the influx? More importantly, will your staff? You could hire more people or you could upgrade your mortgage banking software.

OpenClose lets lenders do more with less. It is highly scaleable, allowing residential mortgage lenders to adjust to market jumps and falls. Is one of your offices busier than the others do to a housing boon? The centralized loan database lets you distribute work through work queues. 

Mortgage lenders need to be ready for the influx; OpenClose is ready to get you there!

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Topics: Mortgage Software, mortgage lending software, mortgage lending software, Loan Origination system, residential mortgage software

Mortgage software and LOS: A joint venture with customers

Posted by Frank Bocchino on Mon, May 20, 2013


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From the start, a joint-venture strategy manifests with OpenClose focusing on a clear matrix of business, technical and user characteristics that ensures a successful roll-out based on mutual rewards and trusts.

But we believe that customer support begins before a company becomes our customer, and that partnership starts on the sales level. Our salespeople – like our implementation and support team – bring real-life mortgage banking experience. We feel that this prevents much of the confusion that can occur when implementing a new lending solution.

The OpenClose Implementation Model has been created to ensure new clients a successful training map that will guide them to their go-live date smoothly and on time. At OpenClose, we feel that training is the most critical part in setting up the system to what matches the new customers business plans. Our in-house trainers each have a minimum of 20 years mortgage experience to help guide you to a successful implementation.

A senior account manager with a minimum of 15 years mortgage banking experience is assigned to the account that will report directly to the C-level staff within OpenClose. This specialist will handle the implementation, training and customization/enhancement requests for new customers bypassing the first tier support desk

A team of specialists is also on staff to provide additional support that may be needed during this implementation phase. Once the client is live, all members of the AM’s team are available to handle any support calls that may come in. All calls are taken live and are not sent to voice recording to be returned in the order they are received. If for any reason a specialist is not available, all calls are returned within the hour or by the end of each business day.


More About LOS Integration 

Topics: Mortgage Software, mortgage lending software, Mortgage Banking Software

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

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