Mortgage Software for Mortgage Bankers

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
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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. http://blog.openclose.com/loan-origination-software-demo

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

Are you sure that Mortgage Software is the right fit?

Posted by Frank Bocchino on Tue, Jul 09, 2013

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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

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

A Mortgage Software Company is changing pricing procedures...

Posted by Frank Bocchino on Wed, Dec 05, 2012

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I just received an email from a concerned lender regarding the mortgage software his company is using. He said the vendor intends to force them to give up their existing system for a new loan origination system. And that was the "good" news.

Making matters worse was that the vendor is going to start charging customers per loan. For large lenders, it could mean an increase of 300% in monthly costs.

OpenClose provides flexible fee options that make economical sense. Get started with us now, and depending upon your company size, we can get you on the implementation schedule for early next year. Whether you're a bank, lender, or credit union, utilizing OpenClose -- an all Web-based solution from loan pricing through post closing -- is a smart decision. Register for a demo at http://blog.openclose.com/loan-origination-software-demo

 

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

Mortgage software companies: OpenClose

Posted by Frank Bocchino on Mon, Nov 05, 2012

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When looking for mortgage software companies where does one begin? 

Online is where most people start, but the definition of a mortgage company differs depending upon who you talk to. It's actually amazing how many completely unrelated companies come up when you do a search for mortgage software.

Of course the better way is to ask colleagues for recommendations. But if you don't know the person on the selection committee you won't get the full story.

The important thing is to ask a lot of questions. One of the best being what sets your company apart?

In the case of OpenClose, what sets us apart is that we were founded by mortgage bankers -- not technologists. Why is that important? Because we know and lived your business. The more you know mortgage, the more you know what mortgage software needs. 

 

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

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

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

Ask your mortgage software company:"who would hate your product?”

Posted by Frank Bocchino on Thu, Aug 30, 2012

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We turn away business every day. Every day. Frankly, it drives the younger sales people crazy. They’d love to take on every lender who is impressed and amazed by our loan origination software and mortgage banking solution – but we don’t let them. We explain that it has nothing to do with manpower, or expertise, or even that we have too much business. We’d like to think it’s because we’re great humanitarians – but it’s not. It’s simply smart business. 

It’s a bit tricky as a company’s size and number of loans funded factors largely into it, but its only one part of it. We know who is right for our software, but just as importantly we know who is not. Didn’t think that software vendors care about that? Smart ones do as unhappy customers spread their dissatisfaction quickly. One bad review will impact a vendor’s future sales more significantly than ten great ones. In actuality, if you’re displeased with software it’s often not that the software was “bad” or inferior; it was the wrong fit and therefore didn’t do an acceptable job. But that’s difficult to determine particularly since most of the purchasing decision for software often falls into the lap of those untrained in information technology. So look for vendors who won’t take your business and ask them why. The point is certain lending software is better for certain lenders, which is why performing a needs analysis is so vital. A vendor should be able to tell you who would not be a viable prospect. Here’s another way to pose the question: “If price isn’t an issue and your software was free, should every lender use it?”


Not every mortgage product is right for every borrower, right? So just because you do mortgages doesn’t mean every mortgage software that says is right for your company is right for your company. Every loan origination software provides a 1003 for example, how they present it to the originator is different. Just like selling the Soccer Mom a two-seater sports car or the high end real estate agent a beat up clunker, we know certain clients would simply not be happy “driving” our software regardless of how it dazzles them. I’m reminded of the great line by comedian Groucho Marx who said “I don’t want to belong to any club that will accept people like me as a member.” You’re a lender and you’re unique.

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

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

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