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

Mortgage Technology Magazine awards OpenClose a Top Service Provider

Posted by Frank Bocchino on Fri, May 03, 2013
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Contact: Frank Bocchino
frank@openclose.cm
(561) 804-4576

West Palm Beach, Fla. April 21, 2013 -- Mortgage software (http://openclose.com/industries/lending/default.aspx) developers OpenClose (http://www.openclose.com) , was once again named by Mortgage Technology magazine as one of the industry’s Top 50 Mortgage Service Providers.

“OpenClose developed a management dashboard and business reporting system that complements its end-to-end LOS and can be configured to meet the needs of a lender’s managers,” states the Mortgage Technology article. “The West Palm Beach, Fla.-based company’s offerings include private-label lender websites, a PPE and social media manage- ment tools for originators. It also enhanced its LOS with new third-party integrations.”

“Mortgage Technology always does a great job of identifying true trendsetters,” said J.P. Kelly, President, OpenClose. “OpenClose pioneered web-based mortgage and continues to lead the way in forging ways for lenders to stay ahead through easy to use software.”

About OpenClose OpenClose is a pioneer of Software as a Service (SaaS) computing solutions for the financial industry since 1999. With OpenClose Social, its social media management software users can easily create and post social media content simultaneously on Facebook, Twitter, YouTube, LinkedIn, corporate websites and blogs. It allows marketers to automatically aggregate pertinent news and content for writing, reposting, and distribution. Administrators can then monitor, track and analyze what's being said about their company, and competitors. Options include group discussion (forums), blogging; lead management, and multiple accounts posting. Visit the company's Web site at www.openclose.com

 

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Topics: mortgage technology, mortgage software vendors, mortgage software companies

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.

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

Mortgage Technology Awards OpenClose as Top 50 Service Provider

Posted by Frank Bocchino on Mon, Jul 23, 2012

Mortgage Technology awards OpenClose for strides in credit union loan originations, integration with social media.

 

Contact: Frank Bocchino
                frank@openclose.cm
                (561) 804-4576

West Palm Beach, Fla.
  -- Mortgage software developers OpenClose, was once again named by Mortgage Technology magazine as one of the industry’s Top 50 Mortgage Service Providers.  Noted were strides in credit union loan originations and integration with social media.

“OpenClose engages with its customers via social media to communicate ideas and strategies to help lenders take advantage of the online channel, [while it’s] mortgage-specific social media management platform allows lenders to engage with customers while maintaining regulatory compliance,” states the Mortgage Technology article. “As credit unions continue to take a greater share of residential mortgage originations, OpenClose has also developed new features that help train new origination employees.”

Mortgage Technology always does a great job of identifying true trendsetters,” said J.P. Kelly, President, OpenClose. “OpenClose pioneered web-based mortgage software in the ‘90s and continues to lead the way in forging ways for lenders to stay ahead of the pack – not trail it.”

About OpenClose OpenClose is a pioneer of Software as a Service (SaaS) computing solutions for the financial industry since 1999. With OpenClose Social, its social media management software users can easily create and post social media content simultaneously on Facebook, Twitter, YouTube, LinkedIn, corporate websites and blogs. It allows marketers to automatically aggregate pertinent news and content for writing, reposting, and distribution. Administrators can then monitor, track and analyze what's being said about their company, and competitors. Options include group discussion (forums), blogging; lead management, and multiple accounts posting. Visit the company's Web site at www.openclose.com



Topics: Mortgage Software, mortgage software vendors, Loan Origination

Learn more about Mortgage lending software

Posted by Frank Bocchino on Fri, Jun 29, 2012

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When the "mortgage meltdown" occurred a few years ago there was in fact a silver lining. What good could have come from the nation on the brink of a financial collapse you say?

Certainly many good mortgage lenders fell prey to the bad investments and greed, but there was a "cleaning" of the industry that washed away many of the careless and unscrupulous lenders who needed to go. The result is not only a better regulated lending system but also a rebirth for the majority: honest lenders looking to provide mortgages to qualified borrowers.

Not surprisingly this same phenomenon happened within the mortgage lending software industry but with much different results. Many of the vendors were gobbled up by larger companies. Some became stronger by complementing their existing offering while others became the equivalent of a Frankenstein’s monster piecing together whatever they could to appear bigger at the sake of the software solutions integrity.

So when you start your search for a new mortgage lending software, ask questions, do research, find out if the vendor is offering a complete, end-to-end system that is seemlessly integrated or a Frankenstein's monster. It may surprise you.

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Topics: mortgage lending software, mortgage software vendors

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