- Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co. and Ally Financial Inc. have cut struggling homeowners' mortgage balances by $19 billion, part of a total $45.8 billion in relief provided under a landmark settlement over foreclosure abuses.
- According to the Mortgage Bankers Association's (MBA) recently released National Delinquency Survey, delinquency rate for mortgage loans on one-to-four-unit residential properties in the U.S. fell to a seasonally adjusted rate of 7.09 percent of all loans outstanding at the end of the fourth quarter of 2012, the lowest level since 2008, a decrease of 31 basis points from the previous quarter, and down 49 basis points from one year ago.
- Residential lenders originated around 3% more in U.S. loans during the fourth quarter than in the third quarter, according to the 2012 Mortgage Lender Ranking from Mortgage Daily.
Integration and training are often the biggest regrets lenders have after selecting a loan origination software vendor. Integration with older software can take forever while new systems don't have a track record on what can happen down the road.
OpenClose is all Web-based, proven, and integrates faster than any comparable system. So really you only have two choices: the hard way, or OpenClose: the easy way.
Easy to integrate
Easier to Use
Hard to Beat
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
According to a new study, the average office worker changes screens [on his/her computer] about 37 times an hour.
When your mind changes gears that rapidly, part of your brain is still engaged in the previous task. Consequently, you don’t have all of the attention and resources necessary to concentrate on the current task. This slows down productivity and reduces your ability to filter relevant information from irrelevant information.
Ask yourself, is your mortgage software so easy to use that it keeps the attention of the user, or is your staff "overclicking" which commonly creates overproduction, defects, extra processing and added ergonomics to the production stream?
Don't Switch Gears. Switch your Loan Origination Software
WEST PALM BEACH, FL -- (Marketwire - Jan 15, 2013) - OpenClose has named Bill Mitchell as Vice President of Business Development. In this new position, Mitchell will market and sell Lender Assist mortgage software: the company's web-based, end-to-end, loan origination software to mortgage lenders, banks and credit unions.
Prior to OpenClose, Mitchell served a dual role as both Vice President and National Sales Manager at Mortgage Builder Software. There he managed a national sales team and was a driving force to the company's success, opening regional sales offices in Texas, Georgia, Arizona, North Carolina and Massachusetts. Before joining Mortgage Builder, Mitchell served as Regional Sales Manager for Fiserv-Del Mar Database. He began his mortgage software career as National Vendor Services Manager for West Palm Beach, Fla.-based Ocwen Technology Xchange.
"We'll be making a big push in 2013 to increase sales and awareness throughout the mortgage industry of our SaaS-based LOS, analytic dashboards, imaging, and consumer-facing websites, and Bill will be a large part of that charge," said J.P. Kelly, President. "He has a proven track record of accurately identifying prospects and new customers and educating them on the business improvements that can be made by implementing mortgage loan origination technology from a single vendor."
OpenClose® is a pioneer of Software as a Service (SaaS) computing solutions for the financial industry since 1999. It provides a variety of Web-based for credit unions, banks, and mortgage lenders from loan origination software, loan pricing, website design and social media marketing. In 2010, the company released OpenClose Social: the first online social media management solution for credit unions, banks, and mortgage lenders. For more information about loan origination systems, visit OpenClose athttp://openclose.com/industries/lending/los.aspx. You can also follow OpenClose@OpenCloseSocial
The mortgage business is tough and only getting tougher with regulations being added at a fever pitch. A good mortgage banking software should make the loan process easier -- not complicate it. Fortunately, there's an easy choice if you are pricing, originating, and funding residential home loans: OpenClose.
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
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.
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 http://blog.openclose.com/loan-origination-software-demo