Mortgage Loan Origination Software (LOS)

Using Digital to Improve the Customer Journey

Posted by Frank Bocchino on Tue, Aug 27, 2019

mortgagebuttonAccording to a new study by STRATMOR Group, a data-driven advisory that guides lenders and vendor clients alike lenders perceive “increased borrower satisfaction” as the top benefit of pursuing digital advancement with their loan processes. 

The study concludes that the top three benefits (increased borrower satisfaction, faster cycle times, and increased transparency for borrowers) are all tied to the borrower experience.

OpenClose -- a pioneer in SaaS-based computer and now the digital POS --continues its efforts to improve conversion rates while enhancing the customer experience through its digital mortgage efforts. 

Ask us for more information or click below to schedule a demo and see what's changed since you last saw OpenClose.

 

SEE IT NOW

 

 

Topics: OpenClose Mortgage Software, POS, Digital Mortgage

OpenClose Receives Highest Overall Satisfaction and Lender Loyalty Score™

Posted by Joe Bowerbank on Wed, Apr 24, 2019

 

STRATMOR Group’s latest Technology Insight Survey, our LOS platform, POS, and PPE were ranked as having the highest Overall Satisfaction and Lender Loyalty Score™ out of any vendor surveyed in the mortgage industry!

The report covered multiple areas of mortgage technology, providing detailed evaluations of vendors in core areas of residential lending automation. Our mortgage software solution suite scored extremely well in all categories surveyed!

Key Findings in the Report:

  • We had the highest Overall Satisfaction rating out of all LOS vendors surveyed in the mortgage industry, scoring 9.7 out of 10, and had a perfect 100 Lender Loyalty Score™.

 

  • We were the only LOS provider that had zero outages reported.

 

  • In the POS category of the survey, we scored higher than any vendor for Overall Satisfaction at 9.4 out of 10 and had the best Lender Loyalty Score™ with 86 out of 100.

 

  • For front-end digital mortgage solutions, STRATMOR’s analysis of the Lender Loyalty Score™ for these systems shows us as the #1 vendor in Overall Satisfaction.

 

  • Our DecisionAssist™ PPE scored the highest in Overall Satisfaction and also touted a perfect 100 for its Lender Loyalty Score™.

 

  • We were also the only vendor to receive an LOS functionality score of 100% from users for ‘Availability of Help Desk’ and ‘Overall Customer Support’ as being “Highly Effective/Competitively Advantaged.”

The complete press release announcing the survey findings for OpenClose can be read here. 

Topics: OpenClose Mortgage Software

Your LOS Database Structure is Killing Productivity.

Posted by Joe Bowerbank on Mon, Jun 11, 2018

Flat File Debacle

It’s a night and day jaw-dropping difference. 
 
Put simply, the way your LOS database is structured plays a significant role in how efficient and quick your organization is in successfully taking a loan application from the point-of-sale all the way through secondary marketing. It’s becoming known as the flat file database debacle.
 
Many lenders are engaged with LOS vendors that have what are termed “flat file” database structures. Flat file databases create numerous problems with how information is organized and stored; it is slow to query and hard to locate information; there are inconsistencies and duplicate items; multiple employees are unable to work on the same loan file simultaneously; loading the pipeline can come to a crawl; and employee productivity is hindered for many functional areas that are trying to efficiently and expeditiously complete tasks.
 
Relational databases enhance performance, provide more timely and robust reporting, and delivers numerous newfound operational efficiencies - and does it for all business channels leveraging a single, centralized database for your LOS.
 
See the difference for yourself, give OpenClose a call to learn how to end the flat file database debacle.

More About OpenClose

 

Topics: OpenClose Mortgage Software

Apple Co-founder, OpenClose Co-founder Discuss Mortgage Software

Posted by Frank Bocchino on Thu, Apr 17, 2014
Co-founders of Apple, OpenClose
Did you know that you can take a loan using OpenClose loan origination software on an iPad? Well Apple co-founder Steve Wozniak (aka Woz) knows it now. 
Recently OpenClose CEO/CTO and cofounder Jason Regalbuto had a talk with Apple cofounder Steve Wozniak. 
OpenClose, the pioneer in web-based mortgage software and Apple, the leader in personal computer software have more in common then you might initially think. 

Topics: Loan Origination software, Loan Origination system, Web-based Mortgage Software, Apple, Wozniak, Regalbuto, OpenClose Mortgage Software

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