Mortgage Loan Origination Software (LOS)

Mortgage Banking COVID-19 Strategy: Is the Best Direction with Our Heads in the Clouds?

Posted by Frank Bocchino on Tue, Apr 07, 2020

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Working from home offers many benefits: from overhead cost-cutting to providing improved employee productivity and morale.

According to one study, 85 percent of businesses confirm that productivity has increased in their business because of greater flexibility. What's more, 63 percent of those surveyed report at least a 21 percent improvement in productivity because of flexible working.

This flexibility to work from home, not only makes workers happier (Owl Labs found full-time remote workers reported being happy in their jobs 22 percent more than workers who are never remote), but hopefully healthier. Recent events have added a new caveat: working from home reduces interpersonal contact, mitigating the spread of dire illnesses like the Coronavirus.

It should go as a surprise to no one then, that Software as a Service (SaaS), which allows for individuals to access their necessary software from any internet accessible location, is already a staple for many businesses and is expected to explode in usage.

As a show of unity, the 2020 Software as a Service Awards program announced it will donate part of its proceeds to the World Health Organization’s COVID-19 Solidarity Response Fund.  "With the global rise of COVID-19, it's important that organizations worldwide consider the technology to let staff work from home,” said James Williams of the Cloud Awards. ”[It] is now an essential weapon in the fight to contain the virus …helping shield anyone with a 'desk job' from the risk this global pandemic represents.”

Past the current pandemic preparedness strategy, SaaS solutions provide tangible benefits for employees and organizations that move to the cloud. And these are no more evident than for mortgage lenders, community banks, and credit unions. 

SaaS-based mortgage loan origination software (LOS) centralizes a mortgage lender’s system of record. By doing so, organizations with multiple locations in multiple cities and states can evenly distribute the workload of loan processors, mortgage underwriters, and any authorized user who touches the loan. The digital mortgage with e-signatures replaces the need (not requirement) for in-person meetings. The addition of a front-facing web-based point-of-sale (POS) gives that same flexibility to home buyers as well as a wealth of information they need to make informed decisions (such as). The end results? Happier borrowers, lower cost operations, faster closings and more closed loans.

Curious to hear how our lender clients are faring during the pandemic? Contact us for client testimonials who can provide their experiences. At OpenClose, we’re confident that we will get through this together. We believe soon things will be looking up. And so should you – to the cloud.

Topics: mortgage loan software, SaaS, Web-based Mortgage Software

Who are the Top Mortgage Employers for 2020?

Posted by Frank Bocchino on Tue, Mar 24, 2020

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Each year, National Mortgage Professional Magazine selects a list of Top Mortgage Employers. The mortgage banking publication polls readers about their employers based on the following criteria: Compensation, Speed, Marketing Support, Technology, Corporate Culture, Long-Term Strategy, Day-to-Day Management, Internal Communications, Training Resources, Industry Participation, and Innovation.

The 2020 list is out, and we are proud to announce that OpenClose was named to the list for the fourth year in a row!

What criteria do you use when selecting a mortgage technology provider? According to its Top Mortgage Employers selection process, NMP weights factors that are more important to its readers. For example, corporate culture was determined to be very important. 

As mortgage loan origination system (LOS) developers, OpenClose distinguishes itself through personalized customer service and mortgage banking industry-leading technology, but we give much of the credit for the customer praise to our exemplary staff - many of whom come from mortgage banking backgrounds. They often know what mortgage professionals need in an LOS because they've often been the ones originating, processing closing and/or funding the loan. 

“We are pleased to again earn a spot as a 2020 Top Mortgage Employer by NMP,” said JP Kelly, president of OpenClose. “Our employees have rich backgrounds working in the mortgage industry and tend to be out-of-the-box, solution-oriented thinkers who go above and beyond to help customers be as successful as possible by leveraging our software. We’re lucky to have assembled such a stellar team of passionate, driven, dedicated employees.”

To read more, check out the press release here

More About Our Team  

 

Topics: Loan Origination software, Loan Origination system, Web-based 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

Mortgage software: The best value proposition through SaaS

Posted by Frank Bocchino on Mon, Apr 29, 2013

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OpenClose was one of the first providers of Software as a Service (SaaS), offering mortgage companies leading-edge, Web-based solutions since 1999.  Founded by mortgage bankers, OpenClose continues to focus on lenders. Our products are rapidly deployed for an emerging need or an end-to-end solution.

Our primary model remains the same SaaS model that has been at the forefront of the industry for the past decade. We believe in the “One Vendor/One System” strategy that eliminates software incompatibility. Customers choose third party vendors rather than get up-charged from partner.  In today’s age of changing regulations and fluctuating demand, a Web-based mortgage banking solution is the only logical choice.  

OpenClose is completely Web-based so your solution is accessible 24/7 from any computer and it’s easy to configure and adapt to market changes.  Other competing solutions “utilize Web technologies” or are “Web-enabled” but they still require certain hardware, software, and client-server networking.    

OpenClose, built in modern (.NET) technology is supported by mature, service-over-sales approach delivery. It provides a variety of Web-based solutions for credit unions, banks, and mortgage lenders from loan origination software, loan pricing, website design and social media marketing

 

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Topics: SaaS, Web-based Mortgage Software, .Net

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