Technology Can Make Correspondent Lending Easier

*Making Correspondent Lending Easier*
**By Tony Garritano**

TonyG***What does community bank or credit union do when they have extra cash on hand? These days they open a correspondent channel. And technology can help. For example, OpenClose has released its new Correspondent Lending component. The Correspondent Lending Platform module is Web-based software with configuration flexibility that expedites the delivery and funding processes by providing a turnkey correspondent channel that’s easy-to-use and helps lenders remain compliant.

****Whether you are an established correspondent banker, a mini correspondent, or wanting to enter the correspondent lending market without much expense and less risk, the new platform provides lenders with a scalable, efficient and cost-effective way to do so. It is designed to handle delegated or non-delegated options, bulk commitments and assignments of trade (AOT). Used with our comprehensive product and pricing engine, and automated lock desk, the correspondent module provides detailed, pull through analysis and robust reporting.

****The company has responded to  a demand in the market for comprehensive, correspondent software tailored specifically for mortgage lenders with an increased focus on compliance and ease of use.

****“Control is compliance’s best friend,” says J.P. Kelly, president, OpenClose. “The problem has been a hesitancy by lenders who fear losing control of the channel management. But our new release is designed intentionally to create a separate correspondent workflow within the existing database. If you’re a mortgage lender, regardless of your channels of business, using OpenClose’s Correspondent with our loan origination software can simplify, control, and/or expedite the point of entry while maintaining compliance.”

****Instant two-way communication allows lenders to receive decisions including the ability to create custom, lender-specific conditions. Secondary staff receives and sends immediate notification of locks and registrations. All communication is documented and tracked through the system.

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.