The LOS That Succeeds

As competition in the LOS space heats up, the LOS that does more will ultimately succeed. For example, OpenClose, an enterprise-class end-to-end loan origination system provider, announced that lenders are successfully using the secondary marketing component of its LOS, LenderAssist, to deliver greater insight and control for secondary marketing departments.

Starting at the point of origination, LenderAssist enables secondary marketing personnel to view real-time pricing, adjustments, locks and more all from a single screen for the retail, wholesale and correspondent lending channels.  When changes occur with a loan, secondary has access to the exact same audit screen that underwriters do.  This allows for continuous audits, ensuring that all information is correct, compliant, and loans are sold for the greatest profit.

“The degree of transparency that our secondary marketing features provide lowers risk, increases profitability and leads to greater investor confidence,” says JP Kelly, president at OpenClose.  “Our clients report that the visibility they capture in a single screen view creates newfound efficiencies to manage the secondary marketing process.  We completely remove guesswork and communication hold ups.”

With the click of a button, users are able to view loan-level detail and side-by-side comparisons. Relevant information for a loan can be simultaneously viewed and compared in real-time, down to the details of borrower-critical lock information, making sure that it’s compliant between the underwriting and secondary departments.

In addition, detailed custom reports can easily be built by clients using the OC Optics module, which includes dashboard-level reporting for all aspects of secondary marketing in any given time period.

The 100 percent browser-based LenderAssist LOS includes origination, processing, underwriting, closing, funding, secondary marketing, accounting, reporting through post-closing and interim servicing.  Residential loans are seamlessly processed through the entire workflow, continuously checking for compliance and any changes that affect QM/ATR requirements.

About The Author

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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.