Lender Launches New Conduit With Technology Assist

Colony American Finance (CAF), a specialty finance company that provides innovative loan products to residential real estate investors, implemented the OpenClose loan origination platform from OpenClose to support its new Single Asset loan product across correspondent, wholesale and retail channels.  Colony American Finance is focused on first launching OpenClose’s standalone correspondent module, OC Correspondent, for its turnkey capabilities.  Implemented in under 45 days, this web-based standalone solution enables Colony American Finance to fully automate its new conduit business.

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OpenClose’s OC Correspondent module incorporates a seller-facing web portal that allows correspondents to electronically deliver loans to Colony American Finance for purchase, access instant eligibility and pricing, automated lock desk functions, real-time pipeline status, and comprehensive cure condition and purchase advice workflow. OpenClose customized and streamlined Colony American Finance’s entire whole loan purchase workflow, including the automation of quality control, compliance, analytics, reporting, document management and imaging, and more. OpenClose’s correspondent module functions as a stand-alone solution and also integrates with its end-to-end LOS, LenderAssist.

“Our initial focus is to implement OpenClose to support our Single Asset loan product to launch our correspondent channel, followed by wholesale and retail channels,” said Matthew March, CIO at Colony American Finance.  “We are excited to leverage the capabilities of the OpenClose technology platform to optimize the entire process for our team and our partners.  We needed the right technology to achieve these goals and OpenClose’s correspondent module will efficiently and effectively automate the review, acceptance and processing of loans from our correspondent sellers.  It gives us complete control and visibility over the entire loan lifecycle, which OpenClose tailored to our specific Single Asset loan products and processes for us.”

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The intuitive design of the solution significantly elevates the seller experience, helping Colony American Finance secure repeat business, effectively manage risk and maximize profits. On the back-end, the comprehensive correspondent functionality supports the whole loan purchase workflow that users rely on.

“Our correspondent module is ideal for organizations like Colony American Finance that want to quickly and compliantly launch a correspondent/conduit lending business; or, to streamline and ignite an existing channel,” said Vince Furey, SVP of lending solutions at OpenClose. “Colony American Finance has launched a progressive and exciting single-asset loan product offering and we’re thrilled to be their technology partner.  I expect they will be hugely successful using the OpenClose solution to augment their conduit business.  OC Correspondent is very intuitive and easy-to-use, end users don’t need much experience in the conduit purchase space to utilize our software.”

About The Author

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.