OpenClose, an enterprise-class, multi-channel loan origination system (LOS) provider, announced that it has added a rate sheet generator to its product and pricing engine (PPE), DecisionAssist. The new functionality quickly and efficiently automates rate sheet creation for timely distribution to branches and originators.
The rate sheet generator empowers lenders with straightforward point and click capability to set up programs and map products themselves without OpenClose assistance. Lenders are also able to add or remove investors as needed, and investor programs can be white-labeled or displayed, depending on lender preferences. DecisionAssist keeps pricing up-to-date in real-time to ensure that all loans are priced with precision-based accuracy. Best execution can be run on all investor products simultaneously, which appears on a single screen for ease of viewing and comparison.
“OpenClose’s rate sheet generator has taken a huge, time consuming burden off of our plate by completely automating the process for us,” stated Kevin Marconi, COO of United Fidelity Funding. “It has saved us a great deal of time, we know our pricing is always current and accurate, and we can run best x in real-time. Our branches and originators absolutely love it.”
The user interface is very intuitive and enables single-screen searches for ease of viewing. Pre-built templates can be utilized to quickly populate the rate sheets, which can be exported to Excel or other desired formats. On-the-fly changes can be made throughout the day that reflect current investor pricing and best execution can be simultaneously run on all products for all investors.
The rate sheet generator leverages OpenClose’s DecisionAssist web-based PPE, which houses an extensive library of up-to-date investor guidelines and pricing. The PPE is maintained by OpenClose’s team of mortgage business analysts. DecisionAssist integrates with OpenClose’s LOS platform, LenderAssist™, or it can also be utilized as a standalone PPE. Investor programs can be private-labeled, customized for branding, and pricing, profit margins and fees can be controlled by investor, channel, company or branch.
“The response that we have been getting from lenders is that this is one of the best rate sheet automation tools they have ever seen. There is a wow factor when you see it,” said Vince Furey, SVP of lending solutions at OpenClose. “Working together, our rate sheet generator and DecisionAssist PPE delivers speed, accuracy, visibility and ease of use that makes lenders more profitable and efficient. Further, it instills a level of confidence in originators that they can trust.”
About The Author
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 firstname.lastname@example.org.