LOS Expands Its Offering And Brand Awareness

OpenClose, a multi-channel loan origination system (LOS) and mortgage software solutions provider, has unveiled a new corporate website to better position the company’s expanded enterprise-class solution set, customer profile focus and long-term value proposition. Here’s the value proposition:

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“We’ve grown exponentially over the past five years, and as such, had a need to ensure that the positioning of OpenClose as a company and its products are in line with our corporate mission, business strategy, customer commitment and ongoing technology innovation efforts,” explains JP Kelly, president of OpenClose. “This new website is designed to clearly convey our comprehensive solution offering and our ability to cater to top 20 lenders that have multiple business channels and complex operations.”

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OpenClose offers a 100 percent browser-based LOS platforms that has multi-channel automation capability. The company’s LenderAssist LOS and other solutions were all engineered from the ground up using the same code base, and it has been owned and operated by the same principles since the company was founded in 1999. Unlike many LOS vendors, LenderAssist’s comprehensive end-to-end functionality was not created by way of multiple acquisitions, which typically rope together disparate technologies that can be prone to issues; or, via integrations with many third party vendors that are done in order to make up for system deficiencies.

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Vince Furey, SVP of lending solutions at OpenClose, stated:  “We have been boarding top-tier, very large lending entities that are successfully leveraging our LOS as a centralized platform to automate all business channels and workflows. Our new positioning showcases the immense power that OpenClose’s enterprise-class mortgage software solutions offer and how they are very flexible, scalable and well-supported by our staff. While we have the proven scalability to support the largest national lenders, OpenClose is really the ideal solution and long-term technology partner for any size lending organization.”

Key aspects of OpenClose’s value proposition include: quick implementations; custom-configurable with easy set up; seamless workflow-driven automation with no manual intervention; fully web-based with no installs whatsoever; fully SaaS and Cloud-based technology; proven scalability; single code; hands-on implementations and system training; and second to none, boutique-style customer support.

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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.

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