Open Mortgage Launches A Wholesale Program

Open Mortgage LLC, a provider of traditional and reverse mortgages throughout the United States, announced their expanded Wholesale Program for Traditional and Reverse (HECM) Channels.

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“By joining the Open Mortgage Wholesale Program, partners have access to an extensive network of loan programs, training, marketing, and loan tools. These provide brokers with powerful benefits,” said Scott Gordon CEO, Open Mortgage.

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The wholesale program offers a wide range of products such as FHA, USDA, VA, FHA DPA, HECM (Reverse) loans as well as Prime, Alt A (Non-QM Near Prime, Non-QM Non-Prime) with competitive rates and no lender fees (on wholesale transactions). It also provides fast underwriting, in-depth training, and a dedicated operations team to help partners grow their business.

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“Open Mortgage’s top priority is to provide mortgage professionals with a wide range of products that meet their borrowers’ varying needs,” said Kevin McKnight, Vice President of Forward Sales Division, Open Mortgage.

“We have built a team with a main objective of building strategic programs that position partners to take advantage of the opportunities in their markets, said Sharon Falvey, Vice President of Reverse Sales Division, Open Mortgage.

Open Mortgage also hired experienced mortgage industry specialist Jerry Burleson to manage the Traditional Mortgage Wholesale Team. Upon joining Open Mortgage, Burleson said, “I am very excited to be part of a team that builds a terrific wholesale platform committed to providing the highest level of customer service.  I am thrilled to be part of this dynamic group.”

Brenley Gagnon, a mortgage and military veteran with more than 18 years in the marketplace, joined Open Mortgage, LLC, as a Regional Sales Manager for Wholesale Division of Home Equity Conversion Mortgages, commonly known as reverse mortgages.

“The reverse mortgage industry is misunderstood, and many brokers and clients don’t understand how these loans can change the lives of seniors for the better. It’s an exciting time to be in this industry. Open Mortgage has given me the opportunity to educate our brokers and clients about the reverse mortgage,” Gagnon said.

Open Mortgage Forms Strategic Partnership With ACEI

Open Mortgage, LLC, a provider of traditional and reverse mortgages throughout the United States, announced their exclusive partnership with the American C.E. Institute, LLC (ACEI), an online and in-person continuing education program. Open Mortgage Loan Originators and Account Executives will become ACEI certified instructors in their states, offering Continuing Education courses for Realtors, Financial Planners, Attorneys, CPAs, and Insurance Agents.

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“We are pleased to partner with ACEI as we share the same vision of educating customers on the benefits of Reverse Mortgages (also known as Home Equity Conversion Mortgages or HECMs) for people 62 and older. This partnership will allow our Loan Originators and Account Executives to provide CE courses to a range of specialists, including brokers,” said Open Mortgage CEO Scott Gordon.

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Founded by Michael Banner in 2008, the ACEI has provided training to more than 14,000 specialists in a range of industries.

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Banner, who has been in the mortgage industry for 35 years, said, “Open Mortgage engaged ACEI and invited me to speak at their annual Sales Summit symposium in Austin, Texas, in late March of this year. After spending several days with the company, it was apparent their culture was like no other in the reverse mortgage industry. I am excited to be a part of the Open Mortgage family.”

Lender Gets Approved As A Fannie Mae Seller

Open Mortgage, known in the industry for its process innovation and exceptional service, recently announced they have been approved as a seller with the Federal National Mortgage Association, commonly known as Fannie Mae. “This approval opens up new opportunities that we are very excited about,” said Scott Gordon, Open Mortgage President and CEO.

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Senior Director of Secondary Marketing Nick Whitten agreed. “This is great for our business and our customers. Our status as a Fannie Mae seller is sure to increase our efficiency, which means better overall service to our clients,” he said. Whitten went on to explain that the process for becoming approved as a Fannie Mae seller is rigorous and validates Open’s space in the mortgage market. “Now that we’re ‘Fannie direct,’ meaning we don’t need to go through an intermediary servicer, we can approve more and different types of loans, and do it faster.” Whitten also said that Open plans to offer more products to their customers and ultimately service their own loans.

Open Mortgage is a multi-channel mortgage lender. At Open Mortgage, we believe that better is possible, and we are constantly striving to bring a better mortgage experience for everyone. We are committed to providing our retail and partner loan officers the training and support they need to make their goals possible. Founded in 2003, Open Mortgage is headquartered in Austin, TX and has retail locations nationwide.

LOS Implementations Can Be Quick And Easy

Open Mortgage, a nationwide mortgage lender, and partners LendingQB and International Document Services (IDS), Inc. successfully implemented a TRID-compliant Loan Origination System (LOS) in just 50 days, exceeding their own projections. “We knew that our implementation timeline was aggressive, wanting to both implement a new LOS and prepare for TRID within 60 days,” said James Howard, CTO of Open Mortgage. “Our success was due to having clear implementation plans with our vendors and a team at Open Mortgage that was dedicated to the project. Our first production loan was entered into the new system just 50 days after our implementation kick-off meeting.”

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The TILA-RESPA Integrated Disclosure (TRID) mandated substantial changes that disrupted the entire mortgage industry, but LendingQB and IDS helped Open Mortgage successfully manage the transition.  “We were working with Open Mortgage on TRID issues before the contract was even signed,” said Binh Dang, president at LendingQB. “We knew it would be a large undertaking and require careful coordination with IDS. But what impressed us the most was how dedicated and focused the Open Mortgage staff was to the implementation project. They were an ideal client.”

“Ensuring partner compatibility with the TRID-related changes we made to idsDoc was a critical component of our TRID preparation strategy,” said Mark Mackey, vice president at IDS. “We spent months testing the changes with our partners like LendingQB to verify that everything was in alignment, compliant and ready to go live by the deadline.”

New functionality provided by the LendingQB LOS allowed Open Mortgage to update and improve existing processes, and adopt LendingQB’s Lean Lending workflow best practices — one of those being a centralized Disclosure Desk.  “Taking greater control of the Disclosure process was key under the new TRID rules,” said Stacy Baccus, Lending Compliance Manager at Open Mortgage during the transition.  “LendingQB has automated triggers that notify us when there are change of circumstance requests, which was a challenge. The ability to respond more quickly and stay on top of disclosure issues cut our turn times in half.”

The E-Sign Platform provided by IDS also allowed Open Mortgage to roll out e-sign for Initial Disclosures to all their branches.  “Our Loan Officers are excited about the new, centralized e-sign system. They love being able to offer that convenience for their clients,” Baccus explained.  “Since we’re in 44 states, testing initial disclosures and closing document packages for all of our products was a big task.  IDS made it easy and any changes or custom documents were handled quickly,” added Howard.

“We closed our first loan just 27 days after the TRID effective date,” recalls Senior Vice President of Lending Greg Block.  “We would not have been able to accommodate TRID’s new rules in our legacy system, so selecting the right technology partners was key to making our transition a success.  I was impressed with the plan IDS and LendingQB laid out for us and our team here executed that plan ahead of schedule. The start of TRID was a disruption for everyone, but we had a record March and April and we’re seeing efficiency increases across the board.”

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