OpenClose LOS Establishes Secondary Marketing Transparency and Control Across all Lending Channels

Real-time pipeline, pricing and loan status functionality helps lenders manage risk and profitability

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Photo: LenderAssist

WEST PALM BEACH, Fla., July 11, 2014 (SEND2PRESS NEWSWIRE) -- OpenClose, an enterprise-class end-to-end loan origination system (LOS) 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 OpenClose:

Founded in 1999 and headquartered in West Palm Beach, Florida, OpenClose® is a leading provider of an enterprise-class, purely browser-based end-to-end loan origination system (LOS) that delivers its solution on a Software-as-a-Service (SaaS) basis. The company provides a variety of Web-based solutions for lenders, banks and credit unions-from loan origination software to decisioning, reporting, website design and social media marketing. OpenClose's LOS is completely engineered by the same company, thus avoiding assembling best-of-breed applications or acquiring technologies in an effort to create an end-to-end platform. The company focuses on providing lending organizations with full control of their data and creating a truly seamless workflow for comprehensive automation and compliance adherence.

For more information, visit or call (561) 655-6418.

Joe Bowerbank
Profundity Communications, Inc.

OpenClose, 314 Clematis Street, Suite 200, West Palm Beach, FL 33401.

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REFERENCES: LenderAssist, loan origination software, loan origination software to decisioning, reporting, website design and social media marketing, LenderAssist, news, press release from OpenClose, Jul 11, 2014, Banking and Finance, Computing, Finance, West Palm Beach, Florida, OpenClose LOS Establishes Secondary Marketing Transparency and Control Across all Lending Channels