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Origination Technology

October 29, 2009

OpenClose Finds Good Technology is Still in Demand

By Anthony Garritano

Anthony Garritano

WEST PALM BEACH, FL - Despite the downturn, when a form of technology offers a clear competitive advantage, it's still finding buyers. Right now, that category includes robust, transactional website technology. Brokers need to be online and they need to offer online shoppers more than an online 1003.

As an example of the inherent need for this type of technology, in a year that more mortgage companies and vendors closed their doors, OpenClose has made advances. Why? In March of this year, the developers of Web-based, loan origination system software, released the AssistSeries.

The company reports that the number of customers using the series of products currently exceeds 300 companies. These lenders, credit unions, banks and brokers selected the AssistSeries, which is comprised of LenderAssist, DecisionAssist, ConsumerAssist, MemberAssist and BrokerAssist.

Many customers have chosen the AssistSeries for the ease of using one Web-based system to handle loan origination from multifunctional websites to loan pricing to back-end banking software. "In just over six months, we have doubled our volume without having to increase staff," Ben Robinson, systems and control coordinator for Mid Nation Mortgage Corp., Springfield, Mo. "By eliminating duplicate data entry and guideline changes, we've eliminated costly errors, shortened the amount of time needed to process the file and increased our volume capacity."

The AssistSeries provides a flexible platform, enabling companies to use either the entire series or only the pieces needed, which reduces cost, improves user adoption and eliminates automation issues, according to OpenClose.

LenderAssist is a Web-based LOS, while DecisionAssist is a Web-based loan pricing and eligibility engine. ConsumerAssist provides a collection of custom and template website products for lenders or mortgage brokers, while BrokerAssist is a loan search and productivity suite featuring a loan pricing engine.

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