Ever calculate the ROI of buying new mortgage software?

OpenClose streamlines, expedites, and lowers the overall cost of the loan process and increases a lender’s productivity to process more loans and increase revenues.

OpenClose completely automates loan origination and processing, reducing transactional friction while increasing profitability and turning the loan underwriting and decision process from days to minutes. Once the loan process is streamlined from “open to close,” cost efficiencies are maximized in several areas.

Downloand the ROI Worksheet

REDUCED COST AREA: Personnel/Man-hours
— Highly paid underwriters work smarter
— Administrative help no longer needed for re-keying
— IT support minimized due to outsourcing
— Tier 2 Software Trainers or Customer Service Reps supplied OpenClose Solutions
—All employees concentrate more on their primary responsibility
EXPLANATION: Like all good software, OpenClose digitizes aspects of the business process reducing man-hours. But unlike other applications, it also improves communication between other software packages. The product and pricing engine lets users request locks online to minimize underwriters’ time. OpenClose provides several ways to input and upload applications so there is no need to hire personnel to re-key information into your system. And since the software remains resident in our secured data center supported by our staff, your personnel costs as far as computer engineers, network consultants, Webmasters, software trainers, and customer service reps are significantly reduced.

REDUCED COST AREA: Technology Costs
— Data Security
— Data Back Up
— Software Upgrades
— Computer Upgrades
— Branch to Branch Networking Costs
EXPLANATION: OpenClose is outsourced technology which means users can eliminate all costs that are associated with running a data center including data storage and protection. OpenClose is subscription-based so there are never upgrade charges; it’s Web-based so there is no need for hardware upgrades either. OpenClose Solutions rolls out new upgrades overnight.

INCREASED REVENUE AREA: Added Sales Channel
— Broker loyalty
— New broker
EXPLANATION: Organizations that use OpenClose as their B2B solution for brokers build brand loyalty. Why submit your loans to three lenders when you can know it will be approved and track the progress through OpenClose? It will also help you attract new brokers for the same reasons. OpenClose makes doing business with you that much easier.

INCREASED REVENUE AREA: Productivity
— Increased productivity means more time to process loans
— Reduced number of status calls
— Loan officers do more of the leg work before submission
— Accuracy of locks and underwriting sky rocket
— No additional staff to re-key or clean up loans
EXPLANATION: OpenClose streamlines operations and frees up employees’ time, increasing productivity and allowing some users to triple the amount of loans they process.

REDUCED COST AREA: Telephony
— Long distance
— Faxing
— VPN, T1 lines
EXPLANATION: When software is Web-based like OpenClose, it eliminates any telecommunications costs an organization might incur from networking. This includes office-to-office phone calls, faxes, or branch-to-branch networking.

REDUCED COST AREA: Postal
— Mailing
— Overnights no longer needed due to centralized loan database
— No need to e-mail due to notification features
EXPLANATION: OpenClose stores loan info and data. Rather than requiring a broker, processor, and underwriter to overnight missed forms to one another, OpenClose lets them make the changes directly online. And since the information is centralized, it even eliminates the need for e-mail.

REDUCED COST AREA: Duplicate Third-party Charges
— No more duplicate credit pulls
— Automated Underwriting right from the LOS
EXPLANATION: OpenClose supplies controlled access to DO, DU, and LP which lets you determine what vendors to use and who may use them. There’s no need to pull credit when you control which vendors are accessible. You can pass the costs onto the broker if you choose