OpenClose Mortgage Lending SoftwareSingle-sourced mortgage technology vendor

LOS/LENDER SOFTWARE
  • End-to-end mortgage software for lenders
  • 100% US developed and hosted
  • Enterprise software that's scaleable
  • Interface with your current software
  • Add mortgage pricing software and save

What is the Mortgage Software LOS/Lender Solution?

The OpenClose Mortgage Software LOS/Lender Solution is end-to-end mortgage software with all elements of the lending process communicating in REAL time. A single-source supplier developed only in the U.S., our solutions can be tailored to fit the needs of any-sized lender. It enables lenders to pick and choose exactly what they need – no more, no less.

Included in the platform is our robust banking operations core, enabling lenders to manage and control the lending process. In addition, retail, wholesale, and correspondent Web-based channel portals provide for streamlined origination and enhanced communications. Workflow-tailored environment, embedded validation checks, and business process rules help reduce errors, improve quality, and data integrity.

Web-based Channel Portals centralize, expedite and simplify the loan origination process. Enables companies to drive sales productivity, increase visibility, and expand revenues through an affordable, easy-to-deploy service that delivers success to companies of all sizes. Many mortgage technology companies provide just one. OpenClose provides them all as part of your solution. Don't need them? No problem! Just turn them off with a click!

Or maybe all you need is our Mortgage Pricing Solution?

Loan Origination Software LOS (Front End)
  • Loan Origination
  • Processing
  • Underwriting
  • Imaging
  • Loan Pricing*
OpenClose lets users create loans through a 1003 entry. The mortgage software will automatically create and populate forms depending upon the loan and state. All subsequent documents are auto-populated so rekeying is unnecessary. The system allows for co-borrowers and second or "piggy back" loans with a click.
OpenClose offers a full processing mortgage software interface and creation of disclosures and verification forms. Processors can order credit, automated underwriting results, restrict broker access and much more.
OpenClose underwriting software allows underwriters to underwrite a loan and return an underwriting decision to the originator. It also provides you to interface with automated underwriting agencies to order AU and credit for a loan from within OpenClose. The AU Decision field shows an icon if automated underwriting has been run on the file. The Conditions tab allows users to add conditions and track when they have been cleared. Conditions can be added to the file by either of the following:
Clicking the Lookup Conditions link and choosing an underwriting condition from a list. Clicking the Add Single Condition link and entering an underwriting condition.
OpenClose offers all users to upload and store digital images in a variety of formats. By uploading appraisals, W-2's, pay stubs, etc. you never lose an item.

Optional: Mortgage loan pricing and automated underwriting software that maintains your investor guidelines, adjustments, fees, and other factors for correspondent mortgage lenders. The loan pricing software lets mortgage originators search products for "best ex", and get eligibility decisions instantly! Real-time updates happen automatically. For a complete description, review our mortgage pricing software.

Lender Management Software (Back End)
  • Closing
  • Post Closing
  • Funding
  • Accounting
  • Secondary Marketing
OpenClose offers mortgage closing software to allow users to track closing document information and closing conditions. The Closing Form tab allows users to track closing document information. Adding dates to specific fields on the Closing Form will automatically update that loan status. The status of the loan will change to Docs-Ordered when a date is entered in the Docs Ordered date field. The status will change to Docs-Drawn when a date is entered in the Docs Drawn date field, and the status will change to Docs-Sent when a date is entered in the Docs Sent date field.
OpenClose offers a post closing screen to allow mortgage lenders to track final document information and post closing conditions. The Post Closing Form tab allows users to track final document information. The Conditions tab allows users to add conditions and track when they have been cleared. Conditions can be added to the file by either of the following:
Clicking the Lookup Conditions link and choosing a post closing condition from a list. Clicking the Add Single Condition link and entering a post closing condition. Users can select the prior to status from a drop down list. Users can clear conditions by clicking on the Date button in the cleared column and selecting a date.
OpenClose offers users the ability to track funding information and conditions. Adding the funding date on the Funding Form will automatically update that loan's status displayed in the Loan Snapshot and the Pipeline Summary. The Funding Form tab allows users to track funding information, disbursement information, and wire information. Users can click on the calendar icon to enter dates and the contact icon to enter the names of users. The Conditions tab allows users to add conditions and track when they have been cleared.
OpenClose offers an accounting screen to allow users to track reconciliation information. This feature is available to Lender Employee users.  Track investor info, reconciliation info, investor wire, purchase adjustments and much more
Users can click on the calendar icon   to enter dates and the contact icon   to enter the names of users

OpenClose offers a secondary marketing screen to allow users to track securities and investor pricing information.  This feature is available to Lender Employee users.   Track trades and securities, investor lock info, buy and sell price and more.
Top 26 Reasons to replace your mortgage software -- from A to Z (pdf)