West Palm Beach, Fla. November 10, 2011 – OpenClose mortgage software developers have added a shortened loan application to its loan origination software. The trend for community banks and credit unions to attract more mortgages continues and the new “short app” was developed to easily initiate the loan process and/or create a home equity line of credit (HELOC). Rather than struggling with the complex 1003 form, employees untrained in the mortgage process can quickly and simply create a mortgage application using OpenClose’s short app.
Whether it’s for a residential home loan or a HELOC, this one-page, simplified loan application can be used for all non-realty collateral. As users enter information on the data entry screen, they can collapse unneeded sections along the way (e.g. “co-applicant” if there is none) making the form even shorter and simpler. And of course, the loan application and all its data fully integrate with the full 1003 form.
“The short app loan application is the latest customer-inspired feature in our lending solution,” said J.P. Kelly, president, OpenClose. “We feel the best enhancements come from listening to our clients. This short app was something our credit union and community banks were asking for since many of their employees are untrained in the mortgage process. One of the many benefits of a Web-based software like OpenClose is that we are able to roll out great additions like these quickly. It’s now available to all clients.”