Introduction of the OpenClose platform connects CUSO members, digitizes the mortgage lending process and facilitates excellence in service
KNOXVILLE, Tenn. – Aug. 12, 2020 – 7 Mortgage, a credit union service organization (CUSO), announced that it went live with OpenClose’s end-to-end loan origination system (LOS) allowing its partner credit unions to leverage the mortgage industry’s leading technology. The OpenClose solution allows 7’s CUSO members to efficiently and effectively complete mortgage loans –– from start to finish –– via a centralized platform rated #1 by multiple independent studies.
A subsidiary of ORNL Federal Credit Union (ORNL FCU), 7 Mortgage successfully launched OpenClose’s LenderAssist™ LOS and ConsumerAssist™ POS in July, delivering an enriched digital mortgage experience for both partner credit unions and the members they serve. 7 Mortgage now offers an array of new features, further distinguishing itself as a premier CUSO for residential mortgage lending.
“I am excited to convert our clients to OpenClose because it offers versatility, a fresh, modern look and sports a user-friendly format,” said Chris Boler, 7 president and CEO. “7 is dedicated to making credit unions stronger through collaboration. By offering a top-tier product like OpenClose to our partners, we are helping our members and our industry thrive.”
7’s credit union members have access to OpenClose’s award-winning platform, which includes a robust digital mortgage point-of-sale solution; a comprehensive, 100 percent browser-based LOS; a flexible, natively built product and pricing engine (PPE); business intelligence and analytics software (BI); mobile device functionality extension; and a RESTful API suite for simple, cost effective integrations.
OpenClose offers a uniquely consolidated digital POS and LOS, along with additional capabilities –– all via a single-source software provider, driving real-time member engagement and collaboration throughout the mortgage loan process.
“We are pleased to welcome 7 Mortgage as a new OpenClose partner and are confident its members will gain many benefits from our platform,” said Vince Furey, CRO at OpenClose. “Our LenderAssist LOS brings new efficiencies to the table, which transforms mortgage lending for credit unions into an easier, streamlined, member centric process.”
Using the new solution, 7 and its members are expected to benefit from OpenClose’s #1 rated customer service, better connectivity, reduced operating costs, quicker turn times and expanded options by which to conduct business.
Rooted in the seven principles of the credit union movement, 7 is a wholly owned credit union service organization (CUSO) of ORNL Federal Credit Union (FCU) in Oak Ridge, TN. 7 Mortgage, 7 Title, and 7 Insurance are included under the CUSO’s umbrella. 7 Mortgage has 26 credit union partners and is licensed in 6 states. The mortgage company specializes in offering tailored mortgage solutions to credit unions throughout the Southeast. For more information, visit 7.coop or call (865) 564-7465.
About ORNL Federal Credit Union:
Chartered in 1948, ORNL FCU is a not-for-profit financial cooperative locally owned and operated by its members for the benefit of all who belong. ORNL FCU represents over 175,000 members and $2.5 billion in assets and serves members and businesses in 19 counties of East Tennessee. For more information, visit ornlfcu.com or call (865) 688-9555.
Founded in 1999 and headquartered in West Palm Beach, Florida, OpenClose® is a leading enterprise-class, multi-channel loan origination system (LOS), POS digital mortgage and fintech provider that cost effectively delivers its digital platform on a software-as-a-service (SaaS) basis. The company provides a variety of innovative, 100 percent web-based solutions for lenders, banks, credit unions, and conduit aggregators. OpenClose’s core solution, LenderAssist™, is comprehensive loan origination software that is completely engineered by OpenClose using the same code base from the ground up. The company offers a RESTful API suite that standardizes system-to-system integrations, making them easier to develop, quicker to implement and more cost effective. OpenClose provides lending organizations with full control of their data and creates a truly seamless workflow for complete automation and compliance adherence. For more information, visit https://www.openclose.com/ or call (561) 655-6418.
Profundity Communications, Inc. for OpenClose
@OpenClose_LOS @7Mortgage #CreditUnionsLOS #CreditUnionsLoanOriginationSoftware #CreditUnionsMortgageAutomation #Mortgage #TitleCompany #Insurance #CreditUnions #CUDifference #RealEstate #EastTennessee #Knoxville #KnoxRocks #KnoxvilleTN #KnoxvilleRealEstate #KnoxvilleRealtor #BuyingAHome #FirstTimeHomebuyer #HomeClosing