Credit Unions Are Selecting Mortgage Solutions for the Best Technology and Relationships

Credit Unions Are Selecting Mortgage Solutions for the Best Technology and Relationships

Credit Unions relate to OpenClose because we treat you like you treat your members

Why are more and more credit unions turning to OpenClose’s Mortgage Technology solutions? From our internal surveys, you tell us that it’s because of our shared values and commitment to the people we do business with. Credit unions embody that value by having members, not customers. Your credit union is personally invested in helping your members achieve their goals. Meanwhile, at OpenClose, we have customers, not clients and we provide you with a partnership that other technology solutions are unable or unwilling to do. So, just like you, we are personally invested in helping our credit union customers achieve their goals.

CU FACT

According to the National Credit Union Administration (NCUA), membership in federally insured credit unions was 122.3 million as of June 2020.

Credit unions are local organizations that cater to your community; OpenClose is a boutique, configurable technology provider with the same ownership since 1999.

We appreciate the business model at credit unions and we are committed to helping every credit union customer achieve success and surpass the needs of your members. Recently, we shared a blog about why any type of lender should do business with OpenClose, Top Six Reasons Why More Lenders Are Choosing OpenClose’s Mortgage Technology. We know there are some reasons that are particularly important to credit unions.

#1: We deliver a true partnership.

OpenClose is not just a vendor, we’re a partner. We pride ourselves on being accessible and responsive, providing credit unions with smart support from seasoned mortgage experts. You discover this during the sales process and it moves through your entire life cycle with us. It’s one of the key reasons why independent surveys have found us to have the highest lender loyalty score. This is something that makes credit unions, of varying loan volume sizes, feel comfortable when they choose to make a mortgage technology switch.

#2: We provide a single, comprehensive solution.

OpenClose provides the technology that members want. OpenClose offers one platform for Web, POS, PPE, LOS, imaging, OCR and BI – a feature not often found with other mortgage technology providers. With OpenClose, credit unions can automate the mortgage workflow entirely in one, omnichannel solution. The solution from OpenClose enhances efficiencies and enables credit unions to do more with less.

#3: We offer Growth-Friendly Pricing™.

As not-for-profits that seek the best solutions for their members, credit unions work with narrow margins. This allows you to pay higher interest rates on deposits, while charging lower fees for other services, such as checking accounts and ATM withdrawals. Therefore, a credit union has a fiduciary responsibility to find cost savings.

OpenClose recognizes this and helps you meet your financial obligations by offering you our Growth-Friendly Pricing™.

At the start, our pricing model does not seem overly different from competitors as your pricing is based upon a contracted minimum number of loans per month. However, that’s where the similarities end and our best-in-class pricing model begins. We give you the ability to grow, both the number of users and the number of loans flowing through the system when times are rolling. Then, if the market switches or you simply have a down month, we, unlike others, allow you to flex below your newly established minimums and go as low as your contracted minimums, if need be.

Right now, no one else in the mortgage tech space is offering their customers this level of pricing flexibility – and that’s a point of pride for OpenClose.

#4: We configure our technology to address your needs and solve your challenges.

We are here for you, ready to help find solutions to the stumbling blocks your credit union may face in this changing economy. We have the wherewithal to solve your challenges faster while increasing your efficiencies and lowering your operational costs by ensuring that our best-in-class technology can be tweaked or configured to meet the personal needs that your institution has for your loan officers and your members.

#5: We deliver industry-leading implementation (remote and in-person) and customer service.

We’ve developed a unique approach to credit union LOS implementation. We arrive with an actual implementation strategy for each customer based on their individual requirements, and we offer solution-oriented ideas to make your workflow and processes as smooth and efficient as possible. The strategy is developed and agreed on before we even start. If you’re more comfortable executing your implementation remotely, no problem! If you prefer to come on-site to our headquarters in West Palm Beach, Florida, or have us come to your headquarters, no problem! Either way, with the process, tutelage, and team that we’ve put together, you can rest assured that implementation will be smooth.

#6: We maintain premier API partnerships to deliver our RESTful API Suite.

With our IntegrationAssist™ RESTful API Suite, we significantly expand your connectivity and alleviate the challenges of integrating with different systems. Our suite allows for flexibility to work with more premier, third-party service providers and conduct business with multiple organizations while delivering the agility to change providers more easily as marketplace conditions shift or your business needs evolve.

Credit unions want the best service for their members.

Credit unions want the right tech at the right price, but they also want the right service for their members. OpenClose has the ability to plug and play into the existing credit union system, but there is so much more, like access to help when help is needed. If your tech budget is tight, we’ve got the ability to step-in and help. We have success measurements with granular analytics along the way, and we have the ability to add features that will help close loans faster. We are proud to do business with credit unions.

CU FACT

According to NCUA, as of June 2020, total assets in federally insured credit unions were $1.75 trillion.

All CU facts are attributed to NCUA, Quarterly Credit Union Data Summary 2020 Q2, November 12, 2020.