Mortgage Banks: The Problems of Expanding

lending-exponsion-drawbacks

When lenders do well, they look to expand to keep business growing. How is growth a problem?

And often the first way lenders tend expand is to open more locations then hire new loan originators.  As an alternative, they might start a new business channel. Retail lenders are looking into correspondents. Credit Unions may look into residential home loans. Wholesale lenders may look into retail. And so on.

When expanding, lending management does its due diligence, makes its choice and forges ahead. Risk aside, the problem in doing this is technology is often overlooked. In other words, the mortgage software you use might involve unforeseen costs to expand. And the loan origination software (LOS) you’re using for one channel, won’t be suitable for another.

OpenClose eliminates these problems for mortgage lenders. OpenClose’s LenderAssist LOS allows lenders to separately operate various activities occurring in retail, wholesale, correspondent and consumer direct lending channels. All with one software. All web-based.

OpenClose® is a leading end-to-end loan origination system (LOS) provider that delivers its platform on a software-as-a-service (SaaS) basis. The company provides a variety of browser-based lending automation solutions for lenders, banks and credit unions of all sizes. OpenClose’s LOS is completely engineered by the same company, thus avoiding assembling best-of-breed applications or acquiring technologies in an effort to create an end-to-end platform.  The company focuses on providing lending organizations with full control of their data and creating a truly seamless workflow for comprehensive automation and compliance adherence.