OpenClose Case Study: Sabadell United Bank

The Challenge? A Tight Schedule, Defined Budget, and Need for Compliance 

 

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Headquartered in Miami, Florida, Federally chartered Sabadell United Bank, N.A. currently operates 23
locations, services more than 40,000 customers, and has over 700 employees.  In growth mode, it needed a lending origination software that could be easily implemented, custom-configured to their specific workflow, flex with operational changes, and scale with them as they expand. And one that was fully compliant with the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB), the QM/ATR rule, the TILA- RESPA Integrated Disclosure (TRID) rule, and state-based rules.  

Key Results:

  • Volume grew by more than 500% 

  • Cycle times were reduced by 20%

  • A consistent, 25 day loan closing process was achieved

  • Implemented the entire system in under 45 days