OpenClose’s OC Correspondent Makes Selling Loans on the Secondary Market Easier and More Compliant

NEW YORK, NY–(Marketwired – May 6, 2013) – OpenClose, web-based mortgage software developers, has announced the new release of its new Correspondent Lending component at the MBA’s National Secondary Market Conference & Expo. The Correspondent Lending Platform module is Web-based software with configuration flexibility that expedites the delivery and funding processes by providing a turn-key correspondent channel that’s easy-to-use and helps lenders remain compliant.

Whether you are an established correspondent banker, a mini correspondent, or wanting to enter the correspondent lending market without much expense and less risk, the new platform provides lenders with a scalable, efficient and cost-effective way to do so. It is designed to handle delegated or non-delegated options, bulk commitments and assignments of trade (AOT). Used with our comprehensive product and pricing engine, and automated lock desk, the correspondent module provides detailed, pull through analysis and robust reporting.

The company has responded to a demand in the market for comprehensive, correspondent software tailored specifically for mortgage lenders with an increased focus on compliance and ease of use.

“Control is compliance’s best friend,” says J.P. Kelly, president, OpenClose. “The problem has been a hesitancy by lenders who fear losing control of the channel management. But our new release is designed intentionally to create a separate correspondent workflow within the existing database. If you’re a mortgage lender, regardless of your channels of business, using OpenClose’s Correspondent with our loan origination software can simplify, control, and/or expedite the point of entry while maintaining compliance.”

Instant two-way communication allows lenders to receive decisions including the ability to create custom, lender-specific conditions. Secondary staff receives and sends immediate notification of locks and registrations. All communication is documented and tracked through the system.
OpenClose® is a pioneer of Software as a Service (SaaS) computing solutions for the financial industry since 1999. OpenClose, built in modern (.NET) technology is supported by mature, service-over-sales approach delivery. It provides a variety of Web-based solutions for credit unions, banks, and mortgage lenders from loan origination software, loan pricing, website design and social media marketing. In 2010, the company released OpenClose Social: the first online social media management solution for credit unions, banks, and mortgage lenders.  For more information about loan origination systems, visit OpenClose at You can also follow OpenClose@OpenCloseSocial