According to a report from analysts at Keefe, Bruyette & Woods, a downturn in mortgage origination volume, offset in part by improved gain-on-sale margins, has led to a slump in mortgage banking revenue. Among the banks studied, some fared worse than others. Volume dropped year-over-year at PNC by 26.9% to $1.9 billion and at Citi by 21.4% to $12.6 billion.
So is the plight of any mortgage banker.: a rollercoasater romp of ups and downs. But new mortgage technologies can help smooth the ride. By having operations centralized, and going to a browser-based loan origination system, residential mortgage lenders can distribute loans effortlessly with enhanced workflows.
OpenClose® is a leading multi-channel loan origination system (LOS) provider that cost effectively delivers its platform on a software-as-a-service (SaaS) basis. The company provides a variety of 100 percent browser-based solutions for lenders, banks and credit unions. OpenClose’s core solution, its LenderAssist™ LOS, is completely engineered by OpenClose using the same code base from the ground up, thus avoiding the problems that often accompany assembling best-of-breed applications or acquiring disparate technologies in an effort to create an end-to-end platform.
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