SOURCE: OpenClose

OpenClose Loan Origination Software

June 16, 2010 14:11 ET

OpenClose Mortgage Software Reports "Significantly Higher" Sales in 2010

WEST PALM BEACH, FL--(Marketwire - June 16, 2010) -  OpenClose Mortgage Software, developers of web-based, end-to-end mortgage lending software, are reporting "significantly higher" mortgage software sales volume in the first five months of 2010. The company has been selling mortgage software to banks, lenders, and credit unions for more than 11 years. In the first 5 months of 2010, sales of OpenClose's web-based loan origination software has already surpassed its sales for all of 2009.

There has been a huge shift in the residential mortgage business to small banks and credit unions; however their existing mortgage software technology was ill-equipped to handle the significant increase in origination volume and/or regulation changes. OpenClose attributes its large rise in sales this year to its scaleable, web-based solutions which credit unions and small banks implement quickly unlike other cumbersome legacy mortgage banking software.

According to J.P Kelly, President, OpenClose, the advantages of providing a software as a service model (SaaS) to these new residential mortgage players are many. "Credit unions and banks are known for running lean operations," said Kelly. "They don't have huge software systems because they don't need them to keep service levels high. We offer flexibility at an affordable price. Now is the time to retool and take advantage of the quick and low cost to implement a web-based origination software."

About OpenClose

West Palm Beach, Fla.-based OpenClose Mortgage Software is a pioneer of on-demand mortgage solutions since its inception in 1999. The company offers mortgage banking software solutions, all delivered in a web-based end-to-end mortgage-banking platform. LenderAssist is the company's flagship mortgage banking software, DecisionAssist provides product pricing and eligibility, ConsumerAssist provides lenders with consumer-facing Web sites and BrokerAssist provides brokers with an origination system that tie into the other platforms. For more information, visit the company's Web site at www.openclose.com.

Contact Information

  • Contact:
    Frank Bocchino
    (561) 804-4576