SOURCE: OpenClose


March 28, 2011 08:53 ET

OpenClose Debuts New Dodd-Frank Compliant Loan Origination Software as Well as Its Social Media CRM

Company Debuts Loan Officer Compensation-Ready LOS and Its Social Media Solution at the National Technology in Mortgage Banking Conference & Expo

HOLLYWOOD, FL--(Marketwire - March 28, 2011) - OpenClose announced the release of its Loan Officer Compensation functionality for LenderAssist: its web-based, end-to-end, loan origination software. The company is debuting its enhanced lending software along with OpenClose Social: its new social media management software, at the National Technology in Mortgage Banking Conference & Expo, at Booth 505.

To ensure lenders are compliant with the forthcoming Federal Reserve Bank regulations, OpenClose has carefully amended its LenderAssist loan origination software to include the appropriate configuring mark ups, fees, and compensation for loan officers. Last month, the company also integrated with the Compliance EAGLE platform from QuestSoft, to automate the preparation and submission of loan data for the new state exam procedures. 

"New regulations require compliance from lenders who in turn look to their origination software vendors. But we've put that at the forefront of everything we develop," said J.P. Kelly, President, OpenClose. "Whether its loan officer websites or our social media management solutions, we feel the more control and fail safes we build into our solutions the better it serves the banks, credit unions, and lenders that we serve."

About OpenClose
OpenClose is a pioneer of Software as a Service (SaaS) computing solutions for the financial industry since 1999. It provides a variety of Web-based products for credit unions, banks, and mortgage lenders from loan origination, 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. Visit the company's Web site at

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