SOURCE: OpenClose

OpenClose Loan Origination Software

May 24, 2010 10:26 ET

OpenClose Mortgage Software Adds Document Publishing to Its Loan Origination Software

NEW YORK, NY--(Marketwire - May 24, 2010) - OpenClose® Mortgage Software, developers of Web-based, end-to-end mortgage lender software, has announced it has developed document publishing functionality and added it to LenderAssist: its loan origination software. The new document delivery system greatly improves disclosure tracking and compliance practices.

Document publishing solves problems of form traceability and accountability. Traditionally mortgage documents are either hand delivered or sent through the mail but there's no way of knowing if they've been read, signed or returned. Emailing documents is considered less secure as email accounts are more open to theft and/or tampering. Document publishing allows the LenderAssist user to publish RESPA docs (1003, the new GFE and the TIL) in a traceable, secure, and compliant method.

The new function sends the borrower a unique hyperlink via email to a secure encrypted site. From there the borrower acknowledges acceptance of electronic documents. The borrower inputs the security code and the last four digits of their social security number and only then the borrower is permitted to view and/or download their documents electronically. The system sends automatic reminders to the originator (or designated employee) for seven days if the borrower has not accepted the electronic view. This procedure adheres to the new RESPA disclosure law.

"With RESPA, a lender has at the most 72 hours to provide disclosures and many of our customers want the those disclosures to go out immediately," said Jason Regalbuto, President, OpenClose, "so our top concern is making sure lenders who use our new document publishing remain compliant. As with any new feature in OpenClose, we made the new functionality easy and convenient for both the originator and borrower so people will want to use it." 

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