OpenClose Adds POS to its LOS

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Mortgage technology provider OpenClose is adding a point-of-sale (POS) solution to its multichannel loan origination system (LOS) and product, pricing and eligibility engine. The new POS will be available come May.

As a result, the company now offers a complete digital mortgage origination system, including a consumer-facing online portal that can be customized to reflect a lender’s branding; automation that guides borrowers through the mortgage process; automated verification of employment, income, assets and tax returns; automated loan conditioning; secure document capture and tracking; and real-time messaging between borrower, loan officer and other relevant parties.

The consumer direct solution slashes origination costs, dramatically elevates the borrower experience, increases leads and closes more loans faster, the company claims in a release.

“Borrowers today and in the future are expecting streamlined experiences with extreme ease of use and automation like Amazon and Uber offer. Mortgage origination and lending involve very complex processes,” says Jason Regalbuto, CEO and chief technology officer for OpenClose. “We think with ConsumerAssist Digital POS, we have significantly reimagined these processes and workflows for the future and the expectations that borrowers have. We’ve effectively closed the loop between POS and LOS.”

The new self-service POS – dubbed ConsumerAssist Digital POS – offers a rich feature set. Lenders can automate and organize numerous tasks that would normally be performed in the back-office via the LOS, and push them closer to borrowers earlier in the origination process.

As a result, workflow efficiencies increase, the lending process is sped up, costs are reduced and new business is captured at a higher rate and lower cost.

“We feel that lenders leveraging the efficiencies of a single consolidated platform will be able to most effectively sustain and increase profitability in an environment with more competition for fewer loans and tighter margins,” says JP Kelly, president of OpenClose.

OpenClose recently announced availability of its RESTful API Suite, which was developed to enable quick system-to-system integrations, seamless data exchange and execution of transactions.

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