Mortgage software developer OpenClose has released updates to its Web-based correspondent lending technology platform to add more compliance-related tools and improve the system's ease-of-use.
The module is configured with flexibility that expedites the delivery and funding processes by providing a turnkey correspondent channel that is easy to use and helps lenders remain compliant. It is designed to handle delegated or non-delegated options, bulk commitments and assignments of trade. According to the company, the module can be used with its comprehensive product and pricing engine and automated lock desk to provide detailed pull-through analysis and robust reporting.
Instant two-way communication allows lenders to receive decisions, including the ability to create custom, lender-specific conditions. Secondary staff can receive and send immediate notification of locks and registrations, and all communication is documented and tracked through the system.
‘Control is compliance's best friend,’ says J.P. Kelly, president of OpenClose. ‘The problem has been a hesitancy by lenders who fear losing control of the channel management. But our new release is designed intentionally to create a separate correspondent workflow within the existing database.’