Mortgage industry technology provider OpenClose reports that Sabadell United Bank has significantly grown its business since implementing OpenClose's end-to-end loan origination system (LOS).
OpenClose's solution enabled the bank to grow its lending business at a very rapid rate, without adding staff and in full compliance with constantly changing federal and state-based regulations, OpenClose claims in a press release.
Federally chartered Sabadell United Bank currently operates 23 locations, services more than 35,000 clients and has over 700 employees. The organization is a subsidiary of Banco Sabadell, Spain's fourth-largest banking institution with assets in excess of EUR 170 billion.
‘We needed a solution that could fully automate all of our internal process from soup-to-nuts, flex with our unique way of doing business, scale as we grow, and be implemented quickly and cost effectively,’ says Howard A. Levine, senior vice president of consumer and residential lending at Sabadell United Bank. ‘We evaluated a number of different LOSs and found all of them to fall way short to that of OpenClose's solution.’
OpenClose configured its system to Sabadell United Bank's specific retail workflow, trained all staff members and delivered its Web-based solution in less than 45 days. As a result, origination volume grew more than 200%. Despite this rapid rate of growth, the bank was able to remain fully compliant.
OpenClose says its completely workflow-driven platform provides Sabadell United Bank with robust mortgage banking functionality for production, full decisioning and underwriting capability, compliance, lean processing, paperless document imaging, shipping, post-closing, accounting, and secondary marketing.
‘OpenClose eliminated so many manual touch points from the solution that we were previously using that loans now gracefully move through a very tight, established workflow that rarely involves human intervention,’ Levine says. ‘It effectively manages tasks and compliance checks that ensure we are operating efficiently and in full compliance at all times. The overall efficacies, speed and cost savings that OpenClose delivered has been one of our key drivers of success in our in the U.S. operation.’