Ascend Federal Credit Union automates its residential mortgage lending business with OpenClose’s LenderAssist™ LOS and DecisionAssist™ PPE
Platform streamlines mortgage operations and further elevates member service levels
WEST PALM BEACH, FL (April 24, 2018) — OpenClose®, an industry-leading multi-channel loan origination system (LOS) and mortgage fintech provider, announced that Ascend Federal Credit Union (Ascend) is leveraging its LenderAssist™ LOS platform and DecisionAssist™ product and pricing engine (PPE). OpenClose’s completely browser-based solution has delivered additional efficiencies and heightened service levels for the credit union’s growing mortgage lending division.
Ascend engaged with OpenClose to provide the credit union with a robust LOS that will simplify its mortgage processes, ensure compliance, improve efficiencies, maximize productivity and reduce costs –- without the time and expense of implementing and maintaining a legacy system. LenderAssist was configured to support Ascend’s specific business processes and automate the lending workflow from start to finish. The entire platform was implemented in less 60 days.
“Since implementing OpenClose, we have enhanced our overall mortgage lending process and ability to provide faster, better service to members looking for a home loan,” said Don Gilliam, vice president of mortgage lending at Ascend. “The team at OpenClose is outstanding to work with and always provides very responsive, personalized customer support to our mortgage staff.”
LenderAssist is cost effectively delivered on a software-as-a-service (SaaS) basis. OpenClose maintains the entire system for Ascend, thus avoiding the need to add internal staff and dramatically reducing total cost of ownership. DecisionAssist provides instant, accurate loan pricing and eligibility for Ascend’s mortgage staff. OpenClose’s team of mortgage specialists manage all guidelines and pricing on a daily basis for Ascend. In addition, as Ascend grows, LenderAssist is designed to flex and scale with the business, preventing expansion challenges.
“Attaining a home loan can be an intimidating, complex experience for many consumers, but Ascend’s focus on service and use of technology makes it very easy for members to do business with them,” says JP Kelly, president of OpenClose. “LenderAssist and DecisionAssist have contributed to Ascend’s already high service levels by helping add simplicity, transparency and excellence in service to members.”
LenderAssist creates a seamless workflow process that eliminates manual touch points, freeing Ascend employees up to devote more time to member service. Throughout the origination process, OpenClose checks for QM/ATR, Reg B, Reg Z, fee tolerance, state and federal rules and regulations, and TRID compliance. Robust reporting tools documents everything done during the lending process for auditing and compliance purposes.
About OpenClose
Founded in 1999, OpenClose is the preeminent fintech provider that developed the mortgage banking industry’s first SaaS-based lending automation software platform. Today, the company has expanded to become an award-winning, comprehensive loan origination software suite that slashes the cost to manufacture loans by up to 40 percent, reduces processing and underwriting cycle times by up to 50 percent, and requires minimal support to install and manage. OpenClose is the only vendor in the industry able to offer a true end-to-end, omni-channel, 100 percent browser-based, workflow-driven platform that effectively consolidates the digital POS, LOS, PPE and BI functions via a single provider, with easy access from any browser or mobile device. For more information, visit https://www.openclose.com/ or call (561) 655-6418.
About Ascend Federal Credit Union
With more than $2 billion in assets, more than 170,000 members and more than 500 employees, Ascend is the largest credit union in Middle Tennessee and one of the largest federally chartered credit unions in the United States. The National Association of Federal Credit Unions (NAFCU) selected Ascend as the 2015 Federal Credit Union of the Year. Ascend is federally insured by the NCUA. https://www.ascendfcu.org/
