More credit unions turning to OpenClose’s consolidated LOS and POS for automation of the mortgage lending process

WEST PALM BEACH, FL (October 16, 2020)OpenClose®, the industry-leading mortgage fintech provider and omni-channel loan origination system (LOS), announced that an increasing number of credit unions and credit union service organizations (CUSOs) are leveraging its award-winning SaaS-based platform to elevate member service and operate their mortgage divisions with greater efficiency.

The reasons for the significant increase in credit union and CUSO customers or as OpenClose refers to them “partners” is multifold and, from post-contract surveys are not limited to OpenClose’s: innovative and configurable technology; enhanced member POS engagement; #1 independently rated customer support; faster, fully in-house implementations; and excellent, seamless remote onboarding that makes switching to a new mortgage technology solution during COVID-19 completely viable.

In reference to OpenClose’s technology, its single-source LenderAssist™ LOS and ConsumerAssist™ POS solution has enhanced the digital mortgage experience since launching as a combined offering. The unique solution is ideal for credit unions and CUSOs interested in automating the borrower experience beginning with the loan application via an elegant member direct web interface, through comprehensive processing of the loan to the LOS residing in the back-office.

Meanwhile, OpenClose notes that, incredibly, 8 out 10 of credit union or CUSO members, who start a mortgage application on its POS, receive a decision on their loan. The simplicity, ease-of-use, and on-brand design allow for better engagement with potential borrowers and are the key reasons borrowers successfully finish their online applications. OpenClose offers the platform as out-of-the-box and also with custom-configurations per each partner’s brand specs.  Additionally, the company handles the onus of implementation efforts and provides a hands-on, highly responsive approach to ongoing customer support, so, no 3rd party consultants are needed.

“We understand the importance of member services for credit unions because we treat our customers like long-term partners, not just customers and another number like some technology vendors do,” stated Vince Furey, CRO at OpenClose. “Using our platform, credit unions and CUSOs enhance member engagement and collaboration, provide greater transparency, connect better and simplify the mortgage process; among other benefits.”

The OpenClose suite for credit unions and CUSOs includes a robust digital mortgage point-of-sale solution; end-to-end, fully browser-based LOS; a flexible, natively built product and pricing engine (PPE); business intelligence, analytics and reporting software (BI); optical character recognition (OCR) capability; mobile device accessibility; and a RESTful API suite for simple, low-cost integrations. Various modules can easily be turned on or off to meet for credit union and CUSO specific needs.

OpenClose is a member of the American Credit Union Mortgage Association (ACUMA) and has a dedicated team of subject matter experts who understand the unique needs of credit unions and how to digitize their mortgage lending processes and workflows.

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 or call (561) 655-6418.


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