Loan origination system (LOS) provider OpenClose has teamed up with Mortgage Capital Trading Inc. (MCT) to develop a solution that normalizes and extracts a lender’s committed loan sale and purchase advice data to be uploaded directly into OpenClose’s LenderAssist LOS, thus eliminating significant manual intervention.
Depending on the number of loans that are being sold, the time it takes to complete a transaction can be reduced from days to minutes, OpenClose claims in a release.
According to Dan Beam, senior vice president of capital markets at Firstrust Bank, which uses MCT as its secondary marketing advisory firm and OpenClose as its LOS provider, the jointly developed solution has provided his firm “with an invaluable tool to slash the amount of time it used to take us to rekey committed loan data and purchase advice information from Fannie Mae.”
“Given the number of trades we are doing in a particular week, the automation of this process can easily shave off what previously required dozens of man-hours down to just minutes,” Beam says in the release.
The solution works by MCT converting large committed loan sale reports or purchase advices into normalized datasets, which are then automatically transmitted to the lender for easy upload into OpenClose’s LenderAssist LOS. All of this transpires with the simple click of a button.
“We want to do whatever we can to make our customers’ jobs as easy as possible, and this new capability delivers a tremendous uptick in efficiency, saving secondary marketing departments inordinate amounts of time, which, in turn, reduces costs,” says J.P. Kelly, president of OpenClose. “Whether our mutual customers upload a few dozen loans at once or hundreds of loans, it takes a fraction of the time it used to.”