Senate passes flood insurance reform act

Senate passes flood insurance reform act

May 15, 2008

OpenClose to purchase assets of LION Inc.MortgagePress.comOpenClose, LION Inc., Precision LPX, LOS, David Stedman, Jason Regalbuto, Decision Assist
OpenClose , developers of Web-based, end-to-end mortgage
software, has agreed to purchase the assets of LION Inc., and will
continue to operate its Seattle-based Precision LPX suite of
mortgage software and retail Web site services. The transaction is
anticipated to close this summer, subject to shareholder approval
and regulatory consent.
The acquisition expands OpenClose's existing solutions, which
include an end-to-end loan origination software (LOS) and
product-pricing engine for mortgage bankers, to include direct
consumer and broker lending software. The Precision LPX suite
consists of Web-enabled tools designed to help brokers originate,
price and lock loans. The expanded services, combined with
OpenClose's existing end-to-end LOS, gives lenders and brokers a
single tool to handle every task in the loan life cycle from
consumer to secondary market.
"OpenClose will give our existing customers continued support to
the software they rely on, while also offering additional services
to help them automate the mortgage pipeline," said David Stedman,
president of LION Inc. "In addition, OpenClose gains the tools
needed to become the first completely Web-based, end-to-end
mortgage software that touches all points from the consumer to the
"OpenClose will offer completely Web-based 'consumer-to-end'
mortgage software that will provide the most cost-effective way to
price, originate, close and sell loans in the mortgage industry,"
said Jason Regalbuto, president of OpenClose. "We are broadening
the horizon of traditional lending software by adding consumers and
brokers to the same systems used by lenders in an effort to
minimize time spent preparing loans and maximize the security and
profitability of those loans."
OpenClose's Web-based software supports underwriting, robust
core banking operations, closing, post-closing, secondary
marketing, funding, shipping and reporting. The software, is
offered as a hosted managed ASP solution, allowing wholesale and
retail lenders to use the system with originators nationwide.
In addition to the OpenClose LOS, the company also offers
lenders Decision Assist, a managed product guideline, pricing and
decisioning engine. The program gives lenders a powerful tool to
keep up with the rapidly changing investor guidelines in the
industry, price the loans and make automated decisions on the
loans. Decision Assist, is available within OpenClose or as a
stand-alone installation.
OpenClose is investing in the future of mortgage lending by
taking the tools needed to secure pricing, originate and close
loans directly to consumers, brokers and mortgage bankers, said
J.P. Kelly, chief operating officer of OpenClose Solutions. While
others are pulling back, we are growing and broadening the
availability of software that streamlines all aspects of the
mortgage supply chain."
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