Senate passes flood insurance reform act – NMP Skip to main content

Senate passes flood insurance reform act

National Mortgage Professional
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 investor." "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." For more information, visit www.openclose.com or www.lionmts.com.
Published
May 15, 2008
CRA Impact May Not Be As Profound As Feared

CFPB Director Rohit Chopra tells MBA conference changes shouldn’t be difficult

Regulation and Compliance
May 17, 2022
A UDAAP Expansion

The CFPB’s new memo about consumer complaints

Regulation and Compliance
May 17, 2022
Builders, Lenders Praise Biden Plan To Improve Housing Supply

'Housing Supply Action Plan' seeks to improve affordability by increasing housing inventory over the next five years.

Regulation and Compliance
May 17, 2022
Trigger Leads Could Be Outlawed In Mortgage Industry

N.Y. congressman says selling the information increases risk of fraud, ID theft.

Regulation and Compliance
May 17, 2022
Georgia Governor Signs New Mortgage Licensing Law

Lessens impact on hiring of out-of-state employees with criminal records

Regulation and Compliance
May 10, 2022
10,000 NAHB Members Sign Letter To Biden Seeking Housing Market Help

The letter cites rapidly rising interest rates, rising home prices and rents, and the rising cost of lumber and building materials for significantly decreasing housing affordability.

Construction
May 02, 2022