reports that it is experiencing the highest level of growth in the company’s history. The company attributes the bulk of its growth to an increasing demand for its comprehensive LenderAssist LOS that has true multi-channel capability along with its turnkey correspondent module, OC Correspondent. OpenClose’s revenue growth for the last few years has been in the mid-20 percent range year-over-year, while 2015 to 2016 the company realized an unprecedented 30 percent growth rate.
To handle the ongoing expansion, OpenClose has been strategically adding resources to its existing strong infrastructure to effectively on-board, implement, train and support new customers. The company hired additional employees who possess deep mortgage technology experience ranging from senior developers to implementation specialists, project managers and technical support representatives. This allows the company to manage growth at a healthy, controlled rate, while maintaining its high customer service standards.
“The last few years have just been remarkable in terms of the number of new customers we have brought on board and how quickly we’re able to implement them,” said JP Kelly, president of OpenClose. “Our unique, boutique-style customer support model has been a key component to customer acquisition and retention. It’s a very hands-on and responsive approach, unlike many of the larger LOS vendors that have long implementations, insufficient training, and often poor technical support. This model has served us well and is a key competitive differentiator.”
OpenClose implemented a number of large mortgage banking customers that are originating sizeable loan volume. The company also established a new inside sales force that has been very successful in sourcing new deals for the outside sales executives.
OpenClose’s LenderAssist LOS platform is in use by medium- and large-sized lenders, banks and credit unions and its standalone OC Correspond module is being leveraged by firms to buy closed loans. The company has offices in West Palm Beach, Fla. and Gig Harbor, Wash.