has announced that Ventana Home Mortgage LLC
, a residential mortgage conduit aggregator with a focus on the non-QM market, has signed with the company to utilize its OC Correspondent module. The Web-based, turnkey solution will fully automate Ventana’s new conduit business.
“Our goal at Ventana is to purchase, aggregate and securitize quality residential non-QM loans through our network of over 100 lenders using both delegated and non-delegated options,” said Joseph Kohout, SVP of Credit and Operations at Ventana. “We’ve worked with OpenClose in the past and know that their correspondent module efficiently and compliantly handles the automated review, acceptance and processing of quality closed loans. The solution gives us complete control and visibility over our entire procedure.”
OC Correspondent will enable Ventana correspondent lenders to electronically submit loans for swift review and acceptance. The solution consists of a robust seller-facing portal, automated eligibility and decisioning, quality controls, lock notifications, real-time pipeline status, custom-configured workflows, compliance, reporting, document management, an imaging system and more.
Ventana Home Mortgage is a subsidiary of Window Rock Capital Partners LLC, an investment firm focused on opportunistic investment opportunities in the residential housing and credit markets.
The newly formed Ventana acquired certain contractual rights that were previously used in connection with the residential mortgage conduit operated by WinWater Home Mortgage.
“Our correspondent module is ideal for organizations like Ventana that want to quickly and compliantly get into the correspondent business; or, to streamline an existing channel,” said Vince Furey, SVP of Lending Solutions at OpenClose. “Right out of the gates, Ventana will be very efficient in kick-starting its correspondent business using our technology, which is very intuitive and easy-to-use. End users don’t need much experience in correspondent lending to quickly begin utilizing our software.”