OpenClose Makes Non-QM Guidelines And Pricing Enhancements To PPE
OpenClose, a mortgage fintech provide and omni-channel loan origination system, enhanced its DecisionAssist product and pricing engine to accommodate non-agency and custom Non-QM loan programs.
The enhancements extend accurate and instant decisioning results for non-traditional loan programs, according to a press release. OpenClose developed new data points and complex rule structures that support income verification, loan grading, and debt-service-coverage ratio (DSCR), which have been incorporated into DecisionAssist’s pricing and eligibility logic. Another enhancement gives lenders the ability to load base pricing using FICO range, LTV range, and document type. With the OpenClose Investor Data Management System comes data aggregation and ongoing management to support real-time market changes.
The ability for salespeople to quote borrowers using DecisionAssist provides better service, convenience and also helps ensure that Non-QM eligibility and compliance is met upon first borrower contact.
"Non-QM products have been housed in our library of loan products for several years now," said Vince Furey, chief revenue officer at OpenClose. "Implementing new or changing existing guidelines for the retail, wholesale, correspondent, and consumer direct lending channels is easy for us given the flexible structure of the DecisionAssist’s centralized database. Using DecisionAssist, originators don’t have to jump through hoops to get borrowers accurate answers on Non-QM financing options in a timely manner."
OpenClose has a team of mortgage specialists that maintain a library of loan programs for investors and lenders, keeping products and pricing up-to-date on a daily basis. In addition, the company automates rate sheet distribution down to the branch and originator level based on company preferences.
DecisionAssist can be utilized as a standalone PPE and also accompanies OpenClose’s comprehensive, purely browser-based and omni-channel LOS, LenderAssist™.
Subscribe to the NMP Daily
FMJ Job Listings
- Retail Personal Banker Associate I - Evansville East Side - Fifth Third Bank - Evansville, IN
- Retail Personal Banker Associate I - Fifth Third Bank - Dayton, OH
- Personal Banker Associate I Hall Rd Area, Clinton TWS area - Fifth Third Bank - Utica, MI
- Retail Personal Banker Associate I - Fifth Third Bank - Matthews, NC
- Retail Personal Banker Associate II - Fifth Third Bank - Matthews, NC
- Loan Officer - Guild Mortgage Company LLC - Katy,