MeridianLink Inc. announced Tuesday it had completed the acquisition of OpenClose, a fintech provider of residential mortgage software solutions for banks, credit unions, and independent mortgage lenders.
Company officials said the acquisition will enable its customers to deliver seamless digital lending experiences to consumers, while also reducing costs and the time needed to close loans. Officials said the deal also supports the company’s continued market expansion of full system capabilities serving depository institutions.
“We are thrilled to welcome the OpenClose team to MeridianLink,” said Nicolaas Vlok, MeridianLink CEO. "Combining the strengths of our organizations is great for the industry as we further enable our customers to deliver fast, frictionless mortgage-lending experiences, from application through closing."
"This acquisition," he continued, "ensures that all customers can be confident that they have a comprehensive, premier mortgage solution in whichever offering they choose and that we will continue to invest in both offerings as we evolve the products to incorporate the best capabilities of each.”
Company officials said that, as part of the integration, MeridianLink Mortgage customers will be able to access the OpenClose point-of-sale (POS) system, Consumer Assist, providing a superior experience for borrowers. OpenClose LenderAssist customers also will be able to leverage the MeridianLink PriceMyLoan product and pricing engine (PPE), offering richer pricing options and features like parallel mortgage insurance pricing, an integrated fee engine, and loan comparison reports, they said.
Founded in 1999, OpenClose pioneered a software as a service (SaaS)-based lending automation platform for the mortgage industry. Today, the company's comprehensive loan-origination software helps customers cut the cost to manufacture loans while reducing processing and underwriting cycle times. For these reasons and more, OpenClose has experienced strong year-over-year growth as financial institutions invest in mortgage technology, it said.
“Since our founding, customers have validated our company’s capabilities by choosing our SaaS solutions time and time again," said JP Kelly, president of OpenClose. "Now, after record growth over the last several years, we’re excited to reach more customers faster while still providing the best-in-class technology, team, and customer service to which our customers have become accustomed. I am confident that our innovative, talented, and dedicated team along with our industry-leading technology will thrive even further as part of MeridianLink.”