After sustaining a few years of mid-20 percent growth year-over-year, OpenClose [1], a provider of a web-based, software-as-a-service loan origination system, announced in February that it is experiencing 30 percent growth.
OpenClose has acquired several large mortgage banking customers “that are originating sizeable loan volume,” the company stated.
In response, OpenClose has hired new employees with extensive experience in mortgage technology, including senior developers, implementation specialists, project managers, and technical support representatives, OpenClose announced.
The company also developed an inside sales force to support its outside sales executives.
“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.
This unprecedented growth at the company is being driven by demand for LenderAssist, the company’s loan origination system, and OC Correspondent, a turnkey correspondent module, OpenClose said.
LenderAssist is a workflow-driven system than can be customized to each lender’s needs and can be accessed anywhere at any time online.
“Our unique, boutique-style customer support model has been a key component to customer acquisition and retention,” Kelly said. “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.
Lenders can implement OpenClose’s LenderAssist is 45 to 60 days, depending on the level of customization required, according to OpenClose.
“At OpenClose, we are always innovating, developing new solutions and enhancing our platform. We’re a privately owned and operated company that is nimble and entrepreneurial.” Kelly said.