Florida Bank Sees Major Growth with OpenClose LOS

A Florida bank has seen its residential loan volume grow more than 200 percent since automating its processes through OpenClose’s multi-channel lending automation platform, the origination technology provider announced.

According to a release from OpenClose, since turning to the firm’s platform, federally chartered Sabadell United Bank has been able to reduce cycle times by 20 percent, enabling consistent 25-day loan closings and boosting volumes—all done in full compliance and without having to add staff.

“OpenClose eliminated so many manual touch points from the solution that we were previously using that loans now gracefully move through a very tight, established workflow that rarely involves human intervention,” said Howard A. Levine, SVP of consumer and residential lending at Sabadell. “The overall efficacies, speed and cost savings that OpenClose delivered has been one of our key drivers of success.”

OpenClose president J.P. Kelly said he is “pleased with the immense success that Sabadell United Bank ... is enjoying with our workflow-driven LOS [loan origination system] platform,” noting the additional convenience of using an easily integrated Web-based solution.

“Unlike many LOS platforms on the market, we offer an end-to-end system engineered using the same code base from the ground with a single database that is 100 percent browser-based accessible,” Kelly said. “As a result, clients like Sabadell United Bank centralize data control and can easily access our system from any location at anytime without the need for launching an installed application.”