Jan./Feb. 2021 Issue

Non-QM Guidelines And Pricing Enhancements Made To OpenClose’s PPE

OpenClose, a mortgage fintech provider and omni-channel loan origination system (LOS), has enriched new program qualification search functionality into its DecisionAssist product and pricing engine (PPE) to accommodate non-agency and custom non-QM loan programs. Unlike most PPEs, the flexible architecture design and scalability of DecisionAssist makes it easy for OpenClose to add new non-QM loan programs to its library of investor and lender specific guidelines. 

The enhancements extend accurate and instant decisioning results for non-traditional loan programs. 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. Also added is the ability for lenders to easily load base pricing using FICO range, LTV range, and document type. At the foundation of these new enhancements is the OpenClose Investor Data Management System, which also enables data aggregation and ongoing management to support real-time market changes.

DecisionAssist helps lenders automate point-of-sale tasks, lower costs, reduce cycle times, increase pull-through rates, and gain a competitive advantage. 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,” stated Vince Furey, CRO 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; it’s accomplished within seconds.”

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.