OpenClose Solutions, developers of Web-based, mortgage lending software, announced today at the 11th Annual Mortgage Technology Conference presented by SourceMedia that Nashville, Tenn.-based Acopia Capital Group selected OpenClose, a single-source-code, end-to-end automated mortgage system.
Acopia chose the loan origination system (LOS), because it provided the start-up wholesale lender with a flexible and complete end-to-end technology that could grow with the company, which is currently operating in the Southeast, but expects to be licensed in 20 states by March 2008, and serving community banks and small mortgage brokers.
“With many lenders closing shop, now is a favorable time to open a new lending company that does not have the legacy issues of the past,” said Brant Phillips, executive vice president of Operations for Acopia Capital Group. “Using OpenClose gives us -- a start-up wholesale lender -- the power to compete with the largest lenders in terms of automated lending technology.”
OpenClose automates every key back-end operation from origination to closing in one system, including a robust banking operations core, support for underwriting, closing, post-closing, secondary marketing, funding, shipping and reporting. The Web-based system allows Acopia, which opened its door this month, to automate functions of origination, underwriting and closing in a system that can be accessed by its originators nationwide.
Acopia company officials also said they were impressed that it could select only the OpenClose functions needed to open its doors quickly and hit the ground running.
“Our goal is to make automated origination, pricing, underwriting and closing available to any lenders in any lending environment with any technology demands,” said Rob Pommier, executive vice president of Sales & Marketing for OpenClose Solutions. “We’re here to help lenders thrive in 2008 by reducing how long it takes to process loans and the technology it takes to do so, enabling lenders to focus on loan volume.”
About Acopia Capital Group
Nashville, Tenn.-based Acopia Capital Group is a wholesale lender dedicated to providing superior lending services through innovative products and cutting edge technology. The company currently operates in the Southeast and will soon be licensed in 20 states. For more information, visit the company’s Web site at www.myacopia.com.
About OpenClose Solutions
West Palm Beach, Fla.-based OpenClose Solutions has been a pioneer of on-demand mortgage solutions since its inception in 1999. The Web-based end-to-end mortgage banking platform, which includes DecisionAssist™, contains all elements of the lending process for retail, wholesale and correspondent channels. Each installation is customized to the lender’s workflow, business model and terminology. For more information, visit the company’s Web site at www.openclose.com or www.decisionassist.com.