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Open Solutions Inc. and Mortgagebot Announce Partnership
MEQUON, Wis. & GLASTONBURY, Conn. --(Business Wire)-- Mequon, Wis.-based Mortgagebot(R) LLC and Glastonbury, Conn.-based Open Solutions, a leading provider of integrated enabling technologies for financial service providers across the United States, Canada and international markets, have announced a strategic referral partnership. Under the terms of the new referral agreement, Open Solutions will recommend Mortgagebot's consumer-direct, Web-based loan origination systems to its clients and prospects.
This partnership provides Open Solutions' clients with another option to choose from when looking for Web-based software tools that can be used to take full advantage of the growing online mortgage channel. Surveys show that in some market segments, as many as one-fourth of all lenders are now originating more than half of their loan volume online(1).
"Open Solutions is a leader in providing technology solutions to the financial-services industry," said Mike Nicastro, Open Solutions SVP and chief marketing officer. "Our strategic alliance with Mortgagebot combined with our existing LOS product suite further expands our ability to meet our clients' growing need to connect with their mortgage clients via the Internet. Mortgagebot's award-winning technology is cost-effective and easy to use. Plus, Mortgagebot products already enjoy wide acceptance among our clients -- nearly 50 of our Loan Origination Systems' (LOS) clients have already implemented Mortgagebot's PowerSite solution."
Mortgagebot PowerSite(R) is the industry's leading solution set for consumer-direct, Internet-based loan origination, currently automating the mortgage-application process for over 750 lenders from coast to coast--including one-third of America's top 100 commercial banks, and nearly half of America's top 100 savings institutions and top 100 credit unions. In addition, many of the credit unions over $100 million that have licensed an Open Solutions core-processing system, are already Mortgagebot clients.
Mortgagebot's product family is a fully configurable, private-labeled solution set that automates the mortgage application process. The PowerSite product serves as a lender's mortgage Web site, taking applications directly from consumers "24/7/365," and the PowerSite Pro system enables loan officers to take applications by phone, in the branch or with a laptop computer from a remote location. With both products, Mortgagebot's award-winning, intelligent functionality enables borrowers to complete an application, get pre-approved and receive full disclosures in 20 minutes or less. And because PowerSite products are deployed over the Internet, there is no PC software for lenders to install and maintain.
As a result of their flexibility and scalability, PowerSite products enable lenders to take mortgage applications throughout the enterprise at every point of sale: directly from consumers over the Internet, in the branch, through the call center or from remote locations via laptop PCs.
The new alliance will give Open Solutions' clients an option to provide their borrowers with the convenience of a direct-to-consumer mortgage application system. PowerSite's unique mortgage application process enables borrowers to complete mortgage applications that require no follow-up, which means improved lender efficiency and productivity.
Open Solutions' LOS clients will also gain access to proven, automated integration tools that save time and money by enabling loan data collected by PowerSite to be automatically transferred to the Sound Mortgage Management System.
Two examples of the Open Solutions/Sound Mortgage Management System clients who already benefit from Mortgagebot PowerSite are The Lowell Five Cent Savings Bank (Lowell, Mass.) and America's First Federal Credit Union (Birmingham, Ala).
"Mortgagebot PowerSite enhances our customer service," said Helen Hamel, vice president, The Lowell Five Cent Savings Bank, a mutual savings bank with 13 branches and assets of more than $680 million. "We have a strong community presence--and implementing PowerSite with our Open Solutions application has not only modernized and streamlined our processes, it has enabled us to better serve our customers. Customers have even told us that having an online loan application helped them decide to apply with our bank."
America's First Federal Credit Union is a 17-branch, full-service credit union with $811 million in assets. Shirley Lochamy, vice president of Mortgage Lending, America's First said, "We use Open Solutions and PowerSite for all of our loan origination channels: consumer-direct on the Web, in the branches and through our call center. PowerSite enables our members to apply for a mortgage at their convenience. Now, instead of giving a borrower a paper application and asking them to bring it back, we can lock in a rate and easily complete the application while the borrower is interested."
"We're delighted to form a marketing alliance with Open Solutions," said Mortgagebot Chief Marketing Officer Dan Welbaum; "Especially so in light of the time-saving integration that PowerSite enjoys with the Sound Mortgage Management System, and the fact that Open Solutions and Mortgagebot already share so many joint clients. We're pleased to be an Open Solutions' recommended partner, and we look forward to collaborating more closely with joint referrals, at trade shows and in the market."
About Open Solutions Inc.
Open Solutions Inc.(R) is a leading provider of integrated enabling technologies for financial service providers in the United States, Canada and internationally. Open Solutions Inc. offers a fully-featured strategic information management product platform that integrates core data processing applications built on a single, centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting and management tools, profitability tools, wealth management, imaging, digital documents, interactive voice response, network services, HSAs, payments and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States, Canada and internationally to better compete in today's aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions or its financial product line, contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com or by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Internet site at www.opensolutions.com.
About Mortgagebot
Mortgagebot LLC (www.Mortgagebot.com) is the industry-leading, Inc. 500 company that provides PowerSite, the direct-to-consumer, Web-based loan-origination solution set that can be deployed enterprise-wide. Mortgagebot blends extensive mortgage experience with leading-edge "software-as-a-service" (SaaS) technology to create robust, scalable, and affordable Web sites for more than 750 mortgage lenders nationwide. And with the launch of its mortgage-shopping Web site, Mortgage Marvel(R) (www.MortgageMarvel.com), Mortgagebot has created a revolutionary, easy-to-use way for borrowers to instantly obtain and compare accurate, low mortgage rates--from hundreds of lenders--without revealing any personal data.
(1) "Benchmarks 2007: Trends, Analysis, Practices", by Mortgagebot LLC. Published by Mortgagebot LLC. (Mequon, Wis.); June 2007. (C) 2007 by Mortgagebot LLC.
Mortgagebot, Mortgagebot PowerSite, and Mortgage Marvel are registered trademarks of Mortgagebot LLC. Open Solutions Inc. is a registered trademark and Sound Mortgage Management System is a trademark of Open Solutions Inc. Other products and/or services are the property of their respective owners.
Note: The correct usage of the company name, Open Solutions Inc., is either Open Solutions Inc. or Open Solutions. Open Solutions no longer uses the acronym of OSI to refer to the company.
Copyright 2008 Open Solutions Inc. and Mortgagebot LLC. All rights reserved.
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