Openclose

About Openclose

Established in 1999 by co-founders JP Kelly and Jason Regalbuto, Openclose operates as a fintech provider specializing in mortgage lending software. Kelly, who previously ran his own mortgage bank, and Regalbuto, with a background in systems and technology implementation, initially launched Beanstalk Networks, which evolved into Openclose. Their goal was to create a web-based loan origination system to enhance efficiency for financial institutions. In November 2022, Openclose was acquired by MeridianLink, a provider of digital lending solutions, in a move to combine their respective strengths and expand market reach.

The company offers a cloud-based, end-to-end platform for the mortgage industry, serving clients such as banks, credit unions, and independent mortgage lenders. Revenue is generated through a Software-as-a-Service (SaaS) model, providing access to its suite of tools. The platform is designed to automate and streamline the entire loan lifecycle, from application to closing. Openclose asserts that its integrated system can reduce the cost of loan manufacturing by up to 40% and cut processing and underwriting times by as much as 50%.

The core of Openclose's offering is a comprehensive loan origination software (LOS) that combines several key functions into a single, browser-based system. This includes a digital point-of-sale (POS) solution called ConsumerAssist™, a product and pricing engine (PPE) known as DecisionAssist™, and business intelligence tools. The platform supports various loan types and features automated underwriting, document management, real-time status updates, and a RESTful API suite for integrations. Additionally, the company provides a social media marketing management tool, OpenClose Social, tailored for mortgage professionals to generate and track leads.