Corporate Profile for OpenClose Technologies, Dated Feb. 1, 2002.Business Editors --(BUSINESS WIRE) The following Corporate Profile is available for inclusion in your files. News releases for this client are distributed by Business Wire and also become part of the leading databases and online services, including all of the leading Internet-based services. -0-
Published Date: Feb. 1, 2002
Company Name: OpenClose Technologies
Address: 1643 N. Harrison Pkwy, Bldg. H
Sunrise, Fla. 33323
Main Telephone
Number: 954/308-4000
Internet Home
Page Address
(URL) http://www.OpenClose.com
Chief Executive
Officer: Robert Sullivan
Chief Financial
Officer: John Bartel
Investor Relations
Contact: John Bartel
Business number: 954/308-4047
E-mail address: JohnBartel@OpenClose.com
Public Relations
Contact: Rosalie Berg
Business number: 954/308-4004
E-mail address: RosalieBerg@OpenClose.com
Industry: Mortgage Technology
Trading Symbol/
Exchange: n/a
Market Makers: n/a
Company Description: Founded in 1998, OpenClose Technologies is an innovator of e-business solutions for the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry. The Lending Platform, its flagship suite of web-based tools and solutions, improves the way lenders transact An earlier e-commerce system for the Web from Open Market that included order capture and secure order fulfillment using credit cards, ecash and other payment systems. It included customer service and subscription administration capabilities as well as an integrated database for reporting with third parties and process loans. The Lending Platform includes Wholesale PLS See playlist. , Correspondent PLS, Retail PLS and The Task Server. The Wholesale PLS, Retail PLS and Correspondent PLS line of products equips lenders with a ready-to-deploy, proprietary web site. The technology enables lenders to transact with wholesale, retail and/or correspondent clients through an online transaction platform. Through this proprietary transaction platform, lenders and their clients can conduct extensive loan-processing functions online, from finding loan products and locking loans, to quickly obtaining underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. and credit results. These products are designed to streamline the loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. process by seamlessly collecting and delivering critical information to a lender's internal processing systems. With The Lending Platform, third parties can quickly receive automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. responses for loan origination processes such as underwriting and credit, without lender involvement. Communicating and transacting directly online also drastically reduces the time and expense of data entry and re-entry RE-ENTRY, estates. The resuming or retaking possession of land which the party lately had. 2. Ground rent deeds and leases frequently contain a clause authorizing the landlord to reenter on the non-payment of rent, or the breach of some covenant, when the , faxing, phone calling and document filing. The Lending Platform helps both lenders and clients use the Internet to effectively manage their pipelines at any time, from anywhere. Lenders can review and respond to loan files faster, can easily post the latest rates, and can display program guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. and matrices. The technology equips lenders with a complete loan-management system, enabling them to administer loans and develop regionally targeted broker programs. The Task Server, which can be used as an integral part of The Lending Platform or can be used as a stand-alone data processor, creates automated communications between a lender and third parties. As an independent system, it receives data requests, processes them, and submits an automated response to the corresponding party. Through The Task Server, lenders can provide automated responses for underwriting, flood insurance Flood insurance denotes the specific insurance coverage against property loss from flooding. To determine risk factors for specific properties, insurers will often refer to topographical maps that denote lowlands and floodplains that are susceptible to flooding. , appraisal, title and credit reporting requests. The technology extends a lender's reach beyond its existing computer network by connecting the lender's systems with those of third parties. The Task Server allows seamless communications and online transactions, regardless of each entity's environment or infrastructure. Through the use of a sophisticated queuing system, The Task Server securely handles multiple request and response transactions permitting simultaneous communications Simultaneous Communication, Sim-Com or Sign Supported Speech (SSS) is a technique sometimes utilized by deaf, hard-of-hearing or hearing sign language persons in which both a spoken language and a manual variant of that language (such as English and Manually between a lender, its clients, and partners. The technology instantly reports any errors to the party transmitting the data and keeps a log of the error. Solutions developed by OpenClose Technologies are successfully in use by some of the industry's leading corporations. OpenClose Technologies is currently licensing technology to Fiserv Lending Solutions for BrokerLink, a solution that offers lenders the first seamless end-to-end, Internet-based, wholesale origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real platform available. Since April 2001, BrokerLink has been marketed and distributed by Fiserv Lending Solutions to its client base of lenders. OpenClose Technologies is headquartered in Sunrise, Florida Sunrise is a city in Broward County, Florida, United States. Originally called "Sunrise Golf Village,"City of Sunrise History the name did not sit well with the retirees whom developers wanted to attract, so a change was made to "Sunrise. , and is located on the Internet at www.OpenClose.com. For more information, please contact Rosalie Berg, Vice President Marketing, at 954/308-4004 or RosalieBerg@OpenClose.com. |
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