At the Mortgage Bankers Technology Convention in San Diego this week, OpenClose MTG will announce it has established a separate Product and Pricing business unit that will offer its Decision Assist(TM) technology as a managed solution to both mortgage lenders and brokers. Decision Assist(TM) has been primarily utilized by large wholesale and correspondent lenders who maintained their own product and pricing data and rules. According to Jason Regalbuto, President, the new division will be based in Orlando, Fla., and was established to answer the demand for a completely outsourced and managed decisioning and underwriting platform.

Like all of OpenClose MTG offerings, Decision Assist(TM) will be offered as an ASP service. Those companies who sign up for the monthly service will be able to provide retail and/or wholesale originators with a private-labeled, Web-based product/rate finder, automated underwriting engine, and a lock desk with fully maintained investor guidelines. The new Decision Assist(TM) service offers several key differences from other similar services:

* Multiple private labeling: Each install is private labeled to the mortgage client's (lenders or brokers) branding. Lenders can provide the service to their retail loan officers, third-party wholesale originators, net branching partners or all of the above each with unique portal branding.

* Pick and choose investors: Mortgage clients pick and choose only the investor information it wishes to provide originators. If an investor is not available from the master list, the mortgage client can have the new investor's guidelines added for a nominal fee.

* Flat monthly cost: Investors do not pay to be included so there are no transaction or hidden "tick" fees.

* User-based adjustments: Decisions can be further controlled by the requesting originator. This "smart system" factors in adjustments and fees based upon the end user allowing clients to reward top originators and/or branches.

* Automated lock desk: Lock requests can be set up with workflow and queueing to be reviewed or automatically underwritten.

The Decision Assist(TM) technology is robust, rules-based decisioning software that allows originators to submit borrower information and automatically receive all applicable products, along with fully adjusted rates and product and program conditions. Companies that use Decision Assist(TM) significantly reduce errors and overhead costs, especially secondary marketing mistakes, by automating the process. When Decision Assist(TM) is used, the borrower, originator, and lender all get the best results. By factoring all borrower criteria and information (loan amount, FICO score, etc.) against lender controlled criteria (rates, pricing, etc.) the originator is presented with pre-qualified choices. The results detail available programs (conforming and nonconforming), loan conditions, fees, adjustments and any points paid. Originators can then request rate locks directly online in real time and lenders can immediately respond.

OpenClose MTG management expects the new subscription service to be ready early third quarter of this year.

About OpenClose MTG and Beanstalk Networks

OpenClose MTG ( http://www.openclose.com ) is the flagship product of Beanstalk Networks, a software developer and application service provider servicing the mortgage industry since 1999. OpenClose MTG's modular "add-as- you-go" software design allows clients to choose and pay for only the feature sets required to run their business today with the scalability to add software and user licenses as needed. OpenClose MTG's end-to-end software system can provide any combination of loan origination, pipeline management, borrower prequalification, product and pricing engines, digital document storage. For additional information about OpenClose MTG or Beanstalk Networks, contact Frank Bocchino at (561) 804-4560.

Source: prnewswire