River Funding Selects OpenClose to Automate Lending

West Palm Beach, Fla., March 17, 2008 -- OpenClose Solutions, developers of Web-based mortgage software, announced today that West Salem, Wis.-based wholesale lender River Funding Corp. selected OpenClose, a single-source-code, end-to-end automated mortgage system, to provide comprehensive loan processing. River Funding chose the loan origination software (LOS), because it creates a single loan database that creates, processes and tracks a loan application from open to close. Key features cited by the lender include a robust banking operations core, condition writing, search and support for underwriting, closing, post-closing, secondary marketing, funding, shipping and reporting.

"Before selecting an LOS, we considered more than a dozen vendors," said Jason Lassen, executive vice president and co-founder of River Funding. "OpenClose met all of the requirements we needed - it is easy-to-use, it can handle applications from origination to closing on one system and it comes with a support staff that knows the mortgage industry inside and out. If I were to build an LOS from scratch, this is what it would look like." Lassen also cited how quickly his staff and clients were able to learn the system as another key factor in the decision. The completely Web-based system allows River Funding to provide its originators one log-in screen that gives them the ability to pull DU®/LP® and credit checks, print Real Estate Settlement Procedures Act (RESPA) and closing documents, and manage digital documents online.

"Our goal is to make loan origination, mortgage pricing, underwriting and closing available in a system that is as user-friendly as it is robust," said Jason Regalbuto, president of OpenClose Solutions. "We're here to help lenders thrive in a tight market by providing them tools that give their customers what they need, while also attracting new customers with a product that helps them successfully sell loans."

About River Funding Corp.
West Salem, Wis.-based River Funding Corp. is a wholesale lender operating in 15 states, primarily in the Midwest and West. The company offers a variety of fixed and adjustable rate products, with all rates and terms available on the Web site. For more information, visit the company's Web site at www.riverfunding.com. 

"You Too Can Open a Lending Company in 2008"
by Rob Pommier

February 2008

““Hurricane Mortgage” has wreaked still untold havoc. However, for those mortgage executives who weathered the storm and planned to start a mortgage lending company in 2008, the forecast is surprisingly sunny… thanks to… new technological advances that save overhead costs..."" Click for full story

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Richard Eller Appointed Director Inside Sales

West Palm Beach, Fla., Feb. 28, 2008 –OpenClose® Solutions, developers of Web-based, end-to-end mortgage software, announced today the appointment of Richard Eller as director of inside sales. Eller brings more than 14 years of mortgage banking experience to OpenClose in sales experience and loan origination software.
            In his new position, Eller is responsible for qualifying new business leads for both OpenClose, the loan origination and mortgage banking software, and Decision Assist, the mortgage loan pricing engine and underwriting software.  He will also oversee outreach to the mortgage banking industry, identifying and securing mortgage lenders seeking to implement more efficient technologies for automated loan pricing, guideline management and Web-based loan origination.
“As more companies are looking to make the transition to Web-based technology, we continue to add staff who can help lenders learn how OpenClose Solutions is here to help them increase their own business,” said Jason Regalbuto, president of OpenClose Solutions.  “Eller’s proven track record with handling regional sales, as well as his experience assisting mortgage lenders with pre-requisite requirements, makes him an ideal addition to our company.”
Most recently, Eller was an inside salesman with Greenbrae, Calif.-based Mindbox, a provider of decisioning software to the mortgage lending industry. He was responsible for overseeing the qualification of mortgage companies for automated underwriting needs. 
Eller was previously responsible for marketing San Diego-based Del Mar Database’s DataTrac® loan origination software in the Southeast.  Eller was also responsible for selling origination, servicing, construction lending and default management services for Atlanta-based London Bridge from 1994 to 2003.
Eller received a bachelor’s degree from the University of Alabama and currently resides in Marietta, Ga.

Orlando, Fla., Jan. 27, 2008 – 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.”

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.

Sonja D’Anneo Appointed Client Business Development/Integration Specialist

West Palm Beach, Fla., Jan. 21, 2008 –OpenClose® Solutions, developers of Web-based, end-to-end mortgage lending software, announced today the promotion of Sonja D’Anneo as client business development/integration specialist for the company’s mortgage banking platform, OpenClose.  In this position, D’Anneo is responsible for managing customer relations and assisting with support issues.  She will also oversee training and integration for OpenClose as well as identifying and prioritizing new features, design requirements and any other enhancements to the lending software. 
“As OpenClose surpasses record numbers of software users, which reached 55,000 at the end of 2007, it is vitally important that we maintain strong customer relationships and technical support,” said Rob Pommier, senior vice president, Sales & Marketing.  “Sonja’s experience with lending technology and customer management make her an ideal fit for OpenClose Solutions as a company and OpenClose as a product.”
D’Anneo joined OpenClose Solutions from Poway, Calif.-based Lender Support Systems, Inc. where she was vice president of Customer Business Development.  At Lender Support Systems, a provider of lending and loan servicing technology, D’Anneo was responsible for managing key client accounts, defining policies and procedures as well as document and servicing applications and the development of seamless integration between LSSI and DataTrac®. 
D’Anneo also brings more than seven years of product management and enhancement from San Diego, Calif.-based Del Mar Database, Another Fiserv Connection, where she was vice president, Business Unit Manager.  D’Anneo was tasked with managing updates and enhancements for both DataTrac and WebTrac®.  D’Anneo also revamped the WebTrac product to increase sales while working with the accounting department to automate the warehouse management.
D’Anneo received a bachelor’s degree in Music Education from the University of Northern Colorado.

West Palm Beach, Fla July 25, 2007 This year's Mortgage Technology Magazine announced this year's Top 50 vendors "best and brightest" technology vendors. OpenClose, made the list with its end-to-end Web-based functionality.The magazine reports that it compiled its lists based upon four major criteria: customer satisfaction, functionality, market share, and viable revenue model.

"We're pleased to have been recognized as leaders in mortgage technology" says Jason Regalbuto, president OpenClose. "Since our software is private-labeled, we've remained the best kept secret in the industry despite now more than 40,000 users are on the system. I guess now the 'secret' is out!"

About OpenClose OpenClose® is an end-to-end mortgage banking platform with all elements of the lending process communicating in real time. It can be tailored to fit the needs of any-sized lender. Included in the platform is our robust banking operations core, enabling lenders to manage and control the lending process. In addition, retail, wholesale and correspondent Web- based channel portals provide for streamlined origination and enhanced communications. Workflow- tailored environment, embedded validation checks and business process rules help reduce errors and improve quality and data integrity.

OpenClose Solutions Appoints Rob Pommier Senior Vice President, Sales & Marketing

West Palm Beach, Fla., December 6, 2007 – OpenClose Solutions, developers of Web-based, end-to-end mortgage lending software, announced today the addition of Rob Pommier as senior vice president of Sales & Marketing.  In this position, Pommier is responsible for the strategic management of a nationwide team directly responsible for sales growth of OpenClose, a loan origination and banking operations software, and Decision Assist, a loan pricing and automated underwriting engine.  From a marketing standpoint, Pommier will oversee comprehensive marketing initiatives built to reach current and prospective customers through a variety of innovative channels. 
            “Rob brings more than 20 years of proven sales and marketing experience to OpenClose,” Jason Regalbuto, president of OpenClose Solutions, said. “OpenClose offers both established and new mortgage companies affordable access to all the online tools needed to succeed, and Rob has the sales leadership and banking experience needed to help guide those companies to select the tools they need.”
Pommier joins OpenClose from Vista, Calif.-based Lender E-Source, where he served as executive vice president of Sales & Marketing. At Lender E-Source, Pommier was responsible for overseeing record numbers of new customers during a tight market.  Pommier has also held several positions with San Diego-based Del Mar Database, including vice president of Sales for the wholly-owned subsidiary of Fiserv, Inc.  At Del Mar, he exceeded company sales goals and objectives.
Pommier also served as vice president of Operations and Secondary for Rancho Cucamonga, Calif.-based South Pacific Financial Corp. and executive vice president of Lending Administration for San Diego-based Palomar Savings & Loan Association.
Pommier received dual bachelor’s degrees in marketing and management from the University of Southern California.

American Mortgage Exchange Signs with OpenClose®/Decision Assist Combo
for Web-based End-to-end Solution

West Palm Beach, Fla., July 18, 2007 – Beanstalk Networks LLC, pioneers of the mortgage ASP business, announced today that it has signed AME Financial Corporation based in Norcross, GA to a four-year service contract for its OpenClose® mortgage lending solution and Decision Assist loan pricing and underwriting software services.

With about 50 employees, AME Financial Corporation is a wholesale lender planning to enter into the retail and correspondent space, specializing in prime conforming loans. “We set out to find a single source, domestic supplier for all our mortgage technology needs,” said Iain Struan, Director of Information Technology at AME Financial Corporation. “We wanted to improve our efficiency by fully automating the loan pricing, origination and underwriting process – Using Decision Assist and OpenClose® accomplishes all that. OpenClose® also met our requirement that the solution be fully Web-based. We’re looking forward to all it can do.”

According to James Pefanis, President & CEO of AME Financial Corporation, the company had been using an off-shore vendor for its mortgage software, but found that the OpenClose® / Decision Assist combo offered a much more efficient, current technology that was complete, user friendly and could be configured to its business model. “We wanted a software solution that could adapt to our company – not one that would require us to change,” he said. “After examining several vendors, the Beanstalk offerings made the most sense.”

Decision Assist is a loan pricing and automated underwriting engine that creates the rules, rates, matrices and underwriting conditions for loan programs. Decision Assist analyzes the complete credit report and automatically parses out credit scores, rolling lates, public records and trade lines, factoring all of this information into the pricing and underwriting decision. Unlike other product and pricing engines, Decision Assist provides direct system interfaces to Freddie Mac and Fannie Mae, incorporating elements of the AUS findings into the pricing and AU decision. Additionally, underwriters can create, codify and merge conditions directly into their underwriting response.

OpenClose® is an end-to-end mortgage banking platform with all elements of the lending process communicating in real time. It can be tailored to fit the needs of any-sized lender. Included in the platform is our robust banking operations core, enabling lenders to manage and control the lending process. In addition, retail, wholesale and correspondent Web-based channel portals provide for streamlined origination and enhanced communications. Workflow-tailored environment, embedded validation checks and business process rules help reduce errors and improve quality and data integrity.