Open Solutions Inc. and Mortgagebot Announce Partnership

27 March 2008

Mequon, Wis.-based Mortgagebot® 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® 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.”

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