MEQUON, Wis. -- The Mortgagebot consumer-direct, Web-based loan origination system will now be offered to current and prospective clients of Open Solutions Inc., the companies said.
The Wisconsin company's solution said its consumer-direct system is already in place at more than 750 lenders, including nearly half of the country's 100 largest credit unions and savings institutions and one third of the 100 largest commercial banks.
Nearly 50 Open Solutions clients already run the Mortgagebot PowerSite online lending Web site, the Connecticut-based core processor said.
"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," said Mike Nicastro, senior vice president and chief marketing officer at Open Solutions (www.opensolutions.com).
Mortgagebot (www.mortgagebot.com) also provides a solution that allows loan officers to take applications by phone, in the branch or by laptop from a remote application. Both solutions allow applicants to get preapproved and receive full disclosures in 20 minutes or less, the company said.