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OpenClose and MCT Announce Integration

databaseLoan origination system (LOS) provider OpenClose and mortgage hedge advisory and secondary marketing technology firm Mortgage Capital Trading, Inc. (MCT) have announced the development of “an integration that eliminates manual intervention and streamlines the delivery of loan data to maximize hedging for lenders,” according to a joint news release from the companies.

The process works by automatically analyzing data obtained from loans which are originated using OpenClose’s LOS system and sending that data directly to MCT. The release notes that the data can be updated every fifteen minutes, providing a seamless data acquisition process which is faster and more accurate than current processes.

“We worked diligently with the team at OpenClose to develop this connectivity between their LOS and our proprietary HALO hedging model, which now facilitates a much smoother, quicker way for us to obtain locked loan information from our mutual customers,” stated MCT Chief Administration Officer Chris Anderson. “We are continuing to expand our integration partner network in order to provide the best service and support for our lender clients.”

The process reduces the lender’s exposure to risk by shortening the time frame in which the lender can respond to rate shifts, which are more likely to occur over longer periods of time. The system has received positive feedback thus far.

“This integration saves my staff valuable time and transfers our data quickly and securely, ensuring that my hedge positions are always optimized,” stated Dan Beam, SVP of capital markets at Firstrust Bank.

About Author: Timothy McNally

Tim McNally is a journalist with experience in business reporting. His journalism career began with Houston Energy Insider as an Energy Reporter, which eventually led him to secure a position with OILMAN Magazine as Digital Content Manager. McNally is a native Texan, and he received his degree in Finance from the University of St. Thomas. He is a staff writer for the MReport.
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