OpenClose mortgage software developers added a shortened loan application to its loan origination software.

The new “short app” was developed to easily initiate the loan process and/or create a home equity line of credit, the company says. Rather than struggling with the complex 1003 form, employees untrained in the mortgage process can quickly and simply create a mortgage application using OpenClose’s short app.

Whether it’s for a residential home loan or a HELOC, this one-page, simplified loan application can be used for all nonrealty collateral. As users enter information on the data entry screen, they can collapse unneeded sections along the way (e.g. “co-applicant” if there is none) making the form even shorter and simpler. The loan application and all its data fully integrate with the full 1003 form.

“The short app loan application is the latest customer-inspired feature in our lending solution,” says J.P. Kelly, president, OpenClose.

http://openclose.com/