MeridianLink, Inc. completed the acquisition of OpenClose, a fintech provider of residential mortgage software solutions for banks, credit unions, and independent mortgage lenders. The acquisition will enable customers to deliver seamless digital lending experiences to consumers, while reducing costs and time to close. The deal will also support the continued market expansion of MeridianLink’s full system capabilities serving depository organizations.
“Combining the strengths of our organizations is great for the industry as we further enable our customers to deliver fast, frictionless mortgage lending experiences, from application through closing,” said Nicolaas Vlok, CEO of MeridianLink.”
As part of the integration, MeridianLink Mortgage customers will be able to access the OpenClose point-of-sale (POS) system, Consumer Assist, providing a superior experience for borrowers. In addition, OpenClose LenderAssist customers will be able to leverage the MeridianLink PriceMyLoan product and pricing engine (PPE), offering richer pricing options and features like parallel mortgage insurance pricing, an integrated fee engine, and loan comparison reports.
OpenClose was founded in 1999. It pioneered a SaaS-based lending automation software platform for the mortgage industry. Today, the company’s comprehensive loan origination software helps customers cut the cost to manufacture loans while reducing processing and underwriting cycle times.