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MeridianLink announces acquisition of OpenClose

By Edlyn Cardoza

November 08, 2022

  • Credit Unions
  • Digital Lending
  • Digital Loan Origination Systems

MeridianLink, OpenClose, Credit Unions, Residential Mortgage Software Solutions, Digital Lending, LenderAssist, Digital Loan Origination Systems, POS, Mortgage Lending, PPE, Financial Institutions, Underwriting, USAMeridianLink, Inc. announced it has completed the acquisition of OpenClose, one of the leading FinTech providers 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 organisations.

MeridianLink is committed to ongoing innovation and will continue its investment in both the OpenClose (LenderAssist) and MeridianLink Mortgage (formerly known as LendingQB) LOS solutions, giving customers more choices for digital lending offerings.

The OpenClose and MeridianLink Mortgage workflow-driven solutions offer market-leading digital loan origination systems (LOS), point-of-sale (POS), product and pricing engine (PPE), and business intelligence (BI) functions, with easy access from any browser or mobile device.

“We are thrilled to welcome the OpenClose team to MeridianLink. Combining the strengths of our organisations 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. “This acquisition ensures that all customers can be confident that they have a comprehensive, premier mortgage solution in whichever offering they choose and that we will continue to invest in both offerings as we evolve the products to incorporate the best capabilities of each.”

As part of the integration, MeridianLink Mortgage customers can access the OpenClose point-of-sale (POS) system, Consumer Assist, providing a superior experience for borrowers. In addition, OpenClose LenderAssist customers can 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 a loan comparison report.

Founded in 1999, OpenClose 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 of manufacturing loans while reducing processing and underwriting cycle times.

“Since our founding, customers have validated our company’s capabilities by choosing our SaaS solutions time and time again. Now, after record growth over the last several years, we’re excited to reach more customers faster while still providing the best-in-class technology, team, and customer service to which our customers have become accustomed,” said JP Kelly, president of OpenClose. “I am confident that our innovative, talented, and dedicated team along with our industry-leading technology will thrive even further as part of MeridianLink.”

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