Open Mortgage Transforms Finance Department Through Automation and Efficiency Gains

Greensburg, PA – September 30, 2020 – With origination volumes hitting record highs all over the industry and many lenders going on hiring sprees to keep up, Open Mortgage, a multi-channel mortgage lender dedicated to empowering the dream of homeownership, has done the opposite and eliminated the immediate need to increase human capital within their finance department. By implementing Loan Vision and using the accounting software’s ability to consume and validate granular financial detail, Open Mortgage’s finance department is now better equipped to leverage their time more effectively, saving both time and money in these unprecedented times.

When asked about her department’s successes, Open Mortgage’s Controller Sharmee Patel, said “the company has grown at a fast pace, but the accounting department hasn’t added any additional headcount. The way the department functioned at the time we implemented Loan Vision; we would not have been able to facilitate the growth of the company without adding more employees to our team.”

“Sharmee and her team put an emphasis on transforming their department, not just upgrading their accounting system,” said Carl Wooloff, Director of Sales and Marketing at Loan Vision. “By taking this approach, they have been able to scale, without spending money on hiring and other related onboarding costs, that those not using a tool like Loan Vision are experiencing.”

Struggling before with time-consuming, manual processes, Patel and her team are now completing their financial operations in record times with greater confidence that their numbers are correct. “Before, we were manually checking our bank reconciliations and approving entries only at the very end of the month. We’re now able to do this during the month with greater efficiency. Now, we’re spending maybe a quarter of the time checking errors and making corrections, and do not need to spend that extra time during close making sure things are posted correctly.”

She continued, “The G/L Reconciliation tool also makes it possible to quickly run a report that will point you in the right direction and helps catch anything that needs further examination, something that would have, in the past, taken us hours.”

“Before, we didn’t have the time to create this data because we were spending all of our time just trying to get to a number. We’re able to get our data so much faster now and can spend more time getting management the information they need to make our company more successful.”

To learn more about Open Mortgage’s successes with Loan Vision, check out the case study here.

About Open Mortgage:

Open Mortgage is a multi-channel mortgage lender. At Open Mortgage, we believe that better is possible, and we are constantly striving to bring a better mortgage experience for everyone. We are committed to helping families purchase homes. Founded in 2003, Open Mortgage is headquartered in Austin, TX and has retail locations nationwide. For additional information, visit openmortgage.com.

About Bestborn Business Solutions, Inc.:

Founded in 2006, Greensburg, PA-based Bestborn Business Solutions are the creators of Loan Vision, a mortgage industry-specific financial management and accounting software. Combining the functionality of Microsoft Dynamics and Bestborn’s industry toolset and expertise, Loan Vision has quickly established itself as a platform trusted by some of the largest as well as the fastest-growing mortgage lenders in the country. Their ever-growing list of functionality includes the ability to interface with any Loan Origination Software, loan-level accounting, commission calculations, a branch reporting portal, as well as lease accounting management. For more information about Loan Vision, visit www.loan-vision.com.

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