Every lender wants to cut days off the close, but how is this possible without throwing more people at the problem?
The answer lies in how AtClose uses Open Data Analytics to provide a unified closing exchange that uses data transparently to streamline processes. How AtClose utilizes data analytics in the closing process is powerful in terms of how lenders work with multiple vendors, title and escrow companies. Also, it’s important to take into account the impact of COVID-19 on the mortgage industry (Lenders & Real Estate Partners) and further stresses the need for automation of which open data analytics is a vital part.
In March 2020, mortgage rates hit their lowest point ever recorded at 3.29% and in consequence to the downfall, a staggering 224% increase in refinance applications was recorded. In times like these, AtClose can elevate your entire closing process by eliminating manual processes such as trailing documentation which takes up a lot of time and commitment.
Open Architecture can be defined as a software architecture that is developed on open standards which makes the entire process of adding and replacing components easier. The term ‘open’ can simply be referred to as the use of standards that are published and available on software interfaces.
Some Open Architecture Features:
- Use of open and commonly accepted standards
- Adoption of interface protocols and data standards
- Determination of standard services
- Interoperability with minimal effort
- Easily scalable and upgradeable systems
- Cross-platform portable applications
- Portable users (users can easily adapt to different systems for the same purpose)
AtClose uses an Open Architecture system design that enables lenders with fast onboarding integration which drastically reduces project implementation time. An Open Architecture is a standard that offers a layered hierarchical structure and a distributed data processing system that enables each layer to be implemented without altering the implementation of other layers and their functions. Essentially, an open-architecture system can be integrated with components from outside vendors, and this is exactly what AtClose provides.
The Concept of Open Data:
In simple terms, open data is data that can be freely used, re-used and distributed. Open Data is an essential part of AtClose as it is continuously dealing with data from the lender’s as well as the vendor’s side. Data is integral in the entire process of automation and AtClose utilizes the concept of Open Data to maintain transparency as well as allowing the lender to utilize data in terms of trends. The following are some of the salient features of Open Data:
Usability: Open Data is usable for the lender in terms of aggregating their data to address specific analytics needs.
Secure: AtClose employs security control to ensure data collaboration is secure. Whatever data is being stored can be used and retrieved without it being compromised.
Identifying Trends: Lenders can use data to generate value according to their needs. It allows the lenders to be creative in terms of identifying trends through data compiled on the basis of historical trends which can the pave way for future trend prediction.
Transparency: In today’s world the importance of Open Data is paramount. AtClose keeps the data transparent so that the users have the option of generating value from the data.
AtClose – A Step Ahead
AtClose is the next generation of digital mortgage, title and escrow solutions which enables faster closings and data driven insights for better communication and shorter cycle time for both mortgage lending and title industries.