BNC Mortgage, Inc. Announces Relationship with E-Commerce Portal 'openclose.com'
IRVINE, Calif.--(BUSINESS WIRE)--Sept. 21, 1999--BNC Mortgage, Inc. (Nasdaq:BNCM) announced today that it has entered into a Lender Marketing Agreement with openclose.com, a division of mortgage.com (Nasdaq:MDCM), as a subprime lender on its new website.
As an exclusive, member-based e-commerce portal for mortgage professionals, openclose.com facilitates communications between brokers and lenders and simplifies the mortgage lending process by providing an Internet "meeting room" in which lenders can quickly review loan applications, automated underwriting evaluations, and credit data submitted by brokers. Openclose.com provides brokers and lenders with tools to deliver underwriting decisions at the point of sale in a wholesale environment.
"The openclose.com broker/lender network has established relationships with several national lenders who focus primarily on conventional mortgage loans and non-conforming loans which are not subprime loans. BNC Mortgage, Inc. sees an opportunity to add subprime mortgage products on the openclose.com system and create an additional marketing channel for our wholesale subprime lending operation. BNC continues to look for cost effective ways to expand our lending network" said Kelly W. Monahan, president of BNC.
"Openclose.com is pleased to welcome BNC Mortgage, Inc. to our growing list of lenders," said David Larson, president of openclose.com. "By utilizing openclose.com's state of the art technology, our lenders can electronically review loan applications from the 600 broker members representing more than 3,000 originators to facilitate quick decisions and better service to their customers."
Mortgage.com provides a comprehensive mortgage platform of brand companies, private-label outsourcing and technology services to realtors, homebuilders, and financial institutions.
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