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Create the future you want! Learn to make money online. Visit our website and start today! www.exclusivebizopps.com Sound Software and MassHousing Collaborate to Improve Affordable Home Mortgage Loan Reservation Syst
Sound Software and MassHousing Collaborate to Improve Affordable Home Mortgage Loan Reservation SystemSound Software Mortgage Loan Origination System Includes Interface to MassHousing ebusiness PortalMortgage Broker SHELTON, Conn.--(BUSINESS WIRE)--July 7, 2004-- Sound Software,
a business unit of Open Solutions Inc. (NASDAQ: OPEN) and a leading
provider of total lending management and loan origination systems
for financial institutions, and MassHousing, the leading provider
of affordable housing in Massachusetts, launched a new interface
for the MassHousing ebusiness Portal. The interface is designed to
dramatically streamline the process used by Sound Software clients
to originate affordable home mortgage loans. 100% mortgages for home buyers, 100% mortgages home loan, 2nd mortgage of 100% of equity of home, 35 year fixed rate first time home buyer loan, Mortgage Lead "I think lenders will be amazed at how easy it is now to reserve a loan with MassHousing or Fannie Mae," said MassHousing Executive Director, Thomas R. Gleason. "I hope it will encourage them to make even more affordable home loans at a time when the need is at an all-time high." The following home mortgage tips will help you figure out how to best go about the home mortgage loan process for your situation. 1 Interest Rates Before applying for your first home mortgage loan you will want to shop around and see what average home mortgage loan rates are. Shopping for home mortgage rates online is a timesaver and frequently have lower rates as well. Your home mortgage rate will affect how much money you have to pay back over the term of the loan, so the lower the better. Reverse Mortgage The Sound Software interface eliminates redundant data entry steps, reducing the number of systems that clients reserving MassHousing funds are required to enter data into from two to one, and for reserving Fannie Mae funds through MassHousing from three to one. Additionally, the new interface allows lenders to connect to the MassHousing ebusiness portal and upload the Fannie Mae 1003 file format with the click of a button. In just four easy steps, lenders can complete the underwriting process and reserve funds with MassHousing and/or get an underwriting decision from Fannie Mae. When and why do people decide to refinance home mortgage loans As a homeowner, The home mortgage loan rate on your first mortgage is at least 2 per cent higher than the mortgage loan rate being quoted now. If you refinance now, you will pay less every month to pay off your mortgage. You can consider refinancing even if the home mortgage loan rate has fallen less than 2 per cent from your original home mortgage loan rate. Get your best refinance home mortgage loan rate at abacusmortgageloans.com. Mortgage Quote Sound Software clients seeking Fannie Mae's approval on a loan will also benefit from the interface to the MassHousing ebusiness Portal. Those lenders who have contracted to do Fannie Mae loans via MassHousing can use the new interface which functions as an intermediary, allowing lenders to receive an automated response from Fannie Mae after completing only four steps - a process that previously required 25 steps. Information Refinancing, Home loans, mortgages FAQ Refinancing, Home loans, mortgages Free Course by Email Refinancing, Home loans, mortgages Prequalify Myself debt Home Loan and Mortgage Basics The word home loan or mortgage have exactly the same meaning. Since most of us do not have enough money to pay cash for a home, we need to apply for a home loan or mortgage from a bank to assist us with the purchase Florida Mortgage Mike Nicastro, senior vice president and general manager of Open Solutions' Strategic Solutions Group, said, "Sound Software has always been a leader in providing innovative solutions for lenders. Sound Software is the first provider to offer an interface to MassHousing, and we are pleased to be able to provide our clients with an industry first." Bad credit second mortgage loan is like exchanging your first mortgage for a new mortgage. But, the question may arise in your mind why you should go for remortgage while continuing your first mortgage The basic and primary reason is to save money i.e., getting mortgage at low rate of interest. Bad credit second mortgage loan can be used for many purposes like home improvements, debt consolidation, children's education, holidays, etc. California Mortgage Loan The Sound Mortgage Management System provides mortgage lending management through a comprehensive set of features. The base system enables lenders to originate mortgages at the main office, branch, Internet or from a laptop PC. It is designed to automate the mortgage process, from advanced disclosures, pre-qualification, origination, document preparation, processing, loan tracking, underwriting and commitment, to comprehensive management and government reporting. The optional modules provide FHA and VA processing, state-specific and multi-state closing documents, remote laptop origination, automatic booking to a host servicing system, either in-house or at a data center, and automated underwriting and credit reporting. Florida Mortgage Loan In addition to the Sound Mortgage Management System, Sound Software also offers the Sound Consumer Loan Management System, which is designed to automate consumer lending, and the Sound Commercial Loan Documenter, which prepares custom documentation for all types of commercial loans. California Mortgage About MassHousing Bad Credit Loan Mortgage The Massachusetts Housing Finance Agency, now doing business as MassHousing, is the leading provider of affordable housing in Massachusetts. Since 1970, MassHousing has provided more than $7.5 billion in financing for more than 79,000 units of mixed-income rental housing and over 43,000 mortgage loans for first-time home buyers. For more information, visit the MassHousing website at www.masshousing.com. Lenders can access MassHousing's ebusiness website at www.emasshousing.com. Commercial Mortgage About Sound Software Lowest Mortgage Rate Since 1983, Sound Software, a business unit of Open Solutions Inc., has been providing total lending management solutions to community financial institutions. The company offers comprehensive automated processing systems for both mortgage and consumer loan management. Representing more than 300 community financial institutions nationwide in 31 states, Sound Software is dedicated to developing innovative products to help financial institutions streamline their operations and improve profitability. Gmac Mortgage For more information about Sound Software, or its lending management solutions, contact Bill Lodovico lodo@soundsoftware.com, or visit Sound Software's Internet site at www.soundsoftware.com. Mortgage Payment About Open Solutions Inc. Mortgage Marketing Open Solutions Inc. offers a fully featured strategic product platform that integrates core data processing applications, built on a single centralized Oracle(R) relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, Check 21, interactive voice response and loan origination solutions. Open Solutions' full suite of products and services is designed to allow banks, thrifts and credit unions to better compete in today's aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service. Reverse Mortgage For Senior For more information about Open Solutions, or its financial product line, contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com, by phone at (860) 652.3153 or via fax at (860) 652.3156. Visit Open Solutions' Internet site at www.opensolutions.com. Mortgage Interest Rate Open Solutions Inc. (R) is a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. 2nd Mortgage Rate Safe Harbor Statement Florida Refinance Mortgage Statements made in this press release that state Open Solutions Inc.'s or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. All forward looking-statements are only as of the date of this press release and Open Solutions Inc. undertakes no obligation to update or revise them. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Open Solutions Inc.'s actual results to differ materially from those projected in such forward-looking statements. For example, we could lose existing clients and be unable to attract new business if we fail to adapt our products and services to changes in technology or in the marketplace. Likewise, the design of other core vendors' software or their use of financial incentives may make it difficult for clients to use our complementary products. Other factors which could cause our actual results to differ materially from those projected in forward-looking statements include, without limitation, economic, competitive, governmental and technological factors affecting the banking and credit union industry and/or Open Solutions Inc.'s operations, markets, products, services, prices, and other factors set forth under the heading "Factors Affecting Future Operating Results" in Open Solutions' Quarterly Report on Form 10-Q for the three months ended March 31, 2004, as filed with the Securities and Exchange Commission. Current Mortgage Rate Contacts Home Mortgage Rate Share this:
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