MeridianLink and OpenClose is expected to enable brokers and wholesale lenders to request and access credit information from any internet connection and deliver merged credit reports from more than 50 credit reporting agencies (CRAs), shortening the pre-qualification process.
OpenClose has said that, wholesale lenders and brokers can have access to the same credit data, enabling them to make more sound underwriting decisions along with faster pricing and qualification.
Lenders and brokers using OpenClose’s loan origination software (LOS) can then directly import the credit information directly into the software, eliminating duplicate data entry.
Rob Pommier, senior vice president of sales at OpenClose, said: With OpenClose’s expansion into broker services, being able to quickly pull and import credit information is a vital task. Brokers want one source for completing an application, and MeridianLink provides a secure system that runs seamlessly with OpenClose. The partnership will shorten the time originators spend preparing loan files and eliminate re-key errors with one end-to-end data stream from the credit report to the closing with wholesale lenders.