OpenClose®, an industry-leading multi-channel loan origination system (LOS) and digital mortgage fintech provider, announced that Allen Pollack, a seasoned industry veteran that has been instrumental in the digital shift and transformation of the industry, has joined the company in the newly created position of vice president of product innovation. Allen will assist OpenClose in continuing to expand the level of innovation invested in its customers and the industry to deliver business-altering products and processes, which align to the ever-changing digital lending landscape.

"JP and I are delighted that Allen has joined the OpenClose team," said Jason Regalbuto, CEO and CTO at OpenClose. "We have competed and collaborated with Allen over the years. He has developed a reputation for innovative business and technology strategies in the fintech space. We are excited about working with him to grow and expand our product offerings and solutions into the future."

Allen has more than 15 years of industry experience developing and leading strategic initiatives and comes to OpenClose from Fiserv where he was responsible for multiple fintech initiatives focused on delivering omni-channel capability and personalized lending experiences, ranging from conversational AI to digital mortgage lending capabilities across online and mobile banking channels.

Allen was a co-founder of NYLX, serving as chief technology officer where he introduced new technology models that disrupted the mortgage lending space. He later continued as chief technology officer of LoanLogics, a new RegTech company created by NYLX that continued to introduce new technology and disrupt the old way of doing business further creating solutions to support loan quality, due diligence, and multi-channel loan delivery models.

“OpenClose has been a long-time innovator in our space, making multiple contributions to help grow the mortgage industry and continually developing products that empower lenders to help borrowers achieve the American dream," stated Pollack. “The company is well-positioned and strategically aligned to establish itself as one of the industry's leading disruptors that significantly advances the lending process. I am excited to play a key role in the focus that speaks customer experience and the commitment to innovation supporting lending and the industry's ongoing transformation."

OpenClose recently rolled out the its digital mortgage point-of-sale (POS) solution, ConsumerAssist™ Digital POS, which offers an integrated solution that marries its end-to-end multi-channel LOS, product and pricing engine (PPE), and state-of-the-art POS technology. The single-source solution dramatically reduces the cost to manufacture loans, heightens the borrower experience, and simplifies managing the entire lending process.

Mortgage applications decreased 1.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 26, 2019.

The Market Composite Index, a measure of mortgage loan application volume, decreased 1.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1 percent compared with the previous week. The Refinance Index increased 0.1 percent from the previous week and was 84 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 3 percent from one week earlier. The unadjusted Purchase Index decreased 3 percent compared with the previous week and was 6 percent higher than the same week one year ago.

“Mortgage applications were lower last week, driven by a 3 percent decrease in purchase applications. While purchase activity was still up 6 percent from a year ago, the index has now decreased for three straight weeks and reached its lowest point since March. Despite healthy demand, inadequate supply levels continue to hold back some would-be buyers,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Rate movements were mixed, with the 30-year fixed rate remaining unchanged (at 4.08 percent), but the FHA rate decreasing to its lowest level since 2017 to 3.94 percent.”

Added Kan, “Refinance applications were essentially flat, but the components told different stories. Conventional refinances were up 1.1 percent, but government refinances were down almost 3 percent – led by a drop in VA applications.”

The refinance share of mortgage activity increased to 50.5 percent of total applications from 49.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 4.7 percent of total applications.

The FHA share of total applications remained unchanged at 11.3 percent from the week prior. The VA share of total applications decreased to 12.6 percent from 13.1 percent the week prior. The USDA share of total applications remained unchanged at 0.6 percent from the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) remained unchanged at 4.08 percent, with points increasing to 0.34 from 0.33 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate remained unchanged from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $484,350) remained unchanged at 4.04 percent, with points decreasing to 0.22 from 0.25 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.94 percent, the lowest level since September 2017, from 3.98 percent, with points decreasing to 0.29 from 0.31 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.48 percent from 3.45 percent, with points decreasing to 0.26 from 0.32 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs decreased to 3.52 percent from 3.57 percent, with points increasing to 0.31 from 0.27 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

In the midst of unprecedented growth, United Wholesale Mortgage (UWM) is adding to its already expansive campus. UWM has agreed to acquire a 900,000 square foot office building across the street from its current 610,000 square foot headquarters. The new building would be connected to UWM’s existing headquarters by an enclosed bridge/skywalk and would more than double the size of its campus.

The expansion would bring the company’s headquarters to 1.5 million square feet, spanning 150 acres. The company is projected to grow to more than 7,000 team members by 2025, up from the 4,100 team members it currently has.

"UWM’s rapid growth is directly tied to the growth of our independent mortgage brokers and a testament to the value independent mortgage brokers bring to consumers,” said UWM President and CEO Mat Ishbia. “UWM is 100 percent committed to helping the broker channel grow. We know that the broker channel is the best place for a loan officer to work and the best place for a borrower to get a loan. That’s why we are all in for the wholesale channel.”

After doing $41 billion in production in 2018, UWM is on pace to shatter those numbers with $100 billion in loan volume this year. UWM set a company record with $28.3 billion in mortgage loan volume in the second quarter of 2019, leapfrogging two other mortgage giants earlier this year to become the No. 2 overall mortgage lender in the U.S. (retail and wholesale combined), according to data compiled by Inside Mortgage Finance.

UWM has separated itself as the dominant force in wholesale mortgage lending, finishing as the No. 1 wholesale lender in America for four straight years. In the first six months of this year UWM has grown 136% over the same time last year, which is twice as fast as any other top 40 mortgage lender in America. While industry growth has been an impressive 11.5%, UWM’s unprecedented growth has been more than 10 times the industry average.

“UWM will continue to focus on helping our mortgage brokers separate themselves from the competition. We have more than 4100 people thinking every day about how mortgage