Friday, March 28, 2008

Open Solutions teams with Mortgagebot

Financial software maker Open Solutions Inc. reports has struck up a referral partnership with Mortgagebot LLC.

Under the agreement, Glastonbury, Conn.-based Open Solutions will recommend Wisconsin-based Mortgagebot's web-based loan product to its clients and prospects.

Mortgagebot's PowerSite software automates the mortgage application process, allowing lenders to take applications online.

In January, Open Solutions landed the Michigan Educational Credit Union as a client. In December 2007, Shrewsbury's Central One Federal Credit Union, which operates eight branches for more than 25,000 members, signed on with Open Solutions. In October 2007, the largest credit union in Washington state, BECU (formerly Boeing Employees Credit Union), signed a five-year contract extension with the company.

Last year, Open Solutions acquired Canadian software company Fincentric Corp., a maker of retail banking and customer value-management software to financial services companies.

Open Solutions was founded in 1992. The company was taken private in early 2007, when it was acquired by Providence Equity Partners and the Carlyle Group in a deal valued at about $1.3 billion.