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Sound Software and MassHousing Collaborate to Improve Affordable Home Mortgage Loan Reservation System

Sound Software Mortgage Loan Origination System Includes Interface to MassHousing ebusiness Portal

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.
The new approach allows Sound Software clients that use MassHousing's ebusiness portal to more easily reserve funds not only with MassHousing but also Fannie Mae, the national wholesale mortgage giant.

"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 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.

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.

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."

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.

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.

About MassHousing

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.

About Sound Software

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.

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.

About Open Solutions Inc.

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.

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.

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.

Safe Harbor Statement

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.

Contacts


Sound Software, Shelton
Bill Lodovico, 800-458-1550
wlodovico@soundsoftware.com
or
MassHousing
Eric Gedstad, 617-854-1079
egedstad@masshousing.com

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