May 23 - Mortgagebot’s introduction of a new consumer lending module to PowerSite, its integrated point-of-sale solution, has enabled financial institutions to apply the flexibility, efficiency, and innovation of advanced online technology to their entire lending business—to both mortgage loans and now consumer loans. The company, which already manages mortgage lending websites for more than 1,100 banks and credit unions through PowerSite, takes the IPOS’ well-established capability one step further by adding consumer loan origination in a frictionless, easy-to-use platform for end users. Lenders who have deployed the product are already reaping benefits—operational efficiency, automated compliance, and affordable scalability—in their consumer lending operations.
Matt Cotter, senior vice president of sales and marketing, says the new module is a natural extension of the company’s long-standing focus on facilitating lending efficiency. “All the experiences and best practices that Mortgagebot amassed in the last 12 years are now available to lenders in their consumer lending space,” he says. “Now, another superior advantage of PowerSite is its seamless integration and comprehensive management of mortgage and consumer loans, one that maximizes efficiency and ease-of-use for end users across the board. Our parent company, D+H, also furthers its mission as the leading provider of technology and managed services to the North American financial services industry—including lending institutions of all asset sizes.”
Christopher Ercole, senior vice president and chief lending officer at National Institutes of Health Federal Credit Union, says PowerSite’s new module is a natural fit to its business operations. The $500 million asset credit union, which has been using PowerSite for the past eight years to manage its mortgage loan operations, looks forward to improving its consumer lending online applications.
“Our credit union has already had great success with Mortgagebot’s online application system [for mortgages],” says Ercole. “We view consumer lending as an integral part of our business model and are looking to the new module to grow our consumer lending business.”
Direct Response to Market Demand
In fact, Mortgagebot designed the new module in response to market demand and feedback from clients who were already using PowerSite to optimize and support their mortgage operations. These clients desired an innovative, convenient solution to handle the consumer lending side of their businesses. Since the launch, five clients from a focused group have integrated the new functionality and boosted the quality of their lending operations.
Liberty Bank, a $3.4 billion-asset institution based in Middletown, Conn., which has been using PowerSite for its mortgage lending since 2004, immediately experienced improvements — including hassle-free, automated compliance — bringing its consumer lending up to par with its mortgage lending operations. The bank had previously eliminated paper applications from its mortgage and home equity loans through the deployment of PowerSite; removing paper applications from its consumer lending operations was the next logical step in the effort to streamline processes.
Brian Hedge, assistant vice president and consumer loan operations manager says the biggest advantage emerging from the new module includes data entry at the point-of-sale and immediate processing of loans. “With an automated application process, we eliminate paper applications and the associated issues, which include missing information, illegible writing, and lost paperwork.”
Delivers High Functionality to End User
This consumer lending addition to the product suite reflects Mortgagebot’s commitment to evolve with end users’ needs and wants in mind. Similar to its mortgage loan application, the user-friendly interface guides consumer loan applicants through the process and intelligently asks questions specific to their buyer profile and product selected. Its intuitive design functionality is consistent with Mortgagebot’s overarching practice of delivering technology designed to enhance the user experience and to include continuous compliance and industry updates.
Hedge says the bank anticipates installing additional enhancements to the automation of Liberty Bank’s non-real estate consumer loan application process, such as online approval and online disclosures. Consumer lending, which constitutes an important component to the bank’s business strategy for the bank, is already benefiting greatly from PowerSite and the bank looks forward to continued efficiency. Adding the consumer loan option is virtually effortless, requiring only 20 minutes to build and launch the website.
Hedge says, “Integrating the new module was as easy as completing a short configuration guide, testing, fine-tuning the application questions, and revising backroom workflow.” Because PowerSite uses Software-as-a-Service technology, or cloud-computing, devoting manpower to manage the platform is essentially a non-factor for the lender. All updates are performed by Mortgagebot with no interruption to lenders’ operations.
Mortgagebot (www.Mortgagebot.com), a D+H company, has led the industry since 1997 by providing the unique, award-winning PowerSite family of integrated point-of-sale solutions for taking applications in every mortgage business channel: consumer-direct via the Internet, in the branch or call center; or through professional loan officers.
Mortgagebot blends deep mortgage experience with innovative “cloud computing” technology to create scalable and affordable websites for more than 1,100 banks and credit unions nationwide. Lenders large and small view PowerSite as a “must-have” solution because it helps them deliver a superior borrower experience, increase volume, and compete more effectively. PowerSite is also flexible and easy to use, with a rapid and proven implementation process.
Mortgagebot also offers Mortgage Marvel (www.MortgageMarvel.com), the award-winning, mortgage-shopping service that delivers accurate, anonymous, real-time rate quotes in seconds from a selection of hundreds of lenders. But Mortgage Marvel uniquely enables borrowers to link directly to their preferred lender—where they can complete a mortgage application and get pre-approved with fully compliant disclosures, all in about 20 minutes.