Mortgagebot LLC has announced the expansion of its preferred referral alliance with Lake Mary, Fla.-based Harland Financial Solutions Inc., a supplier of software and services to thousands of financial institutions of all sizes. The expanded agreement enables Harland Financial Solutions to offer its clients the complete, multi-channel Mortgagebot PowerSite point-of-sale (POS) platform.
“Our clients are continually looking for ways to reduce expenses and improve efficiency,” said Dennis Swanson, vice president of strategic alliances and programs for Harland Financial Solutions. “Our expanded alliance with Mortgagebot enables us to recommend a point-of-sale technology platform that can help our clients be more productive and more competitive.”
Mortgagebot PowerSite is the industry’s leading platform for mortgage point-of-sale automation. It handles the mortgage application, pricing, and approval process for more than 900 lenders nationwide—including one-third of America’s top 100 banks and nearly half of the top 100 savings institutions and credit unions.
When implemented enterprise-wide, PowerSite integrates a lender’s consumer-direct mortgage Web site with every other mortgage point of sale: the branch, the call center, and the lender’s team of professional loan officers.
“We call this our ‘integrated point-of-sale’ or ‘IPOS’ solution,” said Dan Welbaum, chief marketing officer of Mortgagebot. “The IPOS approach to automating the mortgage-application process enables lenders to empower every consumer-facing associate to take complete, error-free applications in minutes. By automating every POS channel—the branch, call center, or the loan officer’s desk—lenders may never need to turn away mortgage applicants due to staffing limitations. Plus, they can handle spikes in volume without adding staff.”
The expanded alliance gives Harland Financial Solutions clients easier access to the tools they need to handle a higher volume of loan applications and is timely in light of increasing demand for mortgage loans. Historically low interest rates, combined with a rise in housing affordability due to falling real estate prices, yielded a big boost in mortgage activity in Q1 2009 compared to Q4 2008―a 73 percent production jump, as reported by the online industry newsletter MortgageDaily.com. The uptick in mortgage-application volume can affect lenders’ ability to keep pace with demand.
As part of the expanded agreement, PowerSite users continue to have the option to implement automated integration software. This enables the application data collected by PowerSite to be automatically transferred to Harland Financial Solutions’ mortgage automation and loan documentation products, including Interlinq E3 and LaserPro Residential Real Estate Mortgage. The two companies have many mutual clients who benefit from this linkage.
“PowerSite Consumer enables our customers to go online anytime, at their own convenience, to apply for a mortgage,” said a representative of NCB, a federally chartered savings association with more than $7.6 billion in assets. NCB is a Harland Financial Solutions Interlinq E3 client that is headquartered in Washington, DC and has locations in five states. “Installing PowerSite Consumer is part of our effort to eliminate the mailing of paper applications.”
NCB is also seeing noteworthy cost reductions from its multi-channel PowerSite implementation. “We reduced our overall origination costs by 38 percent as a result of the huge time savings our loan officers and processors have gained from using PowerSite,” explained the NCB representative. “Our loan officers use PowerSite Pro to quickly enter all of the borrower’s application-related data, so our processors no longer have to locate missing information and do manual data entry.”
The multi-channel PowerSite solution set is popular because it is a comprehensive and cost-effective yet sophisticated point-of-sale platform. It is quick to implement and easy to use for lenders of any size. PowerSite’s “smart” application technology enables consumers, branch and call-center staff, and loan officers to complete error-free mortgage applications in as little as 20 minutes. And because PowerSite is a software-as-a-service (SAAS) solution, it is deployed over the Internet; so there is no PC software for lenders to install or maintain.
The PowerSite product family includes:
◄ PowerSite Consumer. Mortgagebot’s original solution—the only PowerSite product that Harland Financial Solutions previously offered its clients—functions as a lender’s “self-serve” mortgage Web site, taking mortgage applications directly from online consumers ‘24/7/365’.
◄ PowerSite Advisor. This innovative new product is for use in the branch or call center. After only a brief training session, branch and call-center staff can take complete, error-free mortgage applications.
◄ PowerSite Pro. This flexible solution meets the unique application-taking needs of professional loan officers.
For more information, visit www.mortgagebot.com or www.harlandfinancialsolutions.com.