New Tech Firm Promontory MortgagePath Releases POS Solution
October 23, 2017
Promontory MortgagePath, a new entrant in the mortgage technology and fulfillment solutions spaces, has announced that PromonTech, the company’s technology arm, has released the next-generation of point of sale solutions (POS)—the Borrower Wallet.
The Borrower Wallet is a white-label, omni-platform, POS that engages with customers using any computer or mobile device, on either a self-serve or assisted basis with a loan officer. The secure, borrower-friendly environment is designed to build confidence and make it easy for the borrower to enter information, approve automated data collection, upload/e-send documents and stay informed throughout the loan origination journey through loan closing.
One of the unique features of the Borrower Wallet is a dashboard that shows the borrower their key metrics—credit score, debt-to-income and loan-to-value ratios—that loan decision makers will use to approve their loans. The dashboard is continually updated as new data and documents are collected.
The Borrower Wallet promotes both applicant self-service and values the role the loan officer plays as a trusted advisor. Lenders can accommodate their applicants anytime/anywhere in a secure workspace. Loan officers can be a true co-pilot, within the Borrower Wallet, enhancing the application process and loan quality ahead of underwriting.
“Today, lenders are threatened by the disruptive force of technology, haunted by the lessons of the financial crisis and hamstrung by the plethora of regulations that grew out of the crisis,” said Bruce Witherell, Chief Executive Officer of Promontory MortgagePath. “We’ve developed a collaborative, innovative approach to identifying and validating the applicant and their qualifying data. Borrowers can explore their mortgage options on either a self-serve or loan officer-assisted basis, using any personal device. For the first time, they can see their financial profiles, just as a loan decision-maker would. Lenders, regardless of size, can use our platform to level the playing field in an increasingly digital mortgage marketplace. As a company co-founded by Gene Ludwig, compliance is an essential part of our DNA and is integrated into all aspects of our technology. So lenders can be assured that they are engaging with their applicants in a compliant manner.”
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