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Promontory MortgagePath launched Transform, a new service delivery model that bundles licensed loan coordinators, point-of-sale technology and fulfillment services into a complete mortgage operations platform from application to close. Transform will give community banks and lenders the opportunity to offer mortgage services to their customers without adding full-time sales or operations staff. It will work with a financial institution's existing loan origination staff, providing loan processing, underwriting and closing support powered by digital mortgage technology.
The financial institutions will be handling prospecting and lead generation activities, including marketing its mortgage offerings, according to a press release. Interested customers will then be transferred to a licensed Promontory MortgagePath loan coordinator, who takes the application using Promontory's POS platform. The coordinator will provide origination assistance to the potential borrower on behalf of the financial institution. Next, Promontory's fulfillment team will process and underwrite the loan according to the lender's lending standards. If approved, the fulfillment team will prepare the loan for closing.
"The current mortgage and refinance boom provides a tremendous opportunity for community banks and financial institutions to re-enter mortgage lending or scale up existing operations. But, with cost concerns at a seemingly all-time high, they need to balance a desire for growth against keeping expenses and overhead low, not to mention the difficulty even established lenders are facing in sourcing talent," said Promontory MortgagePath chief operating officer Debora Aydelotte.
"Mortgage lending not only provides community financial institutions with an additional revenue stream, but it also enables them to expand their opportunities for core deposit growth and cross-selling existing customers while protecting their market share from encroachment by large depositories and fintechs," Aydelotte said. "While community lenders have been slow to embrace outsourcing, the recent shift to a remote workforce has dispelled many of the preconceived notions regarding the safety and soundness of externally-located operations and talent, making domestic outsourcing — especially for mortgage fulfillment."