Mortgagebot’s PowerSite, an integrated point-of-sale (IPOS) solution, now includes a consumer-lending module. Financial institutions can apply advanced online technology to the entire lending business—mortgage and consumer loans.

Allied with ABA’s Business Solutions, Mortgagebot manages mortgage-lending websites for more than 1,100 banks and credit unions through PowerSite. It takes the IPOS’ capability one step further by adding consumer-loan origination.

According to Matt Cotter, Mortgagebot senior vice-president of sales and marketing, PowerSite’s advantage is its “integration and comprehensive management of mortgage and consumer loans—one that maximizes efficiency and ease-of-use for end-users across the board.”

Mortgagebot designed the new module in response to market demand and feedback from PowerSite clients. Clients were looking for a way to handle the consumer-lending side of their businesses. Since the launch, five clients have integrated the module and boosted the quality of their lending operations.

Liberty Bank, a $3.4 billion-asset institution based in Middletown, Conn., has been using PowerSite for mortgage lending since 2004. With the new module, it experienced improvements—including 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 step in streamlining 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.”

 

 

[This article was posted on May 29, 2012, on the website of ABA Banking Journal, www.ababj.com.]      

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