Market Analysis: What’s Next For Mortgagebot?

*What’s Next For Mortgagebot?*
**By Tony Garritano**

***Last year we reported that Mortgagebot was acquired by Canadian company D+H. Just a few weeks ago we broke the news that D+H has now also acquired LOS Avista Solutions. So, what happens now? Mortgagebot continues to enhance its offering, that’s what. How does this point-of-sale mainstay go even further? Here’s what they’re up to now:

****Mortgagebot has introduced a new consumer lending module to PowerSite, its integrated point-of-sale solution (IPOS). The company, which already manages mortgage lending websites for more than 1,100 banks and credit unions through PowerSite, takes the IPOS’ 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 twelve 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.”

****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.”