NY Bankers Association Endorses Digital Point-Of-Sale

The New York Bankers Association (NYBA), through its wholly owned subsidiary, the New York Bankers Service Corporation (NYBSCO), announced today that it has identified and endorsed Promontory Fulfillment Services LLC (PFS) as a best-in-class provider of mortgage fulfillment services and of advanced digital point-of-sale solutions. 


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PFS enables banks to offer a full range of mortgage products—conventional, jumbo, non-agency and HELOCs—without the need to build and maintain a mortgage operation. PFS underwrites loans using client-provided overlays then processes and closes the loan in the bank’s name. The PFS process and post-closing highlights ongoing compliance reviews. PFS then delivers the loans to the client or sub-servicer.


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PFS also offers clients a digital point-of-sale solution — Borrower Wallet —that allows consumers to apply, upload documents and e-sign digitally. The process empowers customers to manage their mortgage experience, with optional assistance from a loan officer  — empowering community lenders to deliver a customer experience comparable to mega lenders. 


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“Mortgage lending has become increasingly challenging for community banks given current market conditions and the regulatory environment,” said Michael P. Smith, NYBA’s president and chief executive officer.“Our endorsement of PFS will give bankers new options as they navigate the mortgage market and all of its opportunities.”“We are delighted to be endorsed by NYBA,” said Ken Janik, managing director, business head of Promontory Fulfillment Services LLC. “Our fulfillment solution enables banks to offer mortgages as a cornerstone product without maintaining fixed-cost infrastructure. PFS’ Borrower Wallet point-of-sale solution significantly improves the customer experience and loan pull-through for retail lenders.”


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