DANBURY, Conn., Nov. 4, 2021 (SEND2PRESS NEWSWIRE) — Leading digital mortgage and fulfillment solutions provider Promontory MortgagePath LLC announced the renewal of its product endorsement by the American Bankers Association (ABA). Promontory MortgagePath combines extensive mortgage operations and compliance expertise with industry-leading mortgage technology to provide efficient, cost-effective mortgage processing and fulfillment services to lenders of all sizes. ABA’s endorsement, dating back to 2018, recognizes Promontory MortgagePath’s tech-enabled fulfillment solutions for their ability to help its members reduce mortgage origination costs while allowing them to retain a full mortgage product suite.
The endorsement and subsequent renewal are a result of ABA’s thorough and ongoing due diligence process, which identifies proven, reliable solutions while saving banks time and money. When deciding whether to endorse a product, ABA engages with bank leaders to identify gaps in their current offerings and opportunities to expand services, works with industry-specific consultants and enlists ABA staff experts to guide the Request for Proposal (RFP) process and validate the research with bankers. ABA is also committed to reviewing each Endorsed Service Provider to ensure it is still providing a valuable service to ABA members and their customers.
“With Promontory MortgagePath’s solution, banks can leverage their strong brand and local market knowledge while deploying a digital platform and comprehensive fulfillment services,” said ABA Chief Member Engagement Officer James Edrington. “It’s a ‘pay-as-you-go’ model, which boosts profitability and efficiency, and ABA members enjoy an exclusive 10% discount. In a recent monthly billing cycle, one ABA member alone saved $3,820.”
“We’ve enjoyed tremendous growth in 2021, and our strategic relationship with ABA is a key contributor,” said Paul C. Katz, managing director of bank relations at Promontory MortgagePath. “This momentum stems from helping our clients win in an intensely competitive mortgage marketplace with innovative tech, expansive product options and the agility to adapt to changing economic conditions. The loan is always originated and closed in the client’s name, which maximizes profitability while maintaining a high-touch customer experience.”
To meet ABA’s standards for endorsement, a company must offer reliability, sustainability, validity, sound risk management, outstanding data and information security and rigorous quality and customer service standards. The initial due diligence process lasts six to nine months and includes analysis by industry experts and validation by bankers. In addition to the ongoing due diligence and annual reviews, ABA also publishes a due diligence report on each ABA Endorsed Provider, which includes insights gained during the due diligence process. These reports are available free of charge to ABA members.
Key features and benefits of Promontory MortgagePath’s digital mortgage and fulfillment solution include:
- The proprietary point-of-sale (POS) Borrower Wallet®, which automates document collection, provides a secure digital portal to collect and store important loan documents and delivers a transparent process to the borrower with real-time status updates;
- Fulfillment models designed to support community banks’ varying origination needs;
- Milestone pricing that explicitly aligns costs with services rendered throughout the loan process;
- An in-house compliance team to ensure clients’ origination activities are being executed to the highest and best mortgage compliance standards possible; and
- Access to an extensive investor network and support for existing investor relationships, resulting in increased profitability.
About Promontory MortgagePath LLC | NMLS ID 1532373
Promontory MortgagePath is a fast-growing team of passionate problem solvers on a mission to fundamentally change the way lenders approach their mortgage business. The company combines an intuitive, collaborative digital mortgage platform with modern, comprehensive fulfillment services, giving lenders the progressive technology and scalability required to profitably compete in today’s rapidly changing residential mortgage market. Promontory MortgagePath’s founder, former U.S. Comptroller of the Currency Gene Ludwig, is widely recognized as a visionary thinker on the critical issues confronting financial services, and his companies are renowned for helping community lenders resolve their most pressing challenges. To learn more, visit https://www.mortgagepath.com.
About American Bankers Association
The American Bankers Association is the voice of the nation’s $22.8 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard nearly $19 trillion in deposits and extend $11 trillion in loans.
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News Source: Promontory MortgagePath