Promontory MortgagePath Unveils Next Generation Point Of Sale Solution For Banks And Mortgage Lenders

NEW YORK, Oct. 23, 2017 /PRNewswire/ -- Promontory MortgagePath™, a new entrant in the mortgage technology and fulfillment solutions spaces, today announced that PromonTech, the company's technology arm, has released the next-generation of point of sale solutions (POS)—the Borrower Wallet™.  It is designed to help mortgage bankers level the playing field with the customer experience/digital mortgage solutions being offered by mega lenders.

The Borrower Wallet is a white-label, omni-platform, POS that engages with customers using any computer or mobile device, on either a self-serve or assisted basis with a loan officer. The secure, borrower-friendly environment is designed to build confidence and make it easy for the borrower to enter information, approve automated data collection, upload/e-send documents and stay informed throughout the loan origination journey through loan closing.

One of the unique features of the Borrower Wallet is a dashboard that shows the borrower their key metrics—credit score, debt-to-income and loan-to-value ratios—that loan decision makers will use to approve their loans.  The dashboard is continually updated as new data and documents are collected.

From a lender's perspective, the Borrower Wallet captures leads and fosters borrower/lender collaboration to drive enterprise efficiency and improve loan pull-through. In addition, its built-in collaboration tools deliver high-quality data and documents needed to feed and accelerate the downstream underwriting process.

The Borrower Wallet promotes both applicant self-service and values the role the loan officer plays as a trusted advisor.  Lenders can accommodate their applicants anytime/anywhere in a secure workspace. Loan officers can be a true co-pilot, within the Borrower Wallet, enhancing the application process and loan quality ahead of underwriting.

"Today, lenders are threatened by the disruptive force of technology, haunted by the lessons of the financial crisis and hamstrung by the plethora of regulations that grew out of the crisis," said Bruce Witherell, chief executive officer of Promontory MortgagePath. "We've developed a collaborative, innovative approach to identifying and validating the applicant and their qualifying data. Borrowers can explore their mortgage options on either a self-serve or loan officer-assisted basis, using any personal device. For the first time, they can see their financial profiles, just as a loan decision-maker would. Lenders, regardless of size, can use our platform to level the playing field in an increasingly digital mortgage marketplace.  As a company co-founded   by Gene Ludwig, compliance is an essential part of our DNA and is integrated into all aspects of our technology.  So lenders can be assured that they are engaging with their applicants in a compliant manner."

About Promontory MortgagePath
Headquartered in New York, Promontory MortgagePath was founded by Gene Ludwig and Bruce Witherell, the former U.S. Comptroller of the Currency and Chief Operating Officer of Freddie Mac, respectively. The company has two main operating divisions: PromonTech and Promontory Fulfillment Services. Promontory Fulfillment Services LLC offers end-to-end white-label mortgage fulfillment services for banks, mortgage banks and private investors and is located in Danbury, Conn.  Denver-based PromonTech is a FinTech hybrid— that is, a technology company, led by seasoned banking and mortgage executives. Its digital solutions are designed by talented technologists and mortgage experts, working collaboratively to eliminate pain points and enhance the customer experience.

SOURCE Promontory MortgagePath