The GBA is pleased to announce that it has teamed up with Promontory MortgagePath LLC, to provide an efficient way for member banks to build or expand their residential lending business. The GBA Services board of directors recently voted to endorse Promontory Mortgagepath’s comprehensive mortgage fulfillment services and proprietary point-of-sale (POS) technology, Borrower Wallet®, citing their ability to helps banks satisfy customer demand for a modern mortgage experience without the expense of creating and supporting an entire mortgage department.
“Customers turn to community banks for mortgages, but our members are finding that the profitability of mortgage origination is at risk,” said Director of GBA Member Services Bo Brannen. “By outsourcing part of the process to Promontory and deploying its cutting-edge technology, community banks can enhance their customer’s mortgage experience and hold on to important customer relationships all while improving profit margins.”
“As members, we look to the GBA to deliver quality products and services that help us make and save the most money,” said GBA Services, Inc., chairman Chris Edwards. “The mortgage experts at Promontory are providing the tools and technology to grow a highly compliant mortgage program.”
With Promontory’s comprehensive solutions, banks set their own product- and loan pricing strategies while Promontory provides the POS technology and fulfillment operations. Banks deploy their own loan officers to manage the borrower relationship – co-piloting the application process and collaborating with their borrowers via Borrower Wallet®. Promontory then processes and underwrites each loan using client-provided business rules and closes in the bank’s name.
“We are excited to partner with GBA to help their member banks increase origination volume, boost profits and transform the customer experience,” said Paul Katz, managing director and head of bank relations at Promontory MortgagePath. “Our solutions are designed to help community banks deliver the convenient and simplified mortgage process their customers demand.”