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Mortgagebot's Online Lending Technology Supports 25 Percent Increase in Loan Production for Bank of Colorado(April 23, 2012)
MEQUON, WI -- (Marketwire) -- 04/23/12 -- Bank of Colorado, a $2 billion-asset institution headquartered in Fort Collins, Colo., has increased total loan production, up about 25 percent in the last two years, with the use of PowerSite®, an integrated point-of-sale solution (IPOS) from Mortgagebot® (www.mortgagebot.com). In the last four months, the bank underwent a $4 to $5 million increase in production per month, closing from $20 to $25 million per month. The opportunity to significantly increase market share first emerged in part from the retreat of several large lenders in the bank's geographic markets, which cover regions throughout Colorado. Because of its deployment of PowerSite in early 2010, Bank of Colorado was strategically positioned in the wake of the industry's contraction to sweep up mortgage loans and process them through PowerSite's intuitive, automated system.
Matt Cotter, Mortgagebot's senior vice president of sales and marketing, says his company is pleased with the bank's success. "We are committed to providing innovative technology that gives clients a competitive edge," he says. "PowerSite certainly accomplishes this goal for Bank of Colorado, allowing it to immediately respond to market changes and opportunities."
Rodney Sanger, vice president of the bank, says PowerSite's automation and interactive capabilities allowed loan officers to optimize their time, a competitive enhancement that helped push the bank to its current market position, which is as much as 80 percent market share in some regions of Colorado. "Our loan officers are fully utilizing PowerSite to increase volume. Its capability to adjust questions fitted to a borrower based on the applicant's previous answers; deliver a suitable loan product to the borrower; and run the loan through underwriting approval has produced significant, positive changes to our operations."
Expedites Loan Processing
Loan officers are realizing the full benefits of the IPOS' automation, which makes their jobs more efficient and gives borrowers a glitch-free experience, according to Sanger. PowerSite allows the bank to work seamlessly alongside parties involved in a mortgage loan transaction by referring a sizable percentage of borrowers to apply online through PowerSite's fully interactive site, thereby expediting loan processing.
The process takes only 20 minutes because the IPOS automates many tasks, such as compliance through immediate, electronic disclosures. PowerSite completes checks with credit reporting bureaus, fraud detection and other third parties while the borrower progresses through the process. Moreover, the IPOS' round-the clock accessibility allows a borrower to apply for a loan during the bank's non-business hours and receive instant approval, enhancing the uninterrupted flow in a real estate transaction. The borrower can print out a pre-qualification letter and deliver it to the real estate agent, who can draw up a purchase contract -- without requiring the involvement of a loan officer, who can then be freed up to generate leads and new business.
Promotes New Business Opportunities
Bank of Colorado -- whose parent company is Pinnacle Bancorp Inc. -- was the testing ground for PowerSite's utility. Bank of Colorado's overwhelmingly positive experience provided the green light for two of Bank of Colorado's sister banks -- located in Nebraska and Wyoming -- to also embrace the IPOS. Both sister banks signed on, began referring business to their tailored PowerSite websites, and experienced similar benefits.
Sanger notes an unforeseen development that significantly contributed to the bank's overall loan production: a request from its third sister bank, in Texas, to take on the underwriting of the sister bank's loans. Bank of Colorado agreed to process and underwrite mortgage loans for its sister bank, which has resulted in an additional $3 million in loan production per month.
"We were already set up with Mortgagebot and were able to welcome the additional underwriting business," he explains. "When our sister bank approached us looking for assistance, we were ready and able to take on the business. We have established and solidified a new business relationship all because of the efficient capabilities of PowerSite."
Mortgagebot (www.Mortgagebot.com), a D+H company, has led the industry since 1997 by providing the unique, award-winning PowerSite family of integrated point-of-sale (IPOS) solutions for taking mortgage applications in every mortgage business channel: consumer-direct via the Internet, in the branch or call center; or through professional loan officers.
Mortgagebot blends deep mortgage experience with innovative "cloud computing" technology to create scalable and affordable websites for more than 1,100 banks and credit unions nationwide. Lenders large and small view PowerSite as a "must-have" solution because it helps them deliver a superior borrower experience, increase volume, and compete more effectively. PowerSite is also flexible and easy to use, with a rapid and proven implementation process.
Mortgagebot also offers Mortgage Marvel (www.MortgageMarvel.com), the award-winning mortgage-shopping service that delivers accurate, anonymous, real-time rate quotes in seconds from a selection of hundreds of lenders. But Mortgage Marvel uniquely enables borrowers to link directly to their preferred lender -- where they can complete a mortgage application and get pre-approved with fully compliant disclosures, all in about 20 minutes.
Mortgagebot, Mortgagebot PowerSite, and Mortgage Marvel are registered trademarks of Mortgagebot LLC, a wholly owned subsidiary of Davis + Henderson Corporation.
Other products and/or services are the property of their respective owners.
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