Mortgagebot Ushers in a New Mortgage Point-of-Sale Paradigm: the Integrated POS (IPOS) Solution
Posted in: Mortgages, By: admin, At: April 7th, 2009
MEQUON, WI–(Marketwire - April 6, 2009) - Especially in an uncertain economic climate, mortgage lenders strive to increase application volume, improve efficiency, and reduce costs. And one of the smartest strategies for achieving those goals is to integrate key business systems. That’s why mortgage-technology provider Mortgagebot® LLC of Mequon, Wis. (www.Mortgagebot.com) is introducing an entirely new class of lending technology: a single point-of-sale (POS) platform that integrates mortgage applications, pricing, and approvals to create a consistent and seamless customer experience across every mortgage POS channel: consumer-direct via the Web, in the branch or call center, or through professional loan officers. This revolutionary lending technology is called the integrated point-of-sale (IPOS) solution, and it is only available to banks and credit unions that license the Mortgagebot PowerSite® solution.
The mortgage POS leader introduces the IPOS
Mortgagebot has been the leader in consumer-direct, online point-of-sale solutions for automating the mortgage-application process since 1997, when the company was among the very first to enable lenders to take complete mortgage applications directly from consumers over the Internet. Now serving a nationwide client base of more than 900 banks, savings institutions, and credit unions, Mortgagebot continues its history of innovation by officially launching the mortgage industry’s first-ever integrated point-of-sale (IPOS) solution.
“We have watched as the mortgage industry has increasingly embraced online lending,” said Scott Happ, President and CEO of Mortgagebot. “We’ve now reached an historic turning point: The Internet has become the preferred starting point for mortgage shoppers. And when they find a mortgage online, they demand the ease and convenience of a Web-based mortgage application that’s available 24/7.”
“But today’s borrowers are expecting that same application convenience over the phone, in the branch, and when they sit down with a loan officer,” Happ stated. “Lenders need a means of delivering that kind of convenience and efficiency; and Mortgagebot’s IPOS technology helps them to not only provide outstanding and consistent customer service, but increase their loan volume, reduce their origination costs, and sharpen their competitive edge.”
Industry experts: IPOS is a solution whose time has come
In the last few years, industry experts — such as TowerGroup, Forrester Research, First Wellesley Consulting Group, Cornerstone Advisors, Callahan and Associates, and even Mortgage Technology magazine — have been increasingly calling for the integration of mortgage-origination channels so borrowers can be served more cost-effectively, through the specific channels and in the specific ways that they want to do business.
One of the clearest voices promoting such integration is Deloitte Consulting, whose groundbreaking 2008 report “The Silver Lining in Lending” identified a lack of channel integration as one of the major challenges currently facing both borrowers and lenders.
“Lenders must make it seamless for consumers to begin an application online, talk by phone to get questions answered, and then complete the application wherever they feel most comfortable — online, by telephone, or in a branch,” wrote Deloitte researchers Annette Tirabasso and Kimberly Spears.
“This is only possible if lenders tightly integrate data across channels, so consumers are recognized when they switch channels, are not asked to provide the same information again, and are given consistent product information,” observed Tirabasso and Spears. “Lenders [must] tightly integrate the online channel with the branch and call center, so consumers can move seamlessly from one to the other based on their needs and preferences” [emphasis added].
“Mortgagebot has a trend-setting history,” said Happ. “We were one of the first to introduce a consumer-direct mortgage-application Web site for banks and credit unions. Now we’re first-to-market with the kind of integrated-channel point-of-sale platform that both consumers and industry experts have been calling for. And with its ability to boost efficiency and reduce per-loan costs, an IPOS platform is what lenders need to succeed in a turbulent and competitive market.”
Benefits for both lenders and borrowers
Mortgagebot’s IPOS solution, PowerSite, meets borrowers’ needs by providing them with the easiest and fastest mortgage-application experience available. But best of all, when borrowers do business with a bank or credit union that has fully implemented the PowerSite solution set, they can enjoy the same fast and easy application process whether they apply online, in person, or over the phone — or any combination of those channels.
PowerSite meets lenders’ needs by enabling them to take mortgage applications in just minutes at every customer touchpoint: online, in the branch, over the phone, or with a loan officer — a customer-retention benefit that’s especially critical in today’s lean staff/high volume refi market. And because application information can flow directly from PowerSite into the lender’s loan-origination system (LOS), there’s no wasteful re-keying of data; and data-entry errors are virtually non-existent.
The PowerSite solution set includes:
-- PowerSite Consumer -- The lender's "self-serve" mortgage Web site for
taking applications directly from online consumers "24/7/365."
-- PowerSite Advisor -- The application solution for branch or call-
center generalists. After only a brief training session, customer-service
staff and call-center reps can take complete, error-free mortgage
applications.
-- PowerSite Pro -- The unique, flexible origination toolset specifically
created for professional loan officers.
“In late 2008, we announced the newest element in our IPOS platform: PowerSite Advisor,” noted Happ. “And based on market reaction, we believe the product meets real needs — especially when you consider the volume being generated by today’s refi activity. Some lenders are literally turning applicants away due to staffing constraints; but equipping customer-service reps and call-center staff with PowerSite Advisor can solve that problem almost instantly.”
IPOS technology: More loans, all channels, one platform
According to Happ, mortgage lenders that have fully implemented an integrated point-of-sale system are increasing their loan volume by providing borrowers with the ultimate in application flexibility, convenience, and efficiency. For example, borrowers can start a mortgage application online and then finish it through whatever channel they prefer: by phone with a call-center rep, in the branch with a personal banker, or at a coffee shop with a loan officer.
“It’s all possible,” said Happ, “because every one of the ‘modules’ of an IPOS platform share a common database; and are supported by common pricing, compliance, credit, and underwriting engines. True channel integration enables lenders to be more efficient, more productive, and more profitable. Our clients are realizing those benefits from coast to coast — even in today’s turbulent marketplace.”
About Mortgagebot
Mortgagebot LLC (www.Mortgagebot.com) is the industry-leading, Inc. 500 company that provides the unique, award-winning PowerSite family of integrated point-of-sale (IPOS) solutions for taking mortgage applications from every mortgage channel: consumer-direct via the Internet, in the branch or call center; or through professional loan officers. Mortgagebot blends extensive mortgage experience with leading-edge “software-as-a-service” (SaaS) technology to create scaleable and affordable Web sites for more than 900 banks and credit unions nationwide.
Mortgagebot also offers Mortgage Marvel® (www.MortgageMarvel.com), the award-winning, ad-free mortgage-shopping Web site that delivers accurate, anonymous, real-time rate quotes in seconds from a nationwide selection of lenders. But unlike other Web sites, Mortgage Marvel enables borrowers to link directly to their preferred lender — where they can complete a mortgage application and get pre-approved with full disclosures, all in 20 minutes or less.
Mortgagebot, Mortgagebot PowerSite, and Mortgage Marvel are registered trademarks of Mortgagebot LLC.
