SOURCE: Mortgagebot


September 07, 2011 10:00 ET

Community Bank Increases Productivity 67 Percent and Sharpens Its Competitive Edge by Using Advanced Online Mortgage Lending Technology

Bank of Idaho Is Using Mortgagebot Technology to Increase Loan Officer Productivity; Clear Loans to Close Faster; Deliver Round-the-Clock Superior Borrower Service; Compete for Loans

MEQUON, WI--(Marketwire - Sep 7, 2011) - For $251 million-asset Bank of Idaho, the use of advanced technology has dramatically transformed its mortgage lending. By deploying an integrated point-of-sale solution (IPOS) available from Mortgagebot® (, the Bank is now positioned to provide borrowers a superior application experience. It's also enhancing efficiency by bringing loans to "clear-to-close" status 22 percent faster and increasing loan officer productivity by 67 percent. Its growth is outstanding despite the challenging mortgage-lending landscape, which has thrown hurdles at small banks struggling to compete against large lenders. The use of Mortgagebot's PowerSite® solution has positioned the community bank to grab market share from online applicants and to better serve walk-in borrowers in its eight branch locations in eastern Idaho.

"Time and again, PowerSite has proven its worth. Bank of Idaho's experience is no exception. We're delighted with its success in delivering outstanding service, improving processes, growing its mortgage business by competing more effectively," says Matt Cotter, Mortgagebot's senior vice president of sales and marketing. "Community lenders like Bank of Idaho may not operate with hefty budgets or large sales operations, but with the use of PowerSite they can level the playing field against their competitors."

Bank of Idaho's Mortgage Loan Manager Larry Bell says that the Bank's goal was to deploy full-service mortgage technology that demonstrated it was serious about gaining a competitive advantage. "We wanted a 'smart,' interactive application and an easy-to-use origination toolkit to make our loan officers as productive as possible," he noted.

Assessing the Challenges: Limited Staffing, Unremarkable Online Presence, Customer Inconvenience

Several key challenges common to small lenders stood in the Bank's way. Operating with a lean staff, the Bank deployed sixteen loan officers across two branch locations, three realty offices, and two loan-production offices, while a modest back office of fourteen team members supported the origination team. On-site loan officers serviced only five of the Bank's eight branches.

An underperforming online presence and lack of convenience made it difficult for the Bank to be competitive. The application was not user-friendly: It failed to collect essential borrower information and it lacked integration into the Bank's other systems, resulting in manual, redundant data-entry and a loss of productivity. Customers avoided the cumbersome application, opting for a face-to-face interview with a loan officer that often required traveling long distances at inconvenient times. Bank of Idaho sought to overcome these challenges by selecting Mortgagebot's PowerSite Consumer solution to serve as the Bank's consumer-direct mortgage Web site and Mortgagebot's Loan Officer Web Sites to equip every loan officer with a personalized, consumer-facing mortgage Web site.

Achieving Results: Improved Service, Sharpened Competitive Edge, Streamlined Workflow

Implementing Mortgagebot's PowerSite solution resulted in multiple benefits:

  • Increased online applications. Ease-of-use and convenience drove the growth in submission rates of online applications taken throughout the day, including the hours between 10 p.m. and 6 a.m.
  • Expedited application review. Streamlined automation cut the pre-processing application review time to ten minutes -- 67 percent faster than the thirty minutes typical for face-to-face applications.
  • Faster loan processing. Detailed and accurate gathering of required information helped the Bank reach "clear-to-close" status 22 percent faster.
  • Two-minute rate updates. Cloud-computing technology enabled non-IT personnel to devote minimal time to maintenance.
  • Boost in employee productivity. User-friendly, innovative interface expanded the pool of bank employees who can take mortgage applications. Branch-based customer-service employees take "walk-in" applications any time a loan officer is unavailable.

"Our decision to implement a smart mortgage-application solution has enabled Bank of Idaho to meet all of its original technology goals -- and more," Bell said.

About Mortgagebot
Mortgagebot (, 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 Web sites for more than 1,000 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 (, 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.

Contact Information

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