SOURCE: Mortgagebot


January 31, 2011 11:13 ET

Mortgage Loan Officers Shatter Production Ceilings, Provide Superior Service With Online Lending Tools From Mortgagebot

Study Reveals How Loan Officers at Banks and Credit Unions Nationwide Are Increasing Volume, Service, and Efficiency by Embracing Online Lending Technology

MEQUON, WI--(Marketwire - January 31, 2011) - Mortgage loan officers (LOs) at banks and credit unions face big productivity barriers. For example, they often have to complete cumbersome paper applications, and then manually enter data into multiple software systems; all while boxed in by the time constraints of regular business hours. But now a new study shows how LOs are shattering the traditional "production ceilings" that prevent them from taking only a few applications each day. Instead of seeing the online channel as competition, these new tech-savvy loan officers are embracing the online channel with point-of-sale solutions from Mortgagebot® LLC ( -- solutions designed specifically to improve the productivity, efficiency, and service levels of loan officers.

A case in point is First Federal Savings and Loan Association of Charleston, SC; a southeastern bank with 66 branches and 25 mortgage LOs. "With Mortgagebot PowerSite® technology, I serve more borrowers more quickly," said Robert Hardy, Loan Originator and Account Executive. "Once I could take only a few in-person mortgage applications per day. But in 2009, I increased my online application volume by 397 percent over 2008. Mortgagebot automation removes all ceilings to my daily production."

Mortgagebot studies client success in using LO-specific automation tools

"We carefully monitor how our clients use our products," said Scott Happ, President and CEO of Mortgagebot. "And the recent market study by Lieberman Research Group [Great Neck, New York] confirmed that while the consumer-direct online channel will grow 157 percent by 2013, loan officers will continue to take about half of all bank and credit-union mortgage applications. Many of our clients use our loan-officer tools, and we feel it's important to spotlight their success."

Happ said that Mortgagebot retained the services of First Wellesley Consulting Group (an independent consulting firm from Wellesley Hills, Mass.) to study and report on the business benefits lenders can gain when they equip their LOs with "smart" online tools that automate the mortgage application, pricing, approval, and disclosure process.

"Our goal was to determine what happens when banks and credit unions use technology to free their loan officers from the production limitations imposed by paper applications, manual processes, and service inefficiencies," said James D. ("Jim") Jones, President and Founder of First Wellesley Consulting. "The lenders we studied have equipped their LOs with user-friendly, loan-officer-specific origination tools. We found that while some LOs see the Internet as competition and shy away, LOs at Mortgagebot client organizations are embracing online-lending technology as their 'best friend' -- and they're using it to boost production, provide a superior borrower experience, and increase their internal efficiency."

Shattering loan-officer productivity ceilings

According to Jones, impressive increases in productivity are common when a bank or credit union provides its LOs with PowerSite automation.

"PowerSite has enabled our loan officers to nearly triple their application volume since 2005," said Darin Walding, Real Estate Lead Loan Officer at Advantis Credit Union of Milwaukie, Ore., a 42,000-member credit union with six locations. "We implemented Mortgagebot's 'Loan Officer Web Sites' solution to give each of our loan officers a personalized mortgage Web site. Now they're using their personal sites to bring in more loans -- as well as to 'brand' themselves in our community and cement relationships with members."

"Our loan officers are definitely using PowerSite technology to increase their volume," said Cheryl M. Nelson, Vice President and Manager of Mortgage Services for DFCU Financial of Dearborn, Mich., a 200,000-member credit union with 24 offices in southeastern Michigan. "Between 2008 and 2009, we achieved a 220 percent increase in online purchase and refinance applications. In addition, our online pre-approvals increased by 113 percent."

The online channel: The key to superior service in the 21st century

First Wellesley's Jones also noted that a lot more than application volume improves when loan officers take advantage of online technology. That's because today's borrowers want and expect the improved service afforded by the "24/7" convenience and speed of "smart," interactive, online mortgage-application technology.

"Our members are increasingly comfortable with shopping and applying for a mortgage online," said Wendy Hewitt, a Loan Officer at DFCU Financial. "That gives me more time to spend with borrowers who really need personal attention. Now members can apply anytime over the Internet, and I am immediately notified when an application comes in. I contact the borrower, we discuss their options, and I answer their questions. After that, we communicate mostly by e-mail. Many times they only have to come into our offices for closing."

Nelson said that DFCU members rate their satisfaction with the credit union's online mortgage application at over 95 percent. And Walding noted that borrowers actually thank Advantis loan officers for directing them to the credit union's easy-to-use, online mortgage application.

"With PowerSite, my fellow loan officers and I can serve our customers well," stated Hardy of First Federal, "even when refis are flooding in. PowerSite is the best assistant a loan officer can have."

Regulatory compliance and technology integration: Key added benefits

"Volume increases and service improvements are mission-critical factors for lenders to examine when they're evaluating origination software technology," said Jones. "But there are other key matters to consider as well, such as regulatory compliance -- and how well the technology integrates with other systems and services."

"In 2010, we saw regulatory and pricing changes being announced constantly," said First Federal Savings' Senior Vice President of Mortgage Banking Chuck Stuart. "Keeping our staff informed was a big job, but we could always count on Mortgagebot to keep our PowerSite solutions accurate and up-to-date. They were always on top of things, including all of the RESPA-related changes."

"We also like the fact that PowerSite is fully integrated with credit bureaus, our automated underwriting system, and our loan-origination software system," Stuart noted. "That integration eliminates redundant data entry and makes our loan officers even more efficient."

About Mortgagebot

Mortgagebot LLC ( is the industry-leading, Inc. 5000 company that provides the award-winning PowerSite family of integrated point-of-sale (IPOS) solutions for automating the application, pricing, approval, and disclosure process through every mortgage channel: Web site, branch, call center, or loan officer. Mortgagebot blends deep mortgage experience with innovative "cloud computing" technology to create scalable and affordable Web sites for nearly 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. In addition, PowerSite is 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.

All other trademarks are the property of their respective owners.

Contact Information

  • For more information, contact:
    Cindy Golisch
    PR Unlimited