SOURCE: Mortgagebot

Mortgagebot

May 25, 2011 16:47 ET

Mortgagebot Achieves Key Goal: Announces 1,000th Client at Annual Client Conference

Mortgagebot's Addition of Cornerstone Community Bank of Grafton, Wis. as Its 1,000th Client Reflects Strong Industry Trend Toward Adoption of Online Lending Technology

MILWAUKEE, WI--(Marketwire - May 25, 2011) - With the recent addition of Cornerstone Community Bank of Grafton, Wis., to its roster of clients, Mortgagebot® LLC (www.Mortgagebot.com) today announced the achievement of a major, long-term objective: Mortgagebot now serves a total of 1,000 clients. And according to Mortgagebot Founder, President, and CEO Scott Happ, the company continues to add even more new clients as lender adoption of online lending technology accelerates.

Happ made the "1,000th client" announcement during the opening session of Mortgagebot's ninth annual "Partner Conference, which concluded here today. This year's Partner Conference was one of Mortgagebot's biggest ever, drawing more than 350 Mortgagebot client representatives from mortgage-lending banks and credit unions across America to the Frontier Airlines Convention Center. The Conference is designed to help clients gain new insights into industry trends, network with their peers, and learn more about using Mortgagebot solutions to grow their mortgage businesses.

"Serving 1,000 Partners has been one of our business goals since the beginning," said Happ during his Conference kick-off presentation. He went on to note that -- in addition to Cornerstone Community Bank (www.bankwithcornerstone.com) and hundreds of other Mortgagebot clients -- the Conference was also attended by Landmark Credit Union (New Berlin, Wis.) -- the very first financial institution to license the Mortgagebot PowerSite® solution more than a decade ago.

"While achieving this goal is significant," Happ continued, "what's really gratifying are the fabulous people and organizations we've met along the way... we're honored to serve you, flattered that you've chosen us as your Partner, and committed to providing you with the best online lending systems and the finest service in the industry. I speak for my entire team when I say 'thank you' for the trust you've placed in Mortgagebot."

Cornerstone: "Mortgagebot will help us improve efficiency and expand our market share"
Cornerstone Community Bank was founded in 1990 to serve the banking needs of north suburban Milwaukee. Today the Bank is financially sound and staunchly independent, with about $126 million in assets and three brick-and-mortar locations. So what business challenges drove Cornerstone to take its mortgage business online? According to President Paul Foy, the answer is simple: Growth and efficiency.

"We're a smaller community bank doing business in a very competitive market," noted Foy, "and we want to increase our market share. But we also need to improve our efficiency. We decided that advanced, online technology can help us compete more effectively and expand our market share. So we selected Mortgagebot PowerSite to automate the mortgage application, pricing, approval, and disclosure process for our customers and staff."

With its ability to integrate a lender's consumer-direct mortgage Web site with every other mortgage point-of-sale (POS) channel, Mortgagebot PowerSite is the industry's leading platform for mortgage POS automation. PowerSite is a unique, integrated point-of-sale (IPOS) solution set with award-winning, "smart" application technology that enables online consumers, branch staff, call-center associates, and loan officers to complete error-free mortgage applications in as little as 20 minutes -- thus helping to significantly accelerate the lending process, maximize productivity, and reduce per-loan costs.

Once the Bank's PowerSite implementation is complete (a streamlined and proven process that often takes only 60 to 90 days), Cornerstone will be in good company: PowerSite currently automates the mortgage point of sale for nearly half of America's "top 100" banks and "top 100" credit unions. Yet the technology works well for mortgage lenders of any size -- fully half of Mortgagebot's clients have assets of less than $500 million.

"We're an independent, 'home-town' bank that's focused on meeting the needs of the communities we serve," said Foy. "For example, we service all of our own mortgage loans locally. We needed an online lending solution that gives us the same functionality as the 'big-town' mortgage lenders we compete against, and that's just what we found in PowerSite."

"Bank and credit unions across America are coming to view our PowerSite solution set as 'must-have' technology," noted Matt Cotter, Mortgagebot's Chief Sales Officer. "In today's market, lenders often have to hold the lid on staffing -- but while still increasing overall productivity. PowerSite frees them from the physical limits of staffing and location, and enables them to manage fluctuating volume while providing a consistently exceptional borrower experience through every mortgage business channel."

The right time for online lending
"More and more people today are using the Internet as their financial-services delivery channel," stated Foy. "We want them to be able to find us early in their mortgage-shopping process."

Happ said that the timing of Cornerstone's decision is good. "We've seen a tremendous change in the online-lending landscape during the past decade," he noted. "Green initiatives, staffing limitations, efficiency concerns, and especially the need to provide better borrower service are all dealing a death-blow to cumbersome and wasteful paper-based mortgage-application processes. Today, a fully transactional, 'smart' mortgage Web site is a competitive prerequisite -- and more banks and credit unions have turned to Mortgagebot for that kind of technology than all other providers in America combined."

Happ praised Cornerstone for its commitment to offer a smart, consumer-facing mortgage-application site (Mortgagebot's PowerSite Consumer solution) -- and then go farther. He explained that Cornerstone also licensed PowerSite Advisor (which enables branch associates to take fast, accurate mortgage applications), PowerSite Pro (a flexible origination toolkit for loan officers), and Loan Officer Web Sites (which gives each loan officer a personalized Web site).

Happ stressed the benefits lenders gain when they incorporate the Internet into their loan officers' workflow. "We support over 5,000 loan-officer sites for our Partners," he said. "In 2010, those sites generated over 100,000 mortgage applications. And it's worth noting that our 'top 50' Partners take an average of 41 percent of their applications through their Loan Officer Web Sites! We applaud Cornerstone for wanting to make their loan officers as competitive and productive as possible."

"We also applaud the timing of Cornerstone's desire to expand its market share," noted Cotter. "Based on the application data we monitor from our 1,000 clients, we can verify that today's online borrower is more financially solid than ever. The median household income of borrowers who apply through PowerSite rose 23 percent from 2006 to 2010; and those borrowers' median credit score increased nearly 50 points. With a median annual household income of $90,000 and a median credit score of 757, today's online borrowers represent an outstanding new market for Cornerstone to pursue."

Looking toward the future
What's next for Mortgagebot? According to Happ, the company continues to grow -- and is already setting its sights on gaining 2,000 clients.

Echoing some of the remarks he shared in his 2011 Partner Conference presentation, Happ stated, "Since it first became possible for mortgage lenders to integrate a smart, fully transactional application into their Web sites, we estimate that only about 1,200 financial institutions have done so. And of those 1,200 organizations, over 80 percent of them are our clients."

"In addition," he said, "a recent study by Lieberman Research Group has revealed that more than 70 percent of mortgage-lending banks and credit unions that currently don't offer a smart, online mortgage application foresee a time when they 'will have to' -- and a significant portion of them expect to implement a solution by 2013."

"So," he concluded, "with several thousand financial institutions still not offering a fully transactional, online mortgage application -- but the majority planning to do so -- we are ideally positioned to leverage our success to date, continue to add new clients, and begin aiming for our 2,000th Partner."

About Mortgagebot
Mortgagebot LLC (www.Mortgagebot.com) 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 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® (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.

Contact Information

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    Cindy Golisch
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    480-471-8820