SOURCE: Mortgagebot

June 17, 2008 10:00 ET

Mortgagebot Announces Alliance Partnership With Harland Financial Solutions

Mortgagebot's Award-Winning, Consumer-Direct Loan-Origination Technology Is Now a Preferred Solution for Harland Financial Solutions' Clients

MEQUON, WI--(Marketwire - June 17, 2008) - Recent market research indicates that more than 70 percent of all consumers who search for low mortgage rates begin their quest on the Internet(1). And despite current market challenges, the Internet channel is growing: In some market segments, as many as one-fourth of all lenders now originate more than half of their loan volume online(2).

In response to this market trend, Mequon, Wis.-based Mortgagebot® LLC is pleased to announce a preferred referral partnership with Lake Mary, Fla.-based Harland Financial Solutions Inc., an industry-leading supplier of software and services to thousands of financial institutions of all sizes. Under the terms of the agreement, Harland Financial Solutions will recommend Mortgagebot PowerSite®, a Web-based loan-origination system, to its clients and prospects as a preferred solution.

A partnership of leaders

Mortgagebot PowerSite is the industry's leading solution for consumer-direct, Internet-based loan origination, currently automating the mortgage-application process for nearly 800 lenders nationwide -- including one-third of America's top 100 commercial banks, and nearly half of America's top 100 savings institutions and credit unions.

The PowerSite product serves as a lender's mortgage Web site, taking applications directly from consumers "24/7/365;" and enabling branch, call center, and other "non-mortgage" staff to take error-free mortgage applications with minimal training. PowerSite's interactive functionality enables borrowers to complete an application and get pre-approved with full disclosures -- in 20 minutes or less. And because PowerSite is deployed over the Internet, there is no PC software for lenders to install or maintain.

"To compete successfully in the Internet age, our clients are extending their mortgage businesses onto the Web. This alliance enables us to readily offer one of the most advanced mortgage-application technologies and further support our clients' efforts to enhance the loan-origination process by taking advantage of the online mortgage channel," said J.R. Clemons, President of Risk Management and Compliance Solutions for Harland Financial Solutions.

This partnership also enables PowerSite users to implement automated integration software that enables the application data collected by PowerSite to be automatically transferred to Harland Financial Solutions' mortgage solution and loan documentation products, including Interlinq® E3®, Interlinq® MortgageWare®, and LaserPro® Residential Real Estate Mortgage.

More than 125 Harland Financial Solutions clients already use the Mortgagebot PowerSite solution.

Real lenders gaining real benefits

"Mortgagebot PowerSite is an awesome solution that enables our customers to apply for mortgage loans anytime, seven days a week," said a representative of Illini Bank, a Harland Financial Solutions commercial-bank client with 12 branches and assets of more than $250 million. "PowerSite enables branch employees with minimal training to take loan applications. The process is flawless, and issues instant approvals -- which saves us time. PowerSite has helped us increase our application volume by 50 percent. Now we're being noticed by customers, realtors, and even the competition."

Provident Credit Union is a 17-branch, full-service credit union with $1.5 billion in assets. A representative said, "Mortgagebot PowerSite keeps us nimble. We don't need a large outside sales force; instead we use our branch staff and rely on PowerSite to do the 'heavy lifting.' Plus, PowerSite integrates with our other systems, including Interlinq E3 -- which further improves our efficiency, helps us respond more quickly, and reduces our origination costs."

"We're very pleased to announce this new preferred marketing alliance with Harland Financial Solutions," noted Dan Welbaum, Chief Marketing Officer of Mortgagebot. "Our organizations already have many clients in common, and Mortgagebot now has the opportunity to reach many more Harland Financial Solutions clients who want their mortgage businesses to have a strong presence on the Internet. We'll be working closely with Harland Financial Solutions on referrals and a variety of joint marketing efforts."

About Harland Financial Solutions, Inc.

Harland Financial Solutions, Inc.(www.harlandfinancialsolutions.com) is a wholly owned subsidiary of Harland Clarke Holdings Corp. The company supplies software and services to thousands of financial institutions of all sizes, offering its solutions in both an in-house and service-bureau environment. It is a leader in core systems, item processing, enterprise content management, branch automation, CRM, business intelligence, origination and document solutions, risk management, compliance training, financial accounting, open documents, mortgage solutions, electronic funds transfer (EFT), electronic banking, and advisory services.

About Mortgagebot

Mortgagebot LLC (www.Mortgagebot.com) is the industry-leading, Inc. 500 company that provides Mortgagebot PowerSite, the consumer-direct, Web-based loan-origination solution set that can be deployed enterprise-wide. Mortgagebot blends extensive mortgage experience with leading-edge "software-as-a-service" (SaaS) technology to create robust, scalable, and affordable Web sites to nearly 800 mortgage lenders nationwide. And with the launch in 2007 of its mortgage-shopping Web site, Mortgage Marvel® (www.MortgageMarvel.com), Mortgagebot has created a revolutionary, easy-to-use way for borrowers to instantly obtain and compare accurate, low mortgage rates -- from hundreds of lenders -- without revealing any personal data.

(1) "Online Mortgage Shoppers' Paths to Purchase," by Brad Strothkamp. Published by Forrester Research, Inc. (Cambridge, Mass.); June 7, 2006. © 2006 by Forrester Research, Inc.

(2) "Benchmarks 2007: Trends, Analysis, Practices," by Mortgagebot LLC. Published by Mortgagebot LLC. (Mequon, Wis.); June 2007. © 2007 by Mortgagebot LLC.

Mortgagebot, Mortgagebot PowerSite, and Mortgage Marvel are registered trademarks of Mortgagebot LLC. INTERLINQ, E3, MortgageWare, and LaserPro are registered trademarks of Harland Financial Solutions, Inc. Other products and/or services are the property of their respective owners.

The information contained in this news release is accurate at the time of publication. However, service offerings and availability, relationships, contacts, and other specified information may change over time.

Contact Information

  • For more information about Mortgagebot, contact:

    Cindy Golisch
    President
    PR Unlimited
    480-471-8820

    Dan Welbaum
    Chief Marketing Officer
    262-292-2707

    Mortgagebot LLC
    1000 W. Donges Bay Rd., Ste. 200
    Mequon, WI 53092
    Toll-Free: 877-861-3354