SOURCE: Mortgagebot

October 20, 2008 10:00 ET

New PowerSite Advisor From Mortgagebot Enables Lenders to Fully Integrate Mortgage Business Channels

Mortgagebot Introduces New Software Tool That Enables Branch, Call-Center Staff to Take Complete, Error-Free Mortgage Applications in Minutes

MEQUON, WI--(Marketwire - October 20, 2008) - Imagine you're directing the mortgage department at a bank or credit union: You need to capture every possible mortgage loan to maintain your volume and grow your business. So what happens when a mortgage applicant stops by one of your branches -- but a loan officer isn't available? And how effective is your call center at handling mortgage inquiries? Sadly, when a professional loan officer isn't available to expertly respond to in-branch or call-center mortgage inquiries, many lenders lose a great business opportunity.

That's why lenders need PowerSite® Advisor, the newest member of Mortgagebot®'s award-winning PowerSite family of online loan-origination solutions. With over 800 clients nationwide, Mortgagebot is the undisputed leader in robust, scalable, and easy-to-use online solutions for automating the mortgage-application process.

Now PowerSite Advisor can make every customer-facing staff member fully "application-ready" after only a single, brief training session. The new solution is already being implemented at Chevy Chase Bank, the $15.5-billion Federal Savings Bank based in Bethesda, Md.

Every customer-facing associate can be "application-capable"

Lenders can use PowerSite Advisor to gain added mortgage business, as every branch and call-center associate is equipped to take accurate and complete mortgage applications in just minutes. And when PowerSite Advisor is implemented along with Mortgagebot's PowerSite Consumer and PowerSite Pro solutions, lenders can seamlessly integrate every mortgage business channel: branch, call center, loan officer, or consumer-direct via the Internet.

"With PowerSite Advisor, lenders won't have to turn away mortgage customers because a loan officer is not available," said Scott Happ, President and CEO of Mortgagebot. "Now banks and credit unions can maximize their facilities and personnel investment by equipping all customer-facing staff to take mortgage applications."

"PowerSite Advisor enables lenders to increase their productivity, gain new customers, and grow their mortgage businesses," Mr. Happ noted. "And they can gain the added benefits of integrating their business channels and providing better, more responsive customer service."

A new PowerSite solution that's simple, structured, and secure

Mortgagebot is the market leader in Web-based loan origination, currently automating the mortgage-application process for more than 800 lenders large and small. While half of Mortgagebot's clients have under $500 million in assets, the company also serves nearly half of America's top 100 banks, savings institutions, and credit unions.

Mortgagebot's product family is well received because it is comprehensive, cost-effective, easy to implement and use, and ensures regulatory compliance down to the city level. It's a fully configurable, private-labeled solution set that automates every aspect of the application process. The PowerSite roster features:

--  PowerSite Consumer, which functions as a lender's "self-serve"
    mortgage Web site, taking mortgage applications directly from consumers
    "24/7/365."
--  The new PowerSite Advisor, for deployment in branch or call center.
    After a brief training session, "non-expert" customer-facing employees can
    use Advisor to take complete, error-free mortgage applications.
--  PowerSite Pro, specifically designed to meet the unique, flexible
    needs of professional loan officers.
    

The acclaimed step-by-step, "Q&A" application process of PowerSite Consumer is fully preserved in PowerSite Advisor. But the process has been thoughtfully adapted for branch and call-center associates, and features secure system access and reporting capabilities that are modeled after PowerSite Pro. PowerSite Advisor's intelligent, interactive application path is what enables non-lending customer-service staffers to complete mortgage applications, get borrowers pre-approved, and provide full disclosures in as little as 20 minutes. It's a fast, efficient process that some have compared to using the popular TurboTax® software program.

"PowerSite products are Internet-based, so there's no PC software for lenders to install or maintain," said Mr. Happ. "And all of our solutions -- as well as all sensitive borrower data -- are protected by state-of-the-art security measures, including redundant back-up systems, multi-level data security, and rigorous independent audits."

Chevy Chase Bank: Mortgagebot is "the right choice"

A recent new Mortgagebot client -- and an early adopter of PowerSite Advisor -- is Chevy Chase Bank, the largest bank based in the Washington, DC area. The Bank's core business is in residential mortgages and consumer banking; its mortgage subsidiary, B.F. Saul Mortgage Company, is one of the area's leading mortgage originators.

"We had to replace a mortgage point-of-sale [POS] system that was being phased out," said Mr. Bob Broeksmit, President of B.F. Saul Mortgage. "We wanted to integrate our Internet, branch, and call-center channels with a POS solution that could enable [all of our] associates... to take accurate and complete mortgage applications. And the new solution had to integrate with our Fiserv® UniFi® PRO loan origination software [LOS] system."

"We looked at a lot of system vendors. But in the end, we determined that Mortgagebot was the right choice," noted Mr. Broeksmit. "The ease of use we saw in their PowerSite products really brought it home for us. So we're implementing PowerSite Consumer as our online, consumer-direct mortgage Web site; and we're rolling out PowerSite Advisor in our call center -- and our more than 300 branches."

Integrating mortgage business channels saves time and money

Mr. Happ stated that lenders are attracted to the simplicity, efficiency, and productivity gains that come from integrating business channels with a common technology platform. He said that combining PowerSite Advisor with PowerSite Consumer and PowerSite Pro is a unique solution for enterprise-wide mortgage-channel integration that is not available from any other mortgage-technology vendor.

"The PowerSite platform saves lenders time and money by efficiently integrating the data flow from all of their mortgage business channels," Mr. Happ said. "And PowerSite solutions can be integrated with leading LOS systems for seamlessly transferring loan files into processing and closing -- without redundant data entry."

About Mortgagebot

Mortgagebot LLC (www.Mortgagebot.com) is the industry-leading, Inc. 500 company that provides the award-winning PowerSite family of unique, integrated-channel solutions for taking mortgage applications enterprise-wide: 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 800 mortgage lenders nationwide.

Mortgagebot also offers Mortgage Marvel® (www.MortgageMarvel.com), the award-winning, easy-to-use, ad-free mortgage-shopping Web site that delivers accurate, anonymous, real-time mortgage quotes in seconds from a nationwide selection of lenders. And unlike other mortgage 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. TurboTax is a registered trademark of Intuit Inc. in the United States and other countries. Fiserv and UniFi are registered trademarks of Fiserv, Inc. in the United States and other countries.

Contact Information

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