Promontory MortgagePath, a new entrant in the mortgage technology and fulfillment solutions spaces, announced that the company’s technology arm, PromonTech, has released a new point of sale solution (POS) — the Borrower Wallet. It is designed to help mortgage bankers level the playing field with the customer experience/digital mortgage solutions being offered by mega lenders, according to a press release.
The Borrower Wallet is a white-label, omni-platform, POS that engages with customers using any computer or mobile device, on either a self-serve or assisted basis with a loan officer. It is designed to provide a secure, borrower-friendly environment that builds borrower confidence and makes it easy for borrowers to enter information, approve automated data collection, upload/e-send documents and stay informed throughout the loan origination journey through loan closing.
One of the unique features of the Borrower Wallet is a dashboard that shows the borrower their key metrics — credit score, debt-to-income and loan-to-value ratios — that loan decision makers will use to approve their loans, the release states. The dashboard is continually updated as new data and documents are collected.
From a lender’s perspective, the Borrower Wallet captures leads and fosters borrower/lender collaboration in an effort to drive enterprise efficiency and improve loan pull-through. In addition, its built-in collaboration tools deliver high-quality data and documents needed to feed and accelerate the downstream underwriting process.
“Today, lenders are threatened by the disruptive force of technology, haunted by the lessons of the financial crisis and hamstrung by the plethora of regulations that grew out of the crisis,” Promontory MortgagePath CEO Bruce Witherell said in the release. “We’ve developed a collaborative, innovative approach to identifying and validating the applicant and their qualifying data. Borrowers can explore their mortgage options on either a self-serve or loan officer-assisted basis, using any personal device. For the first time, they can see their financial profiles, just as a loan decision-maker would. Lenders, regardless of size, can use our platform to level the playing field in an increasingly digital mortgage marketplace. As a company co-founded by Gene Ludwig, compliance is an essential part of our DNA and is integrated into all aspects of our technology. So lenders can be assured that they are engaging with their applicants in a compliant manner.”