The American Bankers Association (ABA) recently endorsed a comprehensive mortgage fulfillment solution, developed by Promontory Fulfillment Services (PFS), marketed to community banks nationwide. PFS, a unit of Promontory MortgagePath, designed its white-label mortgage fulfillment services to give banks new and better options in terms of cost, compliance and customer experience, according to a press release.
The service enables banks to offer a full range of mortgage products — conventional, jumbo, non-agency and HELOCs — without the need to build and maintain a mortgage operation.
Through the mortgage fulfillment solution, PFS underwrites the loan using client-provided business rules then processes and closes the loan in the bank’s name. Ongoing compliance reviews are done throughout the process and post-closing. PFS then delivers the loan to the client or sub-servicer.
“With the increasing complexity and cost of mortgage lending, we knew community bankers needed a solution that helped them compete in the digital mortgage marketplace,” ABA Senior Vice President of Endorsed Solutions Deborah Whiteside said. “After an extensive due diligence process, it was clear PFS offers just what bankers need through its mortgage fulfillment solution. It allows for a level of customization that’s necessary to serve our large and diverse member base.”
“We’re delighted to be endorsed by ABA,” Promontory MortgagePath CEO Bruce Witherell said. “Mortgage volumes are down, origination costs are up and banks are facing new competition from fintech and digital lenders promising super-fast, super-easy loan decisions. Our fulfillment solution enables banks to continue to offer mortgages, but shifts the costs from fixed to variable and, at the same time, levels the playing field in an increasingly digital landscape.”
Co-founded by Gene Ludwig, a former U.S. Comptroller of the Currency, compliance has been integrated into all aspects of the PFS process.
As part of the endorsement, ABA members will receive advantaged pricing.