The New York Bankers Association (NYBA) recently endorsed Promontory Fulfillment Services LLC (PFS) as a best-in-class provider of mortgage fulfillment services and of advanced digital point-of-sale solutions. NYBA made the endorsement through its wholly owned subsidiary, the New York Bankers Service Corporation (NYBSCO).
Promontory enables banks to offer a full range of mortgage products — conventional, jumbo, non-agency and home equity lines of credit (HELOCs) — without the need to build and maintain a mortgage operation. Promontory underwrites loans using client-provided overlays then processes and closes the loan in the bank’s name, and provides ongoing compliance reviews. The company then delivers the loans to the client or sub-servicer.
Promontory also offers clients a digital point-of-sale solution — Borrower Wallet — that allows consumers to apply, upload documents and eSign digitally. The process empowers customers to manage their mortgage experience, with optional assistance from a loan officer — empowering community lenders to deliver a customer experience comparable to mega lenders.
“Mortgage lending has become increasingly challenging for community banks given current market conditions and the regulatory environment,” NYBA President and CEO Michael Smith said in the release. “Our endorsement of PFS will give bankers new options as they navigate the mortgage market and all of its opportunities.”
“We are delighted to be endorsed by NYBA,” Promontory Managing Director Ken Janik said. “Our fulfillment solution enables banks to offer mortgages as a cornerstone product without maintaining fixed-cost infrastructure. PFS’ Borrower Wallet point-of-sale solution significantly improves the customer experience and loan pull-through for retail lenders.”