Promontory MortgagePath LLC’s endorsement from the American Bankers Association (ABA) has been renewed.
The ABA’s endorsement dates to 2018 and recognizes the financial technology company’s fulfillment solutions that assist members in reducing mortgage origination costs while allowing them to retain a full mortgage product suite.
“With Promontory MortgagePath’s solution, banks can leverage their strong brand and local market knowledge while deploying a digital platform and comprehensive fulfillment services,” ABA Chief Member Engagement Officer James Edrington said in a release. “It’s a ‘pay-as-you-go’ model, which boosts profitability and efficiency, and ABA members enjoy an exclusive 10 percent discount. In a recent monthly billing cycle, one ABA member alone saved $3,820.”
ABA’s initial due diligence process to award an endorsement lasts six to nine months and includes analysis by industry experts and validation by bankers. To receive an endorsement and subsequent renewal from the ABA, a company must offer reliability, sustainability, validity, sound risk management, outstanding data and information security and rigorous quality and customer service standards.
On top of the ABA’s ongoing due diligence and annual reviews, the association also publishes a due diligence report on each endorsed provider. These reports include insights gained during the due diligence process.
“We’ve enjoyed tremendous growth in 2021, and our strategic relationship with ABA is a key contributor,” Paul Katz, Promontory MortgagePath managing director of bank relations, said. “This momentum stems from helping our clients win in an intensely competitive mortgage marketplace with innovative tech, expansive product options and the agility to adapt to changing economic conditions. The loan is always originated and closed in the client’s name, which maximizes profitability while maintaining a high-touch customer experience.”
Promontory MortgagePath’s digital mortgage and fulfillment solution offers:
- The proprietary point-of-sale Borrower Wallet, which automates document collection, provides a secure digital portal to collect and store important loan documents and delivers a transparent process to the borrower with real-time status updates.
- Fulfillment models designed to support community banks’ varying origination needs.
- Milestone pricing that explicitly aligns costs with services rendered throughout the loan process.
- An in-house compliance team to ensure clients’ origination activities are being executed to the highest and best mortgage compliance standards possible.
- Access to an extensive investor network and support for existing investor relationships, resulting in increased profitability.