Austin, Texas, July 27, 2020 — The Independent Bankers Association of Texas (IBAT) is pleased to announce that Promontory MortgagePath, LLC (PMP) has been selected as the newest IBAT Endorsed Service Provider for its ability to deliver a tailored, modern and cost-effective set of mortgage solutions. PMP combines an intuitive, collaborative digital-mortgage platform with comprehensive fulfillment services, giving banks the cutting-edge technology and scalability required to compete in today’s market.
Banks partnering with PMP determine their own product and loan pricing strategies while PMP handles the rest. With PMP, banks can field their own loan officers to co-pilot the application process and collaborate with their borrowers via PMP’s proprietary point-of-sale, Borrower Wallet®. PMP processes and underwrites each loan using client-provided business rules and closes in the bank’s name.“IBAT is thrilled to add Promontory MortgagePath to our roster of top-quality endorsed service providers,” said Christopher Williston, IBAT president and CEO. “As our members know all too well, the financial services landscape is changing and that includes the need to provide an efficient and effective mortgage experience that community bank customers expect. We look forward to our new relationship and the value it will provide Texas community bankers.”
This game-changing technology is required to help community banks retain and acquire customers who are increasingly demanding a digital experience. With the current challenges to in-person interactions magnified by the COVID-19 pandemic, the ability to transact digital mortgage services becomes even more critical to success.
In these early stages of economic recovery, the anticipated refinance, HELOC and first-time-homebuyer activity offers community banks an opportunity to acquire new mortgage customers. With PMP’s solutions, banks benefit from increased efficiencies and a scalable business model while offering their customers an intuitive and modern digital-mortgage experience.
“For community banks, service is the big differentiator. Our digital platform and fulfillment models enable clients to deliver an exceptional customer experience with increased scalability and efficiency,” said Paul Katz, managing director and head of bank relations at Promontory MortgagePath. “Times like these underscore the value of a solution that blends great service with innovative technology,” he added.
PMP’s founder, former U.S. Comptroller of the Currency Gene Ludwig, has been committed to community- and regional banking for decades. He has channeled his expertise as a former federal regulator into creating companies and products to improve the competitive posture of community banks while retaining a focus on compliance, including Promontory Interfinancial Network (PIN) and Promontory Financial Group.
Ludwig brought this same dedication to innovation, service, risk management and compliance excellence to Promontory MortgagePath. Compliance is deeply ingrained in its technology development and at the forefront of its fulfillment solutions. Banks partnering with PMP will get a customized, data-driven solution that results in more-compliant loans.
For more information about IBAT’s endorsement of PMP, visit www.ibatservices.com.
About the Independent Bankers Association of Texas
Formed in 1974, the Independent Bankers Association of Texas (IBAT) represents Texas community banks. The Austin-based group is the largest state community banking organization in the nation with membership comprised of more than 2,000 banks and branches in 700 Texas communities. Providing safe and responsible financial services to all Texans, IBAT member bank assets range in size from $21 million to $31 billion with combined assets statewide of $193 billion. IBAT member banks are committed to supporting and investing in their local communities.
About Promontory MortgagePath | NMLS ID 1532373
Promontory MortgagePath is a fast-growing team of passionate problem solvers on a mission to fundamentally change the way lenders approach their mortgage businesses. Their tailored, modern and cost-effective set of mortgage solutions help lenders remain competitive in a rapidly-changing mortgage market. Promontory MortgagePath combines an intuitive, collaborative digital-mortgage platform with comprehensive fulfillment services, giving lenders the cutting-edge technology and scalability required to compete in today’s residential mortgage market, profitably. The company’s founder, former U.S. Comptroller of the Currency Gene Ludwig, is widely recognized as a far-sighted thinker on the critical issues confronting financial services, and his companies are renowned for their ability to help community lenders resolve their most-pressing challenges. To learn more, visit https://www.mortgagepath.com/.