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Promontory MortgagePath Launches End-to-End Mortgage Origination, Fulfillment Platform for Community Financial Institutions

2020-10-08T13:21:10+00:00September 22nd, 2020|

Promontory MortgagePath Launches End-to-End Mortgage Origination, Fulfillment Platform for Community Financial Institutions Danbury, Conn., Sept. 22, 2020 — Promontory MortgagePath LLC, a leading provider of comprehensive digital mortgage origination and tech-driven fulfillment solutions, announced today it has launched Transform, a new service delivery model bundling licensed loan coordinators, point-of-sale (POS) technology and fulfillment services to offer a complete mortgage operations platform from application to close. With Transform, community banks and lenders can cost-effectively offer mortgage services to their customers without adding full-time sales or operations staff. Promontory MortgagePath’s new service model complements its suite of existing offerings, which work in conjunction with a financial institution’s existing loan origination staff to provide loan processing, underwriting and closing support powered by digital mortgage technology. Using Transform, the financial institution handles all prospecting and lead generation activities, including advertising and marketing its mortgage offerings. As customers express interest, the financial institution passes

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Changes to the Qualified Mortgage Rule Are Coming; Be Prepared

2020-09-30T18:43:20+00:00September 15th, 2020|

Changes to the Qualified Mortgage Rule Are Coming; Be Prepared With origination volumes skyrocketing due to historically low interest rates, it would be an understatement to say lenders have been preoccupied in 2020. However, as the Consumer Financial Protection Bureau considers changes to the qualified mortgage rule, lenders must shift a portion of their focus to ensure they understand the proposed changes and are prepared to comply once the rule becomes final. The CFPB's proposals would eliminate the much-reviled Appendix Q and clarify several factors currently used to assess a borrower's ability to repay — including the consumer's current or reasonably expected income or assets and current debt obligations, alimony, and child support— and offer a path for loans to achieve safe harbor status over time. As with any regulatory change, the proposals offer cause for celebration and concern. For example, many lenders will applaud the elimination of Appendix Q, which is

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Why Technology Firms Should Hire Liberal Arts Majors

2020-09-30T18:41:13+00:00September 10th, 2020|

Why Technology Firms Should Hire Liberal Arts Majors As companies, individuals and jobseekers from different industries and walks of life virtually converge for Denver Startup Week, many may [incorrectly] assume a lack of tech-driven experience may limit their attractiveness to tech startups. But, sometimes the most unconventional pairings – such as a technology company and a liberal arts major – can make for stellar partnerships.So many times, people look at technology companies and assume only those with a background or major in computer science or engineering get hired. That line of thinking is both incorrect and potentially detrimental for both the company and the jobseeker. Not only do tech-focused companies need skilled people in non-tech roles – think sales, marketing, client services, human resources – but hiring individuals with varied backgrounds, perspectives and personalities fosters creativity, growth and ingenuity.Let’s look specifically at why tech companies should seek out

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Independent Bankers Association of Texas Announces Promontory MortgagePath as Its Newest Endorsed Service Provider

2020-10-08T14:43:14+00:00July 27th, 2020|

Independent Bankers Association of Texas Announces Promontory MortgagePath as Its Newest Endorsed Service Provider 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

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Community Development Bankers Association Endorses Promontory MortgagePath’s Mortgage Fulfillment Services, POS Technology

2020-10-21T13:26:08+00:00October 21st, 2020|

Community Development Bankers Association Endorses Promontory MortgagePath’s Mortgage Fulfillment Services, POS Technology Danbury, Conn., October 21, 2020 — Promontory MortgagePath LLC, a leading provider of comprehensive digital mortgage fulfillment services, announced today that the Community Development Bankers Association (CDBA) has officially endorsed its mortgage fulfillment services and proprietary point-of-sale technology Borrower Wallet®. CDBA recognized Promontory MortgagePath’s solutions for helping community development financial institutions (CDFIs) expand access to homeownership, particularly in the low- and moderate-income markets they serve.Founded in 2015 by former U.S. Comptroller of the Currency Gene Ludwig, Promontory MortgagePath began with a vision to empower community financial institutions with limited resources to participate profitably in mortgage lending. Through the delivery of best-in-class, technology-enabled fulfillment services and interrelated fintech products, Promontory MortgagePath is able to continually enhance the mortgage process so it is faster, simpler and more inclusive for all borrowers and lenders. “Creating products and services that

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Ohio Bankers League Endorses Promontory MortgagePath to Fuel Mortgage Delivery

2020-09-30T18:32:50+00:00May 21st, 2020|

Ohio Bankers League Endorses Promontory MortgagePath to Fuel Mortgage Delivery Ohio’s banks are signing on to deliver a digital loan experience that makes mortgage lending faster, simpler and more scalable for growth as their state association endorses services offered by Promontory MortgagePath. The Ohio Bankers League (OBL) officially endorsed Promontory MortgagePath’s (PMP) comprehensive mortgage fulfillment services and digital point-of-sale (POS) technology, Borrower Wallet®, the association announced. PMP’s tech-driven mortgage solutions are designed to help banks compete in the mortgage business more profitably, efficiently and compliantly while eliminating the fixed costs in their current mortgage model. “Ohio banks and thrifts are relentlessly focused on innovation and uncovering the best ways to increase efficiencies and meet customer demands,” said Mike Adelman, President & CEO of OBL. “At a moment in history where digital offerings and superior service are more urgently needed than ever, PMP stands out for its innovative technology,

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Promontory MortgagePath Consolidates Family of Companies

2020-09-30T18:31:20+00:00January 8th, 2020|

Promontory MortgagePath Consolidates Family of Companies Promontory MortgagePath LLC has consolidated its family of companies into one entity with a singular focus on driving down the cost and time required to originate mortgages. The move blends three distinct teams with complementary skills and strengths, uniting Promontory Fulfillment Services LLC (PFS) and PromonTech LLC under their former parent-company banner — Promontory MortgagePath. Since their founding in 2015, the three companies have worked collaboratively to provide technology-driven mortgage fulfillment solutions — with PromonTech developing proprietary point-of-sale mortgage technology, PFS providing comprehensive third-party mortgage fulfillment services, and Promontory MortgagePath concentrating on leadership and strategy. Now, all functions will be unified as Promontory MortgagePath. “Integrating our powerhouse teams represents a strategic realignment of our mission to provide lenders with best-in-class, tech-enabled mortgage fulfillment services that improve borrower experience, ensure regulatory compliance and lower the cost of origination,” said Gene Ludwig, Promontory MortgagePath’s

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Kentucky Bankers Association Endorses Promontory Fulfillment Services for Mortgage Services

2020-09-30T18:36:28+00:00November 7th, 2019|

Kentucky Bankers Association Endorses Promontory Fulfillment Services for Mortgage Services Kentucky’s banks are gaining a new and cost-effective way to stay active in home lending as their state association endorses innovative services offered by Promontory Fulfillment Services LLC (PFS). PFS announced the Kentucky Bankers Association (KBA) officially endorsed PFS’ comprehensive mortgage fulfillment services and proprietary point-of-sale (POS) technology, Borrower Wallet®. PFS’ tech-driven mortgage fulfillment solutions are designed to help banks, especially community banks, compete in the mortgage business without incurring the expense and burden of supporting an entire mortgage operation. “KBA selected PFS’ best-in-class mortgage fulfillment services to help banks remain competitive in the face of steadily rising built-in mortgage expenses and intense competition,” said Ballard W. Cassady, Jr., KBA president and CEO. “Mortgage lending is increasingly a scale business, which is making it more challenging for community banks to participate profitably,” Cassady said. “Part of our mission

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Promontory Fulfillment Services LLC Chosen as a North Carolina Bankers Association Endorsed Vendor

2020-09-30T18:35:31+00:00September 19th, 2019|

Promontory Fulfillment Services LLC Chosen as a North Carolina Bankers Association Endorsed Vendor Community banks in North Carolina have gained a new option for offering mortgages as a core product without the expense and burden of supporting an entire mortgage operation, Promontory Fulfillment Services LLC (PFS) announced. PFS, a provider of tech-driven mortgage fulfillment solutions, announced that Community Bank Services (CBS), a wholly-owned subsidiary of the North Carolina Bankers Association (NCBA), has officially endorsed its comprehensive mortgage fulfillment services and proprietary point-of-sale technology, Borrower Wallet®. PFS’ best-in-class mortgage fulfillment services were selected for their ability to help community banks manage costs and remain competitive in the face of ever-increasing built-in expenses. Banks working with PFS gain the support of a partner focused on deploying its expertise and industry-leading practices to help banks seamlessly serve their customers. CBS also recognized PFS’ innovative point-of-sale technology, Borrower Wallet®, for its ability