Click here to close now.

Welcome!

AJAX & REA Authors: Elizabeth White, XebiaLabs Blog, Lori MacVittie, Cloud Best Practices Network, Liz McMillan

News Feed Item

Online Mortgages Significant Driver of Lenders' 2012 Revenue Stream

CapWest Mortgage grows Loan Volume by $400 Million in 2012, Anticipates 30 Percent Jump in Application Volume in 2013

MEQUON, WI -- (Marketwire) -- 02/07/13 -- A review of more than 1,000 mortgage lending institutions using "smart" online lending technology has revealed that the online channel critically enhances banks' and credit unions' revenue growth. CapWest Mortgage, of Overland Park, Kans., for instance, underwent improvements in profitability, significantly expanding market share by growing loan volume from $1 billion to $1.4 billion between 2011 and 2012. The bank, a division of Farmers Bank & Trust, N.A., aggressively used Mortgagebot's (www.Mortgagebot.com) front-end point-of-sale automation, EnterprisePOS, to take in loan applications and engage customers throughout loan processing and underwriting. Collectively, users of the Mortgagebot Enterprise™ end-to-end lending platform took in more than 1 million applications in 2012, about a 50 percent increase over the 660,000 applications of 2011.

"We are finding that there is a solidified commitment to 'smart' online technology deployment among lenders as they see a strong link between the online channel and their continued viability and profitability," said Matt Cotter, senior vice president of sales and marketing at Mortgagebot, a D+H company. "In fact, Mortgagebot's client numbers reached an all-time high in 2012 and our review also found that many lenders' online volumes far eclipsed their traditional avenues of application, such as in-branch or over-the phone intake."

Mortgagebot's parent company, D+H, a leading provider of secure and reliable solutions to North American financial institutions, offers products and services that allow its customers to focus on serving their customers. Through Mortgagebot, it continually strives to keep lenders, such as CapWest Mortgage, on the cutting edge of online technology so they can improve return on investment and meaningfully impact their bottom lines. "We believe our clients are best positioned to capture and convert more business through application and loan-processing optimization," Cotter said. "Taking applications online has become both a necessity and a new industry standard; lenders taking to the online channel are making the right moves toward improved profitability and ultimately investing in their financial health."

Online Capability Is Game-Changer in Mortgage Industry

Industry fluctuations make online-application capability a necessity for long-term lending success. Built-in optimization of online-application capability has changed the face of mortgage lending because of its success in adjusting to external factors -- for example, threat of the fiscal cliff and fluctuating interest rates. The channel, by far the lowest cost channel for loan-volume growth, can give lenders cost-efficient scalability through the right platform.

"D+H's long experience, coupled with Mortgagebot's expertise, has given us a deep understanding of the role technology plays in today's financial services marketplace, allowing us to provide financial institutions, such as CapWest Mortgage, with the technological flexibility to adapt to a changing market," said Cotter.

CapWest Mortgage used Mortgagebot's per-loan pricing scheme to take in more than 14,000 online loan applications in 2012 and projects volume will jump to 18,000 in 2013, provided interest rates remain similar to 2012 levels. The bank's use of the platform's automation, which eliminates redundancy and helps it maintain full regulatory compliance, also enabled loan originators to more quickly render a loan decision, further reinforcing profitability. Its loan officers closed on average 24 loans per month, reaping time savings of nearly 5,000 hours.

Customer Preference and "Smart" Technology Create Self-Growing Environment

With the exploding global mobile trend of smartphones and tablets, consumers are increasingly conducting business online, including mortgage-shopping. In fact, smartphone subscriptions are projected to reach 3.3 billion worldwide by 2018, with 58 percent of current subscribers already using their personal subscriptions in their workplace, according to Ericsson Consumer Lab. Pervasive access to the online channel will only reinforce its significance to mortgage lending. Consumers' gravitation to the channel, combined with the user-friendly framework of "smart" online lending technology, sets up a self-feeding cycle, in which lenders can grow online loan volume while more and more consumers submit online applications for the technology's ease-of-use.

CapWest Mortgage found that in 2012 about 12 percent of its application leads came through on weekends. Online-application capability meets client preference because it sets up 24/7 visibility, allowing consumers to research mortgage rates and information or apply at any time or day. The intuitive framework of "smart" technology also makes navigation of the application process a straightforward process and attracts quality borrowers. In fact, 89 percent of CapWest Mortgage clients who begin the application complete it the same day, with 98 percent submitting the application within seven days. Moreover, in 2012, the bank approved 38 percent of its online applications and, by early 2013, increased the approval rate to 45 percent, a result of Mortgagebot's identification and removal of outdated underwriting requirements from the bank's system. Additional applications are approved once loan officers review them for human errors, such as typographical mistakes on assets.

Functionality-Rich Online-Application Capability Attracts Consumers

Consumers not only expect to be able to apply online, but they also demand ease-of-use to extend throughout all aspects of loan processing. For lenders to enhance their profitability, they must seek out superior quality and functionality of "smart" online technology, which ultimately determines the degree of customers' ease-of-use. The Mortgagebot Enterprise™ platform has staying power because Mortgagebot delivers on customer expectations by consistently adding online functionality. For instance, the company recently tightened the user experience and conversion path to increase customer satisfaction with the application and origination process, ultimately enabling lenders to reap higher conversion rates.

Monte Robbins, president and CEO of CapWest Mortgage, says the platform provides on-demand answers, including real-time pricing, which is precisely the self-serve environment that clients want. "The return on our investment is great," he says. "We have experienced tremendous time savings to our employees and clients and we definitely see the platform as an affordable alternative to any other available system because it provides us with the precise leverage to increase our earnings."

About D+H

D+H is a leading provider of secure and reliable technology solutions to North American financial institutions. With a long history as a trusted partner to banks, credit unions and other financial services providers, D+H's solutions allow our customers to focus on serving their customers. D+H offers a wide spectrum of technologies and services that are designed to help financial institutions stay competitive by supporting specific areas of their business as well as overall operations. D+H's diverse and growing portfolio includes everything from lending technologies, to loan administration services, to payment solutions including cheque and value-added membership marketing programs. In 2012, D+H rose to 35th on the FinTech 100, a ranking of the top technology providers to the global financial services industry.

For more information about D+H, visit www.dhltd.com.

About Mortgagebot

Mortgagebot (www.Mortgagebot.com), a D+H company, provides mortgage and consumer lending technology to nearly 1,300 clients nationwide. Mortgagebot delivers the award-winning, end-to-end platform -- Mortgagebot Enterprise™ -- as a scalable, web-based solution for lenders to maximize their lending potential and streamline all origination processes. With Mortgagebot EnterprisePOS™, lenders can automate every point-of-sale channel where business is captured: consumer-direct, branch, and loan officer, and integrate directly into the all-in-one Mortgagebot EnterpriseLOS™ -- for processing, closing, imaging, and secondary marketing -- or to third-party loan origination systems.

Mortgagebot also offers Mortgage Marvel (www.MortgageMarvel.com), the award-winning mortgage-shopping service that delivers accurate, anonymous, real-time rate quotes in seconds from a selection of hundreds of lenders. Mortgage Marvel uniquely enables borrowers to link directly to their preferred lender -- where they can complete a mortgage application and get pre-approved with fully compliant disclosures, all in about 20 minutes.

Mortgagebot and Mortgage Marvel are registered trademarks and Mortgagebot Enterprise, Mortgagebot EnterprisePOS and Mortgagebot EnterpriseLOS are trademarks of Mortgagebot LLC, a wholly owned subsidiary of Davis + Henderson Corporation. Other products and/or services are the property of their respective owners.

© 2013 Mortgagebot LLC. All rights reserved.

Add to Digg Bookmark with del.icio.us Add to Newsvine

To learn more about Mortgagebot, call:
Cindy Golisch
President
PR Unlimited
480-471-8820
Email Contact


More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@CloudExpo Stories
WHOA.com has announced the newest addition to its data center footprint with the expansion into Equinix's newest state-of-the-art facility: DC-11 Washington, DC IBX+. Located in Ashburn, VA, this data center expands Whoa.com's presence to meet rapidly expanding customer demand for secure cloud solutions. Equinix, Inc. operates International Business Exchange™ (IBX®) data centers in 32 markets across 15 countries in the Americas, EMEA, and Asia-Pacific. Equinix is committed to operating faciliti...
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabili...
Hosted PaaS providers have given independent developers and startups huge advantages in efficiency and reduced time-to-market over their more process-bound counterparts in enterprises. Software frameworks are now available that allow enterprise IT departments to provide these same advantages for developers in their own organization. In his workshop session at DevOps Summit, Troy Topnik, ActiveState’s Technical Product Manager, will show how on-prem or cloud-hosted Private PaaS can enable organ...
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborat...
WSM International is launching a DevOps services division that offers assessment, consulting and implementation to large enterprises and organizations with complex infrastructures. This is the first independent services company to create a dedicated practice to help organizations looking to transition to the DevOps model. The concept of DevOps is to blend information technology (IT) software development with operations to optimize the computing infrastructure according to the specific needs of ...
SYS-CON Events announced today that the DevOps Institute has been named “Association Sponsor” of SYS-CON's DevOps Summit, which will take place on June 9–11, 2015, at the Javits Center in New York City, NY. The DevOps Institute provides enterprise level training and certification. Working with thought leaders from the DevOps community, the IT Service Management field and the IT training market, the DevOps Institute is setting the standard in quality for DevOps education and training.
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things...
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Today, IT is not just a cost center. IT is an enabler and driver of business. With the emergence of the hybrid cloud paradigm, IT now has increasingly more capabilities to create new strategic opportunities for a business. Hybrid cloud allows an organization to utilize multi-tenant public clouds, dedicated private clouds, bare metal hosting, and the associated support and services for the right use cases through an on-demand, XaaS model. This model of IT creates tremendous opportunities for busi...
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed...
Business as usual for IT is evolving into a “Make or Buy” decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud busi...
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Thi...
Businesses are looking to empower employees and departments to do more, go faster, and streamline their processes. For all workers – but mobile workers especially – utilizing the cloud to reconnect documents and improve processes without destructing existing workflows can have a dramatic impact on productivity. In his session at 16th Cloud Expo, Mark Grilli, vice president of Acrobat Solutions marketing at Adobe Systems Incorporated, will outline new ways that the cloud is changing the way peo...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
Are your applications getting in the way of your business strategy? It’s time to rethink your IT approach. In his session at 16th Cloud Expo, Madhukar Kumar, Vice President, Product Management at Liaison Technologies, will discuss a new data-centric approach to IT that allows your data, not applications, to inform business strategy. By moving away from an application-centric IT model where data integration and analysis are subservient to the constraints of applications, your organization will b...
WSM International has launched a DevOps services division that offers assessment, consulting and implementation to large enterprises and organizations with complex infrastructures. The concept of DevOps is to blend information technology (IT) software development with operations to optimize the computing infrastructure according to the specific needs of the organization. According to a recent press release from Gartner, "By 2016, DevOps will evolve from a niche strategy employed by large cloud ...
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional S...
SYS-CON Events announced today that QTS Realty Trust, one of the nation’s largest and fastest-growing providers of data center facilities and cloud services and a leader in security and compliance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. QTS Realty Trust, Inc. (NYSE: QTS) is a leading national provider of data center solutions and fully managed services, and a leader in security and compliance...