|By Marketwired .||
|February 7, 2013 11:47 AM EST||
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."
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.
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.
To learn more about Mortgagebot, call:
Storage administrators find themselves walking a line between meeting employees’ demands to use public cloud storage services, and their organizations’ need to store information on-premises for security, performance, cost and compliance reasons. However, as file sharing protocols like CIFS and NFS continue to lose their relevance, simply relying only on a NAS-based environment creates inefficiencies that hurt productivity and the bottom line. IT wants to implement cloud storage it can purchase a...
Jan. 26, 2015 04:45 PM EST Reads: 848
Cloud Technology Partners on Wednesday announced it has been recognized by the Modern Infrastructure Impact Awards as one of the Best Amazon Web Services (AWS) Consulting Partners. Selected by the editors of TechTarget's SearchDataCenter.com, and by votes from customers and strategic channel partners, the companies acknowledged by the Modern Infrastructure Impact Awards represent the top providers of cloud consulting services for AWS including application migration, application development, inf...
Jan. 26, 2015 03:00 PM EST Reads: 2,072
“We help people build clusters, in the classical sense of the cluster. We help people put a full stack on top of every single one of those machines. We do the full bare metal install," explained Greg Bruno, Vice President of Engineering and co-founder of StackIQ, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 26, 2015 02:45 PM EST Reads: 3,676
"Blue Box has been around for 10-11 years, and last year we launched Blue Box Cloud. We like the term 'Private Cloud as a Service' because we think that embodies what we are launching as a product - it's a managed hosted private cloud," explained Giles Frith, Vice President of Customer Operations at Blue Box, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 26, 2015 02:30 PM EST Reads: 3,764
Software AG and Wipro Ltd. have announced a joint solution platform for streaming analytics that provides real-time actionable intelligence for the Internet of Things (IoT) market. “The key to successfully addressing the IoT market is the ability to rapidly build and evolve apps that tap into, analyze and make smart decisions on fast, big data”, said John Bates, Global Head of Industry Solutions and CMO, Software AG. To address the huge market potential created by streaming analytics in conj...
Jan. 26, 2015 02:30 PM EST Reads: 792
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 26, 2015 02:30 PM EST Reads: 3,942
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your onlin...
Jan. 26, 2015 02:15 PM EST Reads: 4,779
Puppet Labs on Wednesday released the DevOps Salary Report, based on salary data gathered from Puppet Labs' industry-recognized State of DevOps Report. The data confirms that market demand for DevOps skills is growing, and that DevOps engineers are among the highest paid IT practitioners today. That's because IT organizations today are grappling with how to be more agile and responsive to the business, while maintaining the stability of their infrastructure. DevOps practices, such as continuous ...
Jan. 26, 2015 02:00 PM EST Reads: 1,950
Software Defined Storage provides many benefits for customers including agility, flexibility, faster adoption of new technology and cost effectiveness. However, for IT organizations it can be challenging and complex to build your Enterprise Grade Storage from software. In his session at Cloud Expo, Paul Turner, CMO at Cloudian, looked at the new Original Design Manufacturer (ODM) market and how it is changing the storage world. Now Software Defined Storage companies can build Enterprise grade ...
Jan. 26, 2015 02:00 PM EST Reads: 3,465
IBM and Docker, Inc. have announced a strategic partnership that enables enterprises to more efficiently, quickly and cost effectively build and run the next generation of applications on the IBM Cloud and on prem via the Docker open platform for distributed applications. Enterprises can use the combination of IBM and Docker to create and manage a new generation of portable distributed applications that are rapidly composed of discrete interoperable Docker containers, have a dynamic lifecycle, a...
Jan. 26, 2015 02:00 PM EST Reads: 3,757
Hardware will never be more valuable than on the day it hits your loading dock. Each day new servers are not deployed to production the business is losing money. While Moore's Law is typically cited to explain the exponential density growth of chips, a critical consequence of this is rapid depreciation of servers. The hardware for clustered systems (e.g., Hadoop, OpenStack) tends to be significant capital expenses. In his session at Big Data Expo, Mason Katz, CTO and co-founder of StackIQ, disc...
Jan. 26, 2015 02:00 PM EST Reads: 4,567
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by minin...
Jan. 26, 2015 02:00 PM EST Reads: 5,331
The move in recent years to cloud computing services and architectures has added significant pace to the application development and deployment environment. When enterprise IT can spin up large computing instances in just minutes, developers can also design and deploy in small time frames that were unimaginable a few years ago. The consequent move toward lean, agile, and fast development leads to the need for the development and operations sides to work very closely together. Thus, DevOps become...
Jan. 26, 2015 02:00 PM EST Reads: 3,944
"We are the top stocking distributor for HP renew products in North America. We can only sell to U.S. authorized partners and resellers for HP," explained Miguel Diazdelcastillo Jr., Sales Executive at Creative Business Solutions, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 26, 2015 02:00 PM EST Reads: 3,361
In this Women in Technology Power Panel at 15th Cloud Expo, moderated by Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, Esmeralda Swartz, CMO at MetraTech; Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems; Seema Jethani, Director of Product Management at Basho Technologies; Victoria Livschitz, CEO of Qubell Inc.; Anne Hungate, Senior Director of Software Quality at DIRECTV, discussed what path they took to find their spot within the tec...
Jan. 26, 2015 01:45 PM EST Reads: 3,367
The cloud is becoming the de-facto way for enterprises to leverage common infrastructure while innovating and one of the biggest obstacles facing public cloud computing is security. In his session at 15th Cloud Expo, Jeff Aliber, a global marketing executive at Verizon, discussed how the best place for web security is in the cloud. Benefits include: Functions as the first layer of defense Easy operation –CNAME change Implement an integrated solution Best architecture for addressing network-l...
Jan. 26, 2015 01:30 PM EST Reads: 3,195
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
Jan. 26, 2015 01:15 PM EST Reads: 3,774
Amazon, Google and Facebook are household names in part because of their mastery of Big Data. But what about organizations without billions of dollars to spend on Big Data tools - how can they extract value from their data? In his session at 6th Big Data Expo®, Ali Ghodsi, Co-Founder and Head of Engineering at Databricks, discussed how the zero management cost and scalability of the cloud is addressing the challenges and pain points that data engineers face when working with Big Data. He also s...
Jan. 26, 2015 01:00 PM EST Reads: 3,770
CodeFutures has announced Dan Lynn as its new CEO. Lynn assumes the role from Founder Cory Isaacson, who has joined RMS and will now serve as chairman of CodeFutures. Lynn brings more than 14 years of advanced technology and business success experience, and will help CodeFutures build on its industry leadership around its Agile Big Data initiatives. His technical expertise will be invaluable in advancing CodeFutures’ AgilData platform and new processes for streamlining and gaining value from gro...
Jan. 26, 2015 01:00 PM EST Reads: 2,240
In this scenarios approach Joe Thykattil, Technology Architect & Sales at TimeWarner / Navisite, presented examples that will allow business-savvy professionals to make informed decisions based on a sound business model. This model covered the technology options in detail as well as a financial analysis. The TCO (Total Cost of Ownership) and ROI (Return on Investment) demonstrated how to start, develop and formulate a business case that will allow both small and large scale projects to achieve...
Jan. 26, 2015 01:00 PM EST Reads: 3,084