This partnership provides Open Solutionsâ clients with another option to choose from when looking for Web-based software tools that can be used to take full advantage of the growing online mortgage channel. Surveys show that in some market segments, as many as one-fourth of all lenders are now originating more than half of their loan volume online 1.
âOpen Solutions is a leader in providing technology solutions to the financial-services industry,â said Mike Nicastro, Open Solutions SVP and chief marketing officer. âOur strategic alliance with Mortgagebot combined with our existing LOS product suite further expands our ability to meet our clientsâ growing need to connect with their mortgage clients via the Internet. Mortgagebotâs award-winning technology is cost-effective and easy to use. Plus, Mortgagebot products already enjoy wide acceptance among our clients â nearly 50 of our Loan Origination Systemsâ (LOS) clients have already implemented Mortgagebotâs PowerSite solution.â
Mortgagebot PowerSiteÂ® is the industryâs leading solution set for consumer-direct, Internet-based loan origination, currently automating the mortgage-application process for over 750 lenders from coast to coastâincluding one-third of Americaâs top 100 commercial banks, and nearly half of Americaâs top 100 savings institutions and top 100 credit unions. In addition, many of the credit unions over $100 million that have licensed an Open Solutions core-processing system, are already Mortgagebot clients.
Mortgagebotâs product family is a fully configurable, private-labeled solution set that automates the mortgage application process. The PowerSite product serves as a lenderâs mortgage Web site, taking applications directly from consumers â24/7/365,â and the PowerSite Pro system enables loan officers to take applications by phone, in the branch or with a laptop computer from a remote location. With both products, Mortgagebotâs award-winning, intelligent functionality enables borrowers to complete an application, get pre-approved and receive full disclosures in 20 minutes or less. And because PowerSite products are deployed over the Internet, there is no PC software for lenders to install and maintain.
As a result of their flexibility and scalability, PowerSite products enable lenders to take mortgage applications throughout the enterprise at every point of sale: directly from consumers over the Internet, in the branch, through the call center or from remote locations via laptop PCs.
The new alliance will give Open Solutionsâ clients an option to provide their borrowers with the convenience of a direct-to-consumer mortgage application system. PowerSiteâs unique mortgage application process enables borrowers to complete mortgage applications that require no follow-up, which means improved lender efficiency and productivity.
Open Solutionsâ LOS clients will also gain access to proven, automated integration tools that save time and money by enabling loan data collected by PowerSite to be automatically transferred to the Sound Mortgage Management System.
Two examples of the Open Solutions/Sound Mortgage Management System clients who already benefit from Mortgagebot PowerSite are The Lowell Five Cent Savings Bank (Lowell, Mass.) and Americaâs First Federal Credit Union (Birmingham, Ala).
âMortgagebot PowerSite enhances our customer service,â said Helen Hamel, vice president, The Lowell Five Cent Savings Bank, a mutual savings bank with 13 branches and assets of more than $680 million. âWe have a strong community presenceâand implementing PowerSite with our Open Solutions application has not only modernized and streamlined our processes, it has enabled us to better serve our customers. Customers have even told us that having an online loan application helped them decide to apply with our bank.â
Americaâs First Federal Credit Union is a 17-branch, full-service credit union with $811 million in assets. Shirley Lochamy, vice president of Mortgage Lending, Americaâs First said, âWe use Open Solutions and PowerSite for all of our loan origination channels: consumer-direct on the Web, in the branches and through our call center. PowerSite enables our members to apply for a mortgage at their convenience. Now, instead of giving a borrower a paper application and asking them to bring it back, we can lock in a rate and easily complete the application while the borrower is interested.â
âWeâre delighted to form a marketing alliance with Open Solutions,â said Mortgagebot Chief Marketing Officer Dan Welbaum; âEspecially so in light of the time-saving integration that PowerSite enjoys with the Sound Mortgage Management System, and the fact that Open Solutions and Mortgagebot already share so many joint clients. Weâre pleased to be an Open Solutionsâ recommended partner, and we look forward to collaborating more closely with joint referrals, at trade shows and in the market.â