|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:
ScriptRock makes GuardRail, a DevOps-ready platform for configuration monitoring. Realizing we were spending way too much time digging up, cataloguing, and tracking machine configurations, we began writing our own scripts and tools to handle what is normally an enormous chore. Then we took the concept a step further, giving it a beautiful interface and making it simple enough for our bosses to understand. We named it GuardRail after its function - to allow businesses to move fast and stay sa...
Dec. 22, 2014 04:30 PM EST Reads: 1,128
SYS-CON Events announced today that Cloudian, Inc., the leading provider of hybrid cloud storage solutions, 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. Cloudian, Inc., is a Foster City, California - based software company specializing in cloud storage software. The main product is Cloudian, an Amazon S3-compliant cloud object storage platform, the bedrock of cloud computing systems, that enables c...
Dec. 22, 2014 04:00 PM EST Reads: 725
SYS-CON Media announced today that Sematext launched a popular blog feed on DevOps Journal with over 6,000 story reads over the weekend. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Sematext is a globally distributed organization that builds innovative Cloud and On Premises solutions for performance monitoring, alerting an...
Dec. 22, 2014 04:00 PM EST Reads: 1,101
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
Dec. 22, 2014 03:00 PM EST Reads: 1,392
Leysin American School is an exclusive, private boarding school located in Leysin, Switzerland. Leysin selected an OpenStack-powered, private cloud as a service to manage multiple applications and provide development environments for students across the institution. Seeking to meet rigid data sovereignty and data integrity requirements while offering flexible, on-demand cloud resources to users, Leysin identified OpenStack as the clear choice to round out the school's cloud strategy. Additional...
Dec. 22, 2014 11:15 AM EST Reads: 2,005
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver 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, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, p...
Dec. 22, 2014 11:00 AM EST Reads: 2,351
The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
Dec. 22, 2014 11:00 AM EST Reads: 1,451
In high-production environments where release cycles are measured in hours or minutes — not days or weeks — there's little room for mistakes and no room for confusion. Everyone has to understand what's happening, in real time, and have the means to do whatever is necessary to keep applications up and running optimally. DevOps is a high-stakes world, but done well, it delivers the agility and performance to significantly impact business competitiveness.
Dec. 21, 2014 07:00 PM EST Reads: 1,066
"Our premise is Docker is not enough. That's not a bad thing - we actually love Docker. At ActiveState all our products are based on open source technology and Docker is an up-and-coming piece of open source technology," explained Bart Copeland, President & CEO of ActiveState Software, in this SYS-CON.tv interview at DevOps Summit at Cloud Expo®, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 21, 2014 06:00 PM EST Reads: 2,063
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover ...
Dec. 21, 2014 02:00 PM EST Reads: 2,429
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 21, 2014 01:00 PM EST Reads: 2,033
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com...
Dec. 21, 2014 11:30 AM EST Reads: 2,445
Verizon Enterprise Solutions is simplifying the cloud-purchasing experience for its clients, with the launch of Verizon Cloud Marketplace, a key foundational component of the company's robust ecosystem of enterprise-class technologies. The online storefront will initially feature pre-built cloud-based services from AppDynamics, Hitachi Data Systems, Juniper Networks, PfSense and Tervela. Available globally to enterprises using Verizon Cloud, Verizon Cloud Marketplace provides a one-stop shop fo...
Dec. 21, 2014 11:00 AM EST Reads: 2,023
SYS-CON Events announced today that IDenticard 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. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada...
Dec. 21, 2014 10:00 AM EST Reads: 2,187
SYS-CON Media announced today that Aruna Ravichandran, VP of Marketing, Application Performance Management and DevOps at CA Technologies, has joined DevOps Journal’s authors. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Aruna's inaugural article "Four Essential Cultural Hacks for DevOps Newbies" discusses how to demonstrate the...
Dec. 21, 2014 10:00 AM EST Reads: 1,831