Promontory Fulfillment Services’ (PFS) white-label mortgage fulfillment services are now endorsed by the American Bankers Association (ABA).
“With the increasing complexity and cost of mortgage lending, we knew community bankers needed a solution that helped them compete in the digital mortgage marketplace,” says Deborah Whiteside, senior vice president of endorsed solutions at ABA, in a statement. “After an extensive due diligence process, it was clear PFS offers just what bankers need through its mortgage fulfillment solution. It allows for a level of customization that’s necessary to serve our large and diverse member base.”
PFS says its white-label mortgage fulfillment services are designed to give banks new and better options in terms of cost, compliance and customer experience.
The service enables banks to offer a full range of mortgage products – conventional, jumbo, non-agency and HELOCs – without the need to build and maintain a mortgage operation.
Through the mortgage fulfillment solution, PFS underwrites the loan using client-provided business rules then processes and closes the loan in the bank’s name. Ongoing compliance reviews are done throughout the process and post-closing. PFS then delivers the loan to the client or sub-servicer.
Bruce Witherell, CEO of Promontory MortgagePath, points out that times are tough for mortgage lenders right now.
“Mortgage volumes are down, origination costs are up and banks are facing new competition from fintech and digital lenders promising super-fast, super-easy loan decisions,” Witherell says. “Our fulfillment solution enables banks to continue to offer mortgages, but shifts the costs from fixed to variable and, at the same time, levels the playing field in an increasingly digital landscape.”