The New York Bankers Association (NYBA), through its wholly owned subsidiary, the New York Bankers Service Corp. (NYBSCO), has endorsed Promontory Fulfillment Services (PFS) as a best-in-class provider of mortgage fulfillment services and of advanced digital point-of-sale solutions.
PFS 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, the company says in a release.
The company underwrites loans using client-provided overlays – then processes and closes the loan in the bank’s name.
The PFS process and post-closing highlights ongoing compliance reviews. PFS then delivers the loans to the client or subservicer.
The company also offers clients a digital point-of-sale solution, Borrower Wallet, that allows consumers to apply, upload documents and e-sign digitally. The process empowers customers to manage their mortgage experience, with optional assistance from a loan officer – empowering community lenders to deliver a customer experience comparable to mega lenders.
“Mortgage lending has become increasingly challenging for community banks given current market conditions and the regulatory environment,” says Michael P. Smith, president and CEO of the NYBA. “Our endorsement of PFS will give bankers new options as they navigate the mortgage market and all of its opportunities.”
PFS made news on MortgageOrb in September when the American Bankers Association gave the company its endorsement.
It also made news in August when it announced an integration with Street Solutions.