Mequon, Wis.-based Mortgagebot LLC and Glastonbury, Conn.-based Open Solutions, a provider of integrated enabling technologies for financial service providers, have announced a strategic referral partnership. Under the terms of the new referral agreement, Open Solutions will recommend Mortgagebot's consumer-direct, Web-based loan origination systems to its clients and prospects.
This partnership provides Open Solutions' 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, according to the companies.
Mortgagebot's product family is a fully configurable, private-labeled solution set that automates the mortgage application process. The PowerSite product serves as a lender's mortgage Web site, taking applications directly from consumers 24/7/365, while the PowerSite Pro system enables loan officers to take applications by phone, in the branch or with a laptop computer from a remote location, Mortgagebot explains.