PromonTech Unveils All-Digital Mortgage POS Solution That Lets LOs Co-Pilot

PromonTech, the technology arm of start-up Promontory MortgagePath, has released a next-generation point-of-sale (POS) solution called the Borrower Wallet, which lets loan officers co-pilot the online mortgage process.

The new POS system is designed to level the playing field by enabling mortgage lenders to deliver an all-digital mortgage experience, much like the mega lenders, Promontory MortgagePath says in a release.

Offered on a white-label basis, the system lets lenders deliver this all-digital mortgage experience on any device, either on a self-serve or assisted basis with a loan officer.

The secure, borrower-friendly environment is designed to build confidence and make it easy for the borrower to enter information, approve automated data collection, upload/e-send documents and stay informed throughout the loan origination journey through loan closing, the software firm says.

The Borrower Wallet includes an analytics dashboard that lets borrowers view key metrics including credit score, debt-to-income and loan-to-value ratios. The dashboard is continually updated as new data and documents are collected.

From a lender’s perspective, the system captures leads and fosters borrower/lender collaboration to drive enterprise efficiency and improve loan pull-through. In addition, its built-in collaboration tools deliver high-quality data and documents needed to feed and accelerate the downstream underwriting process.

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