First Internet Bank leverages Mortgagebot to finalize 71% of its online apps

HousingWire

First Internet Bank is crediting Mortgagebot Enterprise®, a platform from D+H, for helping the firm convert 71% of the applications started online into completed submissions from borrowers.

Canadian D+H Expands Further into United States

Mortgage Banking

D+H started printing checks 138 years ago, serving Canadian lenders out of its Toronto base. Yet a string of purchases over the past two years has given D+H a rapidly growing presence as a technology supplier for American financial services firms.

GUIDED BY THE NEW BORROWER

Matt Cotter, Mortgage Banking Magazine

Adapting to the online preferences of today’s borrower will help lenders capture more of the growing new purchase market.

Lender Sees the Value of Being Online

Progress in Lending

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.

Online Shopping Hits a Record

Progress in Lending

With 800,000 online mortgage loan applications already submitted through September, Mortgagebot clients have easily surpassed total annual volume of any previous year—including 2010, with their then record-breaking 725,000 applications—a sure sign of the online channel’s strategic value in the mortgage lending industry.

Do-It-Yourself Mortgages

Shane Kite, Bank Technology News

Thanks to an interface called PowerSite from Mortgagebot, Bank of Colorado’s mortgage borrowers are completing much of the initial work of applying for residential home loans themselves, tasks traditionally painstakingly done via manual entry by the bank’s loan officers.

Success in a Digital World

Matt Cotter, Mortgage Banking Magazine

As consumers increasingly rely on the Internet to help identify loan options, lenders must take steps to connect with these consumers. To accomplish this, lenders must distribute information and services across a spectrum of destinations visited by potential customers.

Launching an Online Channel

Larry Bell, Mortgage Technology Magazine

To gain a competitive advantage in a market dominated by large lenders—in particular, Wells Fargo and Bank of America—the bank chose to update its technology with capabilities on par with what large lenders use. By implementing Mortgagebot's integrated point of sale technology, Bank of Idaho leveled the playing field in its eastern Idaho market. The bank was immediately able to offer a superior online experience to borrowers, a crucial step toward seizing greater market share.

Online Lending Technology Eases Bank Director Concerns

Scott Happ, Illinois Banker

This article examines current industry trends in light of challenges bank directors are currently facing. And it uses real-world case studies to illustrate how advanced, online lending technology can solve what bank executives say are their top-of-mind problems. See how the findings of two significant market surveys compare: An annual, nationwide survey of bank executives by Grant Thornton LLP in collaboration with Bank Director magazine and a nationwide survey of financial-institution mortgage lending executives by Lieberman Research Group in conjunction with Mortgagebot.

Tech Deal Gets Applause After Many Distress Sales

Scott Kersnar, National Mortgage News

When Toronto-based Davis + Henderson Corp. agreed to acquire online lending specialist Mortgagebot, the deal drew applause. Acquiring Mortgagebot gives Davis + Henderson a strong product and a deep customer base into which they can sell their other technology products that already dominate the Canadian lending market. The deal gives Mortgagebot deeper capital to expand their lending technology.

Smart Mortgage POS Technology? It's Inevitable

Dan Welbaum, Progress in Lending Association

The adoption of smart, online mortgage-application technology is inevitable. In response to borrower demand, banks and credit unions are increasingly implementing intelligent, interactive, fully transactional (e.g., “smart”), online solutions for taking, pricing, and approving mortgage applications.

What It Takes to Be a Winner

Scott Kersnar, Mortgage Technology Magazine

Mortgagebot PowerSite, called by Cornerstone Advisors, Inc. “the de facto origination tool” has received numerous awards. Perennially included in Mortgage Technology's Top 50 Service Provider list, Mortgagebot has received more MT awards than any other company, such as the Lasting Impact, Synergy and 10X Awards. MT senior correspondent Scott Kersnar talked with Mortgagebot CEO Scott Happ about the reasons for his company's continuing ability to grab the brass ring.

Mortgagebot Launches Loan Search Websites for Mobile Phones

Austin Kilgore, National Mortgage News

Mortgagebot has launched a new feature to make it easier for potential borrowers to search for mortgage rates on their smartphone. Now, whether mortgage shoppers are at the beach, in the backyard or at the kids' soccer game, they can instantly get accurate rate-and-fee quotes.

The Future of the Mortgage-Application Process

Joanne S. Liu, Credit Union Business

A Lieberman Research Group survey has confirmed several significant market dynamics and industry trends influencing the mortgage industry, including that with the convenience of the Internet, borrowers want and expect a fast, efficient application experience regardless of which channel they use to apply.

Survey: Most Lenders Ready to Adopt “Smart” Online Lending Technology

Mike Sorohan, MBA Newslink

The survey confirms that lenders are beginning to see the competitive value of the online mortgage channel and are increasingly viewing smart, interactive mortgage point-of sale automation as a “must-have” technology.

The New Horizon

Scott Happ, Mortgage Banking Magazine

A groundbreaking new market survey by Lieberman Research Group charts the adoption of online lending technology by American banks and credit unions and the findings may surprise you. The survey results confirm that the adoption of self-serve, online mortgage technology is sweeping the industry, and a new horizon beckons.

It Takes More Than a Website to Excel Online

Anthony Garritano, American Banker

Mortgage Marvel, Mortgagebot's mortgage-specific online service, enables participating lenders to attract new borrowers and increase their mortgage volume. From 2008 to 2009 consumer visits to Mortgage Marvel jumped 142%, resulting in a 66% overall increase in loan applications taken by participating lenders.

Who Applies for Loans Online? The Answer Might Surprise You

Denise Senecal, Callahan & Associates, CreditUnions.com

There is a significant opportunity for credit unions to expand convenience and lower their loan processing costs by offering easy-to-use loan applications along with supporting resources. Harnessing the efficiencies of online loan applications and approvals can lead to greater member satisfaction and higher loan penetration rates.

Automate and integrate mortgage POS channels to accelerate the mortgage process, reduce costs, and gain new customers

Dolores Delvecchio of Newtown Savings Bank, Community Banker Magazine

Before the advent of Mortgagebot PowerSite, Newtown Savings Bank of Newtown, CT faced several mortgage-related challenges. For example, the many paper-based mortgage applications were a significant administrative burden. Also, the staff was spending a significant amount of time on manual data entry.

A Bridge Over Troubled Waters: Integrated “smart” point-of-sale origination technology is a solution whose time has come. The branch, the call center, and the website may never be the same

Scott Happ, Mortgage Banking Magazine

Today's banks and credit unions are facing a serious challenge: how to increase mortgage volume, boost efficiency, improve service and reduce costs—and do it all despite being caught up in the most unsettled economic environment since the Great Depression.

Mortgage Technology Magazine's Top 50 Service Providers

Anthony Garritano, Mortgage Banking Magazine

Each year Mortgage Technology magazine names its Top 50 Service Providers. Of the four major criteria for inclusion of eligible vendors and service providers are customer satisfaction, functionality, market share and viable revenue model- demonstrating functional value to lenders is the most important criterion. Providers on the list have satisfied users and shown the ability to hold them by keeping those customers apace of the technology deployed by competing lenders.

Transforming the Point of Sale

Scott Happ, Mortgage Banking Magazine

While many expected the Internet to redefine lending much earlier,w eb-based models such as software-as-a-service (SaaS) are finally catching on. And the online channel is actually faring better when compared to originations overall. Borrowers want web-based self-service; they want to shop around and feel empowered. Scott Happ, President and CEO at Mortgagebot, talked with editor Tony Garritano about how the current impact of the Internet on the mortgage point of sale.

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