The American Bankers Association has endorsed Promontory Fulfillment Services (PFS) mortgage fulfillment service, which it says give banks better options in terms of cost, compliance and customer experience.
Promontory’s service lets banks offer a range of mortgage products—conventional, jumbo, non-agency and HELOCs—without having to maintain a mortgage operation. PFS underwrites the loan and then processes and closes the loan in the bank’s name. PFS then delivers the loan to the client.
“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,” Deborah Whiteside, senior vice president of endorsed solutions at ABA, said. “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.”
ABA added that compliance is integrated throughout PFS’s process.
“We’re delighted to be endorsed by ABA,” Bruce Witherell, chief executive officer of Promontory MortgagePath, said. “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. 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.”
With the endorsement, ABA members will get advantaged pricing.