Danbury, Connecticut, Feb. 2022 (SEND2PRESS NEWSWIRE) — Promontory MortgagePath LLC, a leading provider of comprehensive digital mortgage and execution solutions, today announced that the New Jersey Bankers Association (NJBankers) has officially approved its execution services of mortgage loans and its exclusive point of sale – technology Borrower Wallet®.
As an Approved Service Provider, NJBankers recognizes Promontory MortgagePath’s end-to-end mortgage technology and processing services as a solution to help banks maintain profitability and enter or re-enter the mortgage market. Promontory MortgagePath’s solutions reduce mortgage origination expense and infrastructure while allowing community banks to maintain a full suite of products. Using this technology, community banks can move from fixed cost mortgage operation to a variable cost model, providing the opportunity to retain staff and reduce the impact of market cyclicality.
“We are pleased to offer Promontory MortgagePath as an approved provider,” said John E. McWeeney, Jr., President and CEO of NJBankers. “Its product and service offerings will bring value and operational efficiencies to our member banks.”
Residential loans offer banks the opportunity to increase their income and create opportunities for core deposits and cross-selling with customers. Promontory MortgagePath is committed to empowering banks to profitably participate in mortgage lending by offering end-to-end mortgage technology and fulfillment services – strengthening the ability of community banks to create franchise value and expand relationships with their customers while building mortgage businesses that can withstand market conditions. Despite Promontory MortgagePath’s comprehensive model, providing both technology – including point of sale and LOS – and back-office operational support, such as processors, underwriters and closers, all loans are originated at the name of the bank. Banks retain control of product mix and pricing, ensuring that mortgage operations remain in line with the bank’s overall risk appetite and growth plans.
“Our mission is to strengthen the franchise model of community banks with a mortgage platform that enables them to expand their customer base and increase their profits,” said Paul Katz, Managing Director and Head of Banking Relationships at Promontory MortgagePath. . “Being endorsed by NJ’s leading banking advocate validates PMP’s solution and the exceptional value it brings to NJBankers members.”
Founded in 1903, the New Jersey Bankers Association (NJBankers) is a trade association representing 70 banks and 176 service providers. NJBankers provides a variety of services to members, including state and national government relations, education and professional development, and employee health and welfare programs through its brokerage facility. Chartered Insurance, Bankers Cooperative Group.
About Promontory MortgagePath LLC | NMLS ID 1532373
Promontory MortgagePath is a rapidly growing team of passionate problem solvers whose mission is to fundamentally change the way lenders approach their mortgage business. The company combines an intuitive, collaborative digital mortgage platform with modern, comprehensive execution services, providing lenders with the progressive technology and scalability needed to compete in today’s rapidly changing residential mortgage market. Promontory MortgagePath founder, former U.S. Comptroller of the Currency Gene Ludwig, is widely recognized as a visionary thinker on critical issues facing financial services, and his companies are renowned for helping community lenders solve their most pressing challenges. . To learn more, visit https://www.mortgagepath.com.
NEWS SOURCE: Promontory MortgagePath
This press release has been issued on behalf of the source of the information (Promontory MortgagePath) which is solely responsible for its accuracy, by Send2Press® Newswire. Information is believed to be accurate but not guaranteed. Story ID: 78904 APDF-R8.5
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