A subsidiary of the Promontory MortgagePath family, PromonTech is made up of a team of technologists and digital mortgage experts who have created a compliance-driven lending platform focused on collaboration, data integrity and flexibility. PromonTech’s flagship application, known as the “Borrower Wallet,” is a point of sale tool that PromonTech has billed as the mortgage industry’s leading point-of-sale lending portal.
The Borrower Wallet is the first part of a solution that improves data quality so lenders can deliver compliant loans, maintain a compliant enterprise, close more loans and complete closings at a faster pace. Along with being a point of sale solution, the Borrower Wallet is a welcoming, shared workspace that loan applicants and loan officers can use throughout the entire loan journey. Prospective homebuyers have the opportunity to discover the Borrower Wallet in various ways, including through web search engine results, targeted marketing and an invitation from a loan officer. When logging into the Borrower Wallet, which is compatible to deliver a consistent, intuitive, collaborative experience on any device, loan applicants immediately see their custom dashboard and progress across the top of the page.
Communicating status is a key focus of the Wallet, which makes process transparency possible at all times. The borrower can view loan details such as how they look to a loan approver, and the Borrower Wallet dashboard integrates the borrower’s own data into educational content so that the borrower sees how their financial profile will be evaluated by the lender. In a nutshell: Borrowers create the experience they desire, with help from their loan officer every step of the way. The Borrower Wallet can be set up to exchange data with many loan origination systems. For example, based on statuses such as “locked” or “in-process,” users can lock fields. The Borrower Wallet also provides the flexibility to continue accepting documents that the loan applicant adds to the document center. PromonTech is capable of integrating with CRMs and LOS vendors, creating flexible triggers and data interpretations that keep the Borrower Wallet up to date for everyone, including sometimes-anxious applicants. These same applicants also build confidence from the Borrower Wallet’s easy document and data collection and the in-app education that the Wallet offers. With a focus on collaboration and transparency to improve the lending journey for both homebuyers and mortgage originators, PromonTech enhances the user experience and ensures data accuracy throughout the mortgage application process.
Led by CEO and former Freddie Mac COO Bruce Witherell, PromonTech operates out of offices in New York City, Denver and Washington, D.C. Click here to learn more about PromonTech, the Borrower Wallet and the Promontory MortgagePath family.