To enable banks to offer a full range of mortgage products, the American Bankers Association has endorsed the comprehensive mortgage fulfillment solution provided by Promontory Fulfillment Services, a unit of Promontory MortgagePath. The service enables banks to offer a full range of mortgage products — conventional, jumbo, non-agency and HELOCs — without the need to build and maintain a mortgage operation.
Through the mortgage fulfillment solution, PFS underwrites the loan using client-provided business rules then processes and closes the loan in the bank’s name. Ongoing compliance reviews are done throughout the process and post-closing. PFS then delivers the loan to the client or sub-servicer.
“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,” said ABA SVP Deborah Whiteside. “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.”
