Press Release 10.20.2008-Mortgagebot Forms POS Marketing Agreement with Byte Software
Mortgagebot’s award-winning, point-of-sale mortgage-application technology is now a preferred solution for Byte Software clients; new data integration software also being developed
Mequon, WI (October 20, 2008) — Despite the unsettled conditions in today’s mortgage marketplace, Americans are still buying homes at a solid pace and they’re increasingly searching for low mortgage rates on the Internet. In fact, more than 70 percent of mortgage shoppers now start their searches online1 and savvy mortgage lenders understand that having an effective mortgage Web site is not an option, but a business necessity.
That’s why the new marketing alliance that Mortgagebot® LLC has formed with Byte Software makes such good business sense for mortgage lenders. It provides on-line access for their applicants to complete an application via the Web and then have immediate access to the application in Byte Software to speed processing of the loan. Byte Software develops and markets BytePro, one of America’s leading loan origination software (LOS) systems. The company wants to help give its clients access to the technology they need to compete in the growing online mortgage channel.
The agreement between Mequon, Wis.-based Mortgagebot and Kirkland, Wash.-based Byte Software means that Byte Software will recommend the Mortgagebot PowerSite® suite of Web-based, point-of-sale (POS) mortgage-application products to its clients and prospects. Byte Software markets its mortgage LOS products from coast to coast with a loyal client family of banks credit unions, and other mortgage lenders.
“We’re very pleased to announce our new alliance with Byte Software,” said Dan Welbaum, Chief Marketing Officer of Mortgagebot. “And based on what the industry is learning from new market research, we feel that this agreement is very timely.”
“I’m referring to a new study by Deloitte Consulting,” said Mr. Welbaum, “which confirms that today’s mortgage shoppers actually prefer the online channel2. As a result, mortgage lenders of all sizes are actively embracing online lending—and they’re increasingly turning to Mortgagebot for the efficient, ‘integrated-channel’ business strategy that we uniquely provide to help them stay competitive, cut costs and grow their businesses.”
“Currently we share 25 joint clients with Byte Software,” noted Mr. Welbaum, “but we’re looking to grow that number significantly.”
Giving community banks the tools they need to compete
The new alliance also calls for the two organizations to develop automated integration software that enables the application data collected through PowerSite products to be automatically transferred directly into the database of BytePro without redundant data entry.
“Byte Software is excited to work in partnership with Mortgagebot to offer a seamless interface between our systems,” said Joe Herb, General Manager of Byte Software. “The integration between Byte Software’s BytePro and Mortgagebot’s PowerSite products will streamline processes by eliminating redundant data entry and associated errors, which is particularly important in today’s business environment.”
Mortgagebot PowerSite® is the premier solution set for consumer-direct, Web-based loan origination, currently automating the mortgage application process for more than 800 large and small lenders nationwide. While half of Mortgagebot’s clients have under $500 million in assets, the company also serves nearly half of America’s top 100 banks and credit unions.
Mortgagebot’s award-winning product family is popular because it is comprehensive, cost-effective, easy to use, and ensures regulatory compliance. It’s a fully configurable, private-labeled solution set that automates every aspect of the application process, enabling lenders to efficiently integrate the information flow from every mortgage application channel enterprise-wide—directly from consumers over the Internet, in the branch or call center, or through professional loan officers:
- PowerSite Consumer serves as a lender’s “self-serve” mortgage Web site, taking mortgage applications directly from consumers “24/7/365.”
- The new PowerSite Advisor solution is for deployment in the branch or call center. After only a brief training session, “non-expert” customer-facing employees can use PowerSite Advisor to take complete, error-free mortgage applications.
- PowerSite Pro is specifically designed to meet the unique, flexible needs of professional loan officers.
All PowerSite solutions incorporate Mortgagebot’s award-winning, intelligent functionality that enables a borrower to complete a mortgage application, get pre-approved and receive full disclosures in as little as 20 minutes or less. And because all PowerSite products are deployed over the Internet, there’s no PC software for lenders to install and maintain.
About Byte Software
Byte Software, founded in 1985 by mortgage professionals, is a leading provider of mortgage software solutions for banks, credit unions and mortgage brokers. Byte Software products streamline the processes used by originators and processors, enabling them to focus on generating additional business and increasing revenue. The company recently released version 3.1 of BytePro, its flagship LOS product. Byte Software is a wholly owned subsidiary of CBCInnovis, a leading provider of real estate settlement services and fraud-prevention solutions. To learn more about Byte Software visit www.bytesoftware.com.
Mortgagebot LLC (www.Mortgagebot.com) is the industry-leading, Inc. 500 company that provides the award-winning PowerSite family of unique, integrated-channel solutions for taking mortgage applications enterprise-wide: consumer-direct via the Internet, in the branch or call center or through professional loan officers. Mortgagebot blends extensive mortgage experience with leading-edge “software-as-a-service” (SaaS) technology to create scaleable and affordable Web sites for more than 800 mortgage lenders nationwide.
Mortgagebot also offers Mortgage Marvel® (www.MortgageMarvel.com), the award-winning, easy-to-use, ad-free mortgage-shopping Web site that delivers accurate, anonymous, real-time mortgage quotes in seconds from a nationwide selection of lenders. And unlike other mortgage Web sites, Mortgage Marvel enables borrowers to link directly to their preferred lender—where they can complete a mortgage application and get pre-approved with full disclosures, all in 20 minutes or less.
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1, 2 “The Silver Lining in Lending: Turning Doubters into Online Believers,” by Annette Tirabasso and Kimberly Spears (published by Deloitte Consulting LLP, May 2008). Copyright 2008 by Deloitte Development LLC.
Mortgagebot, PowerSite, and Mortgage Marvel are registered trademarks of Mortgagebot LLC. Other products and/or services are the property of their respective owners.