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ABA Endorses Promontory Fulfillment Services' Mortgage Fulfillment Solution

WASHINGTON —
The American Bankers Association today announced its endorsement of the comprehensive mortgage fulfillment solution that Promontory Fulfillment Services (PFS), a unit of Promontory MortgagePath, offers to community banks throughout the country. PFS’s white-label mortgage fulfillment services are designed to give banks new and better options in terms of cost, compliance and customer experience.
 
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 Deborah Whiteside, senior vice president of endorsed solutions at ABA. “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.”
 
“We’re delighted to be endorsed by ABA,” said Bruce Witherell, chief executive officer of Promontory MortgagePath. “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.”
 
Co-founded by Gene Ludwig, a former U.S. Comptroller of the Currency, compliance has been integrated into all aspects of the PFS process. 
 
As part of the endorsement, ABA members will receive advantaged pricing. For more information, visit aba.com.

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $18 trillion banking industry, which is composed of small, regional and large banks. Together, America’s banks employ more than 2 million men and women, safeguard $14 trillion in deposits and extend more than $10 trillion in loans.

About Promontory Fulfillment Services

Promontory Fulfillment Services is a part of Promontory MortgagePath, a company founded by Gene Ludwig and Bruce Witherell, the former U.S. Comptroller of the Currency and chief operating officer of Freddie Mac, respectively. Promontory MortgagePath is also the parent of PromonTech, a technology company, led by seasoned banking and mortgage executives. Promontory Mortgage Path was the winner of the 2018 HW Tech100™ award and the 2018 Progress in Lending Innovations award.

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Blair Bernstein

(202) 663-5468

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Press Contact

Promontory Media Contact: Bill Campbell

(212) 995-8057

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