Four financial institutions — Bank of Galesville, Wisc.; First National Bank of Catlin, Ill.; Paper City Savings Association of Wisconsin Rapids, Wisc.; and Community West Credit Union in Kentwood, Mich. — have all reported customer migrations from large banks due to, they say, the offering of online loans.
Mortgagebot is a D+H company that creates websites for banks and credit unions. It has adopted a web-based, transactional online lending technology called PowerSite that manages custom-branded loan application websites for U.S. banks and credit unions. Community lenders also use it as a marketing tool to attract new customers and members and as an operational advantage to expedite the loan-approval process.
Paper City Savings has reported that it can collect an application fee, order an appraisal and obtain approval in ten days, about the same time it once took staff to mail disclosures and collect the application fee.
Using PowerSite, applicants can begin an application online and later complete it in person. Heidi Hunt, mortgage specialist of Community West CU, directs members to the website. "I can view an application in progress and collaborate with borrowers," she says. "This flexibility provides a stress-free experience for members."