A new survey from ""Mortgagebot"":https://www.mortgagebot.com/ includes promising findings for community-based lenders hoping to increase their market share. The technology company's recent report shows that upticks in visibility and accessibility via online channels can help level the playing field for smaller lenders competing with the nation's big banks.[IMAGE]
Matt Cotter, Mortgagebot's senior vice president of sales and marketing, spoke out on the services provided by the company's PowerSite platform, which Cotter believes can create the technological and web-based advantages sought by community lenders.[COLUMN_BREAK]
""Community banks and credit unions are embracing it for competitive reasons-increasing name recognition, widening the client and member base and creating more accessibility to their products. In growing online loan volume through a solution that offers affordable scalability, they capture an audience they otherwise would have difficulty marketing to,"" stated Cotter.
Mortgagebot's study revealed specific strategies that are enabling the company's clients to capitalize on market share including generating better borrower-facing accessibility online, targeting new customers through an online approach that is tailored to a particular demographic, and protecting the bottom line through the use of cost-effective ""virtual branches."" Additionally, Mortgagebot's analysis showed that saving time on loan-processing and extending efforts directed at borrower convenience can assist lenders in growing their productivity.
Debra Edwards, president of Mortgagebot client ""Paper City Savings Association"":www.papercitysavings.com/, said of the options available through PowerSite, ""Paper City Savings has noticed a definite increase in borrowers coming to us to refinance loans from other lenders. Certainly, the added business comes from our accessible online presence and easy application process.
""We've stepped up our competitive edge by showing realtor offices how easy it is to use the website. It places us at an even level with big lenders,"" Edwards added.