Technology provided a big boost for ""Bank of Idaho"":https://www.bankofidaho.com/index.html, giving the company an estimated 67 percent increase in loan officer productivity. Utilizing ""Mortgagebot"":http://www.mortgagebot.com/ to integrate point-of-sale transactions, Bank of Idaho has shortened its average closing time for mortgage loans by 22 percent.[IMAGE]
Bank of Idaho, which boasts $251 million in assets, is using Mortgagebot's PowerSite software to enhance its application processes, borrower relations, and mortgage origination strategies.
The financial institution cites its better ability to reach online loan seekers and streamlined servicing of walk-in customers as the main advantages provided by Mortgagebot's products.
""We wanted a 'smart,' interactive application and an easy-to-use origination toolkit to make our loan officers as productive as possible,"" said Larry Bell, mortgage loan manager for Bank of Idaho.[COLUMN_BREAK]
Due to a small staff comprised of 16 loan officers and only 14 support staffers, Bank of Idaho's on location originators were only able to serve five of its eight branches, hindering the company's mortgage loan capabilities.
Additionally, Bank of Idaho's online presence lacked convenience, further limiting originations.
Mortgagebot's technology solutions provided a personalized, consumer-friendly update to the bank's web-based operations and allowed the entity's loan officers to expand their reach within the eastern Idaho current locations.
Commenting on Bank of Idaho's success, Mortgagebot's senior vice president of sales and marketing, Matt Cotter, said, ""Time and again, PowerSite has proven its worth. Bank of Idaho's experience is no exception. We're delighted with its success in delivering outstanding service, improving processes, growing its mortgage business by competing more effectively. Community lenders like Bank of Idaho may not operate with hefty budgets or large sales operations, but with the use of PowerSite they can level the playing field against their competitors.""
Mortgagebot's demonstrable positive effects on Bank of Idaho's operations included increased online applications, a measurable reduction in open-to-close processing of applications, a decrease in necessary IT maintenance due to cloud-computing capabilities, and better productivity per-employee.
Bell elaborated on the company's technology upgrade, saying, ""Our decision to implement a smart mortgage-application solution has enabled Bank of Idaho to meet all of its original technology goals - and more.""