Promontory MortgagePath Verifies Mortgage Data
Fast insights, ease of use, support for compliance
Due to an overwhelming number of data points that were manually managed, and increased regulatory oversight requiring enhanced data management, Promontory MortagePath needed a flexible platform to help lenders make accurate and timely credit decisions.
The company turned to TIBCO Jaspersoft software to create reports, embed visualizations, and add self-serve capabilities. These capabilities would enable lenders to develop insights for faster and more efficient credit decisions and for better compliance, data, and design.
Fast insights, fast time to market
With data so central to the decision-making process in the lending space, banks and other financial institutions need to be able to ask questions and quickly get the answers they need from very complex data.
"Information is critical for lenders wanting to make accurate and timely decisions about mortgage applications,” said Dean McCall, head architect at Promontory MortgagePath "The Jaspersoft Ad Hoc editor makes the discovery of even 5,000 pieces of information fast and easy enough for users of any skill set."
Deploying into the AWS cloud was also an advantage. "TIBCO's technology allowed us to deploy our products very easily into the AWS cloud and automate many build-and-deploy steps. Jaspersoft software gives us the ability to shorten our development timelines when feature development or customer needs require new datasets.” The company can now complete development projects in two weeks that previously took three months, resulting in 84% reduced time to market.
Ease of use
With Jaspersoft software, Promontory MortgagePath embeds self-service reporting into its platform, which allows users to access the data they need and easily display it in an intuitive and easy-to-understand pre-built report. This capability addressed some of the flaws in how lenders were foreclosing and utilizing industry data. The company built something better to help originators with this process and lower their costs, all while complying with industry regulations.
"We use Jaspersoft visualization tools to provide simple, unique ways to show status, provide feedback, and tear down the black box of the lending process for applicants. They don't even know they're using Jaspersoft software. They just know they're getting the information they need," explains McCall.
When the mortgage crisis hit, the government increased regulations, and compliance with those rules is an expensive process. Promontory MortgagePath’s goal is to help their customers address new and changing rules, so they can offer their products to any size lender, any type of customer.
With Jaspersoft software, Promontory MortgagePath now delivers a comprehensive solution that helps lenders manage compliance and technology and deliver borrowers' loans efficiently and profitably. "We want community banks to have the same capabilities for offering lending products as large financial institutions," says McCall.