How they describe themselves: Headquartered in New York City, PromonTech is a fintech hybrid—that is, a technology company, led by seasoned banking and mortgage executives working side by side with the next generation of technologists and engineers. Our digital solutions enhance the consumer/lender experience throughout the loan origination journey, foster collaboration and deliver perfected, actionable data across the lender/investor continuum. The result: better transparency for borrowers, greater pull-through for lenders, combined with faster, safer and more compliant loan decisions.
How they describe their product/innovation: Banks and mortgage lenders are threatened by the disruptive force of technology and changing customer behavior. And, at the same time, they are haunted by the lessons of the financial crisis and hamstrung by the remedial regulations that grew out of it. PromonTech targets and solves those core challenges lenders face today. We’ve developed a collaborative, innovative approach to identifying and validating the applicant and their qualifying data. Our white label point-of-sale platform and powerful back-end decisioning tools create a secure, borrower-friendly environment that is designed to build confidence, maximize the user experience, and make it easy to automate the collection of true “golden-source” data. Borrowers can explore their mortgage options on either a self-serve or loan officer-assisted basis, using any personal device, and see their profiles, just as a loan decision-maker would. Lenders, regardless of size, can use our platform to level the playing field in an increasing digital, mortgage marketplace
Product distribution strategy: Direct to Business (B2B) through financial institutions