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Mortgagebot sees 20 growth
MEQUON, Wis. (2/19/08)--Mortgagebot LLC announced that 2007 yielded a record number of clients as well as volume on its PowerSite solution and market penetration among financial institutions, including credit unions. Mortgagebot added 140 new partners, beginning 2008 with more than 750--an increase of 20%, the company said. “Credit unions often implement new technology to be competitive, and the primary business of many savings institutions is mortgage lending--so it’s not surprising that we count hundreds of those organizations among our partners,” said Dan Welbaum, Mortgagebot chief marketing officer. Despite the subprime mortgage crisis, Mortgagebot reported that same-store client mortgage increased by an average of 22%, compared with a drop in the overall mortgage market of 15%, according to the company. “The fact that banks, savings institutions and credit unions are implementing our technology at such a record pace means they understand how vital it is in 2008 to meet their borrowers online,” said Scott Happ, Mortgagebot president/CEO. “These lenders realize that the market has changed and to be competitive, they must wholeheartedly embrace the online mortgage origination channel.”


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