MILWAUKEE (12/18/09)--Smaller credit unions that use multi-channel online lending technology can transform their mortgage business, according to Mortgagebot. To compete with large lenders, smaller lenders must “streamline, simplify and accelerate the lending process,” said Scott Happ, Mortgagebot president/CEO. Mortgagebot offers PowerSite, which allows lenders to take applications, price loans, and deliver approvals and disclosures through the Internet, a branch or call center, or a loan officer. A recent study by Cornerstone Advisors in Scottsdale, Ariz., indicates that smaller lenders need to spend more on technology to be competitive. However, this can be challenging because of smaller lenders’ budgets. With a point-of-sale solution, “a loan officer isn’t forced to spend 60 to 90 minutes working with a borrower to complete a paper or PDF-based mortgage application,” said Happ. With solutions like PowerSite, lenders can complete the process in 20 to 30 minutes, he added. Louisiana FCU (LFCU), LaPlace, La., deployed Mortgagebot’s PowerSite solution in 2004. Since then, LFCU has tripled its annual mortgage volume without adding staff. Online application technology is the “quickest, most efficient way to grow your business,” said Linda Boe, LFCU mortgage supervisor. LFCU has $128 million in assets. Mortgagebot is based in Mequon, Wis.