Hawthorn River, the developer of loan origination software for community banks, today announced that The Bank of Old Monroe implemented Hawthorn River Lending to streamline loan processing and simplify compliance monitoring.
Staying up to date on regulatory changes is a challenge for banks. As bankers learn current regulations, new rules emerge. Regulations are complex and require on-staff compliance experts to interpret, implement, and monitor. The challenge is heightened for community banks where there are limited resource pools and employees carry multiple roles.
The Bank of Old Monroe decided to take a different approach. The bank partnered with a startup, Hawthorn River, to design an end-to-end loan origination solution that streamlines the lending process and proactively monitors regulatory compliance. The solution rapidly adapts to changes in regulation to serve as a compliance coach to the lending team. The bank is now able to focus more energy on growth, employee satisfaction, and customer engagement.
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“Maintaining regulatory compliance requires a lot of work,” said Kate Davis, VP of Compliance for The Bank of Old Monroe. “We’ve been effective over the years but now have a way to be more productive by leveraging technology. The partnership with Hawthorn River transformed the way I get work done as a compliance leader.”
The bank experienced strong lift across its lending organization with Hawthorn River. Sherry Sinclair, VP of Loan Operations for The Bank of Old Monroe, noted “In the past, we relied upon email and spreadsheets to process a loan – the same data was keyed multiple times, resulting in continual process breakdowns. Many aspects of our process are now automated and our entire team has visibility into the pipeline. We are thrilled to be on a platform that is continually evolving to help us be more productive.”
Jon Rigsby, CEO of Hawthorn River, said “The engagement with Bank of Old Monroe has been an awesome experience. The bank delivered valuable perspective throughout the build process, especially in the area of regulatory compliance. This collaborative approach to product design is exemplary of how we bring solutions to market.”
