Compliance Systems and Hawthorn River, innovators in digital lending technology, have partnered to provide community banks a fully integrated loan origination solution. The partnership between Compliance Systems and Hawthorn River fills a void that has plagued community financial institutions for decades.
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Traditional lending processes rely upon dozens of tools to originate a loan, requiring bankers to rekey data multiple times per application. With the average loan consisting of 500 data points, quality and productivity are severely impacted. The idea of using a single-source software platform to manage the lending process has long been an elusive goal for community banks. While solutions exist in the market, they are often over-engineered and too expensive for the needs of a community bank. Existing solutions also fall short in delivering a truly seamless experience at the point of documenting a loan.
Hawthorn River’s ability to streamline lending by automating operational activities, proactively monitor compliance, and standardize end-to-end loan processes is enhanced by Compliance Systems’ regulatory-compliant loan documentation technology. Data flowing from Hawthorn River to Compliance Systems dynamically renders regulatory-compliant documents in real-time within Hawthorn River. The integrated solution significantly reduces data entry and manual effort, positioning community banks to elevate productivity and reduce closing times.
Peoples Saving Bank of Rhineland, a $325M community bank in eastern Missouri, is an early adopter of the integrated solution. “We knew Hawthorn River had a valuable offering but once we learned of the Compliance Systems partnership, the decision to move forward was a no-brainer,” said Mark Laune, President of Peoples Savings Bank of Rhineland. “We’re rallying our team around this initiative, working in close partnership with Hawthorn River and Compliance Systems to streamline our processes and become more efficient.”
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