MoneyLine Lending Services, which specializes in providing financial institutions with customized, outsourced services designed to build customer relationships, is pleased to announce that National Mercantile Bancorp has selected MoneyLine's private label, outsourced mortgage services to be offered by its two wholly owned bank subsidiaries, South Bay Bank and National Mercantile Bank.
As a result, both banks have launched competitive, full-service mortgage programs for the first time.
"We made the decision to outsource MoneyLine's mortgage services for South Bay Bank and National Mercantile Bank because of the extensive program they offer, and particularly because of the excellent service we are able to offer our mortgage customers," said Bob Bartlett, executive vice president and chief credit officer, National Mercantile Bancorp.
"MoneyLine's services allow us to offer competitive mortgage loans which serve as anchor products for retaining customers," said Bartlett. "Instead of allowing customers to turn elsewhere for a mortgage and risking our valuable customer relationships, we provide a competitive, full-service mortgage program that actually serves to build the relationship."
Prior to selecting MoneyLine's services, both South Bay Bank and National Mercantile Bank were responding to customers' residential mortgage requests, but neither bank was operating a mortgage program that could be marketed to attract customers.
Now, both banks are offering a full-service program with a wide range of competitive loan programs and are utilizing sophisticated mortgage technology to meet a diverse range of customer needs. With MoneyLine's assistance, the banks are now proactively marketing their mortgage programs to attract and retain customers, including the residential construction brokers and the consumer deposit base that utilize the banks' services. Outsourced mortgage lending is also a source of fee income for the banks; they gain fee income on each closed loan.
"We value the fact that MoneyLine's services provide an opportunity for our banks to generate fee income and operate a turn-key mortgage operation that is easily managed," said Bartlett. "MoneyLine's dedicated support staff, technology and other resources empower our entire team of frontline personnel - whether they are tellers or account managers - to effectively interface with clients, market our mortgage services, and cross sell products, without having to be expert mortgage professionals themselves."
Customers of South Bay Bank and National Mercantile Bank can now submit loan applications, track the progress of their loans, access customized rate quotes, or request assistance from a loan officer either in person at a branch location, on the phone, or online. Throughout the loan process, the banks' frontline branch personnel and customers are assisted by MoneyLine's dedicated team of mortgage professionals, and they have access to real-time online tracking tools and automatic e-mail notifications so they can efficiently manage the loan process and provide customers with up-to-date information. MoneyLine's private-label services make the process seamless for the customer.
"National Mercantile Bank and South Bay Bank truly understand how outsourcing with private-label mortgage services can be used as a relationship building tool to benefit the institution and their respective customers," said Evan Gentry, president and CEO of MoneyLine Lending Services. "Because these banks are leveraging our expertise from back-end processing to store-front marketing, we have no doubt they will reach a broader customer base and strengthen customer relationships."