ST. LOUIS, Aug. 5, 2020 /PRNewswire/ -- 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.
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."
Truly unique in the digital lending platform market is the ability for Hawthorn River and Compliance Systems to quickly implement customers. Compliance Systems worked with Hawthorn River to design a best practices-based implementation approach that allows customers to take advantage of the integrated solution in weeks, not months. "Hawthorn River understands that financial institutions have to look at more than solution functionality to stay competitive. Optimizing their solution and their implementation methodology to get institutions into production quickly is a logical alignment of service philosophy and development philosophy," said Ronny Chapman, President of Compliance Systems. "Hawthorn River's approach fits nicely with our own strategic direction."
"This is more than a partnership to me – it fulfills a long-standing vision," said Jon Rigsby, Co-Founder and CEO of Hawthorn River. "Finally, we can close the loop on the lending process so that community bankers can spend more time with their customers and less time worrying about data."
About Compliance Systems
Compliance Systems is a best-in-class provider of financial transaction technology and expertise based in Grand Rapids, MI. With more than 26 years' experience with financial transaction data analysis and documentation, Compliance Systems currently supports content configuration and compliance risk management at more than 1,500 U.S. banks and credit unions. Compliance Systems, in concert with an extensive Lending, Deposit, and Core FinTech partner network, equips financial institutions to mitigate the inherent business risk associated with perfecting commercial and consumer loans and documenting deposit transactions. Compliance Systems minimizes transaction risk and reduces resource expenditures so that institutions can focus on business development. For more information, please visit www.compliancesystems.com.
About Hawthorn River
Hawthorn River is community banking software designed by community bankers. Our mission is to position community banks to remain competitive and independent in a rapidly consolidating industry. From streamlining the end-to-end lending process to automating specific steps along the way, Hawthorn River helps community banks increase productivity, reduce regulatory risk and elevate the borrower experience. For more information, please visit www.hawthornriver.com.
About Peoples Savings Bank of Rhineland
Peoples Savings Bank was organized August 13, 1935 in Rhineland Missouri as a locally owned independent community bank. The bank has grown over the years and is now positioned as the "Premier Bank" in seven Missouri communities: Rhineland, Hermann, New Florence, Montgomery City, New Haven, New Melle, and O'Fallon. Employees are actively involved in their local communities and are continually working to give back in meaningful ways. Peoples Savings Bank treats its customers like neighbors, because they usually are. For more information, please visit www.ourpsb.com.
Managing Director, Financial Institution Sales
Co-Founder & CEO
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SOURCE Hawthorn River