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Mortgage

2017 HW Vanguard: Bruce Witherell

Co-founder and CEO at Promontory MortgagePath

Over the past 12 months, Bruce Witherell has taken a simple, but bold idea—combine cutting-edge technology with deep domain knowledge and focus it strategically on the mortgage origination process—and transformed it into the Promontory MortgagePath Group, a fintech company that combines deep domain knowledge with advanced technological know-how to solve complex mortgage challenges across the origination, underwriting and secondary marketing continuum. witherell

Founded by Witherell and Gene Ludwig, former U.S. controller of the currency, the Promontory MortgagePath Group has two primary businesses: PromonTech, its technology development arm, and Promontory Fulfillment Services, a white-label mortgage fulfillment service. Both units had successful launches in 2017.

PromonTech works collaboratively with experts in production, compliance and secondary marketing to address gaps in the digital mortgage process. At this year’s Mortgage Bankers Association’s annual conference, PromonTech unveiled the next-generation of point-of-sale solutions, called the Borrower Wallet. 

“Today, lenders are threatened by the disruptive force of technology, haunted by the lessons of the financial crisis and hamstrung by the plethora of regulations that grew out of the crisis,” said Witherell. “We’ve developed a collaborative, innovative approach to identifying and validating the applicant and their qualifying data. Borrowers can explore their mortgage options on either a self-serve or loan officer-assisted basis, using any personal device.”

What has been your secret to success?

“First, hire the absolute best people you can—not just the ones you know. Don’t be afraid to be the dumbest guy in the room, at times. Be confident in your own point of view, be willing to go with your gut, and have a team that trusts you.”

 

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