Member One Federal Credit Union (Member One FCU) has always been guided by a mission to help members, staff, and communities across southwest Virginia flourish, prioritizing service over profit. And with a full array of banking services and lending products including consumer loans, indirect mortgages, and more, the credit union has plentiful options to meet members’ unique needs now and into the future. However, that’s not to say there haven’t been some snags along the way, specifically when it came to Member One FCU’s previous mortgage LOS.
Listen to David Routt, Vice President of Real Estate Lending with Member One FCU discuss the core issues they needed to solve for when choosing a new mortgage LOS.
From tedious manual workflows to compliance issues, the LOS was rife with suboptimal practices that significantly held up decisioning and funding timelines—which, by extension, meant additional work for staff chipping away at applications stuck in the queue and frustrations among applicants waiting for updates. In short, it was time for a change.
After the positive experience Member One FCU had with MeridianLink® Consumer, the credit union decided that the best solution was to adopt MeridianLink® Mortgage LOS and house both consumer and mortgage lending under the MeridianLink® One framework. With features including customizable automations, numerous third-party integrations, and smoother communications between the LOS and the core system, Episys, MeridianLink Mortgage LOS had the capabilities to not only streamline broken processes but propel the credit union to entirely new levels of success.
Upon implementing the new system, staff immediately saw improvements: the average time to close was cut nearly in half, going from an average of 38 days to an average of 15.5 days; cross-sell functions enabled Member One FCU to reach all-time highs in equity lending; and easy integrations with existing third-party solutions helped the credit union capture roughly 27% of the indirect lending market share. And beyond the numbers is what those data points translate to for members and staff—much faster closing times, deeper member relationships with more opportunities to provide relevant services to those who qualify, and a chance for the staff to easily move applications through the system with less need for stops along the way.
Read the full Customer Success Story to learn more about Member One FCU’s experience.
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