Customer Success Story
Addition Financial Credit Union Improves Home Equity & Mortgage Lending for Staff & Members
See How Aligning Strategic Vision With Streamlined Workflows Created an Optimized Lending Experience
Headquarters: Lake Mary, FL
Branch locations: 26
Members: 166,200+
Managed Assets: $2.7B
The Challenge
ADDITION FINANCIAL CREDIT UNION SEEKS OUT PARTNER TO STREAMLINE HOME LOANS PROCESS
Addition Financial Credit Union is state chartered, serving 24 counties in central Florida. With a “Count Us In” mindset, Addition Financial is committed to providing personalized services for the financial well-being of all its members.
It’s that commitment, coupled with the evolving digital demands of the industry, which led the credit union to seek out a partner who could help streamline their home loan process, and align that experience to their overall strategic plan.
The Solution
MeridianLink Mortgage
The customizable configuration available with MeridianLink® Mortgage provided Addition Financial the flexibility they needed to create streamlined home equity and mortgage lending processes that aligned to their strategy and mission to help their members along their financial journey, all while providing a consistent, transparent experience.
Why Addition Financial Credit Union Chose MeridianLink® Mortgage
Customizable business rules allowed for easy and accurate configuration of workflows aligned to the credit union’s needs.
Simplified member touchpoints improved the experience and created efficiencies internally, leading to a streamlined staffing model and reduced time to close.
Powerful Open API means more, easy-to-implement third-party integrations to promote growth and increase transparency throughout the mortgage process.
The Results
Enhanced Efficiency and Security Drives Lending Success
Addition Financial leveraged MeridianLink® Mortgage to create a streamlined, end-to-end mortgage origination experience that supported their strategy and enhanced their operations via the easy-to-use, fully integrated, digital LOS. The more thorough, seamless application processes also led to faster closing times—with mortgages closing in under 30 days and home equity loans as quick 15 days.
Carole LeVar, Director of Mortgage Lending, further illuminated the value of this efficiency gain. “Last year our home equities were 75% of our business and we were able to reduce the funding and closing time by five days.”
And with the platform’s integration to Experian® Alliance Financial can stimulate their member’s financial health even more by helping them to better understand where they are in the credit score model, how they can improve their position, and offering personalized products and services that promote the members’ financial goals.
Learn how MeridianLink® Mortgage LOS and our digitally integrated end-to-end solution can help you optimize your consumers’ digital lending journey.
