Customer Success Story
Automation Reduces Errors, Time, & Labor Costs
How Broadway Bank Streamlined Compliance While Providing Excellent Closing Experiences for Clients
Headquarters: San Antonio, TX
Branch locations: 23
Managed Assets: $5.5 billion
The Challenge
Reducing Compliance Costs & Errors on the Path to Digital Maturity
With financial centers across Texas and a philosophy that sound business decisions will always be in the best interest of customers, employees, and communities, Broadway Bank proudly services customers where they need it—in their hometowns and at their fingertips. Broadway Bank’s lending process relied entirely on manual entry, and loan officers were responsible for inputting and accurately calculating closing costs on the loan estimate and disclosing them to borrowers. Broadway wanted to change its loan origination system (LOS) to make the process easier for customers and staff, eliminating redundancies while prioritizing compliance.
The Solution
MeridianLink Consumer and MeridianLink Mortgage
Broadway Bank selected MeridianLink® Consumer and MeridianLink® Mortgage to leverage advanced automation features that could eliminate redundancies, increase efficiency, and reduce closing cost cures from fees. Both solutions allowed the bank to consolidate multiple clunky data systems that didn’t talk to each other and streamline the entire process.
Why Broadway Bank Selected MeridianLink Consumer and MeridianLink Mortgage
Reduced closing costs cures due to inaccurate and missing fees by nearly half — dropping from $52,089 on $313.8 million in funding to $8,907 on $97.9 million.
Audit findings dropped 92% – from 26 to 2 – in just under two years.
Late disclosures resulting in unsellable loans decreased drastically from four to zero due to a better ability to track regulatory timeframes and disclosure timing.
The Results
Meeting Market Demands With a Comprehensive Lending Journey
Broadway Bank uses MeridianLink Consumer and MeridianLink Mortgage to keep up with market demand, serve customers at every opportunity, and support evolving compliance needs.
With MeridianLink Mortgage’s fee service, integration with title fees, and the ability to track disclosures, Broadway can disclose information accurately and promptly to borrowers. A 50% reduction in mortgage closing costs and the elimination of five to six days from the purchase money loan cycle has resulted in notable time and cost savings.
Broadway Bank has also transformed its consumer lending operation by transitioning from manual to digital workflows. This shift, which includes the integration of Gap Waiver and loan exception and override processes, has accelerated credit decisions and enabled automated email updates to keep customers engaged. Enhanced data analysis tools and targeted pre-approval capabilities provide deeper insights, while the addition of a high-risk consumer list helps strengthen risk management.
