The Challenge
Replacing an Inefficient Mortgage LOS
Member One, a division of Virginia Credit Union, serves members across southwest Virginia, providing a full array of lending products including but not limited to consumer loans, indirect mortgages, and business loans. In providing these services to its members, the credit union discovered some serious performance discrepancies between its consumer LOS, MeridianLink® Consumer, and its previous mortgage LOS.
The previous mortgage LOS tended to slow down origination processes with tedious manual workflows, compliance issues, and generally suboptimal practices. These inefficiencies significantly held up decisioning and funding timelines with bottlenecks throughout the process, leading to more work for staff as they tried to chip away at applications stuck in the queue and frustrations among applicants waiting on updates. It was time for a change.
The Results
Quicker Application Life Cycles, Better Member Experiences, & New Growth Opportunities
Soon after implementing MeridianLink Mortgage LOS, Member One staff noticed marked improvements. The average time to close drastically improved, going from an average of 38 days to an average of 15.5 days thanks to newfound automation capabilities, centralized access to all account information for more transparent internal and external communications, and smooth integration with existing workflows.
By expanding its MeridianLink One framework to process both consumer and mortgage loans, Member One has also gained a deeper understanding of its data and used this information to present qualified members with more relevant cross-sell opportunities. These opportunities, in addition to consumer loan cross-sells, a convenient online application portal, and other market factors, have potentially contributed to the credit union’s all-time highs in equity lending, with staff now originating approximately 100 equity loans per month.
In addition to a boost in equity lending, speedier processing times, and a better user experience, the credit union has also been able to capture roughly 27% of the indirect lending market share thanks to MeridianLink Consumer integrations with Dealertrack and RouteOne. Together, these improvements have allowed Member One to continue growing its membership and lending portfolio through quality service and robust technology in support of a fully realized digital lending experience.