Customer Success Story
Prime Financial Credit Union Implements a Mortgage LOS Poised To Serve
How Prime Financial Credit Union Reduced Origination Timelines and Improved Member Experiences With a More Robust LOS
Headquarters: Milwaukee, WI
Branch locations: 5
Members: 16,227+
Managed Assets: $1400M+
The Challenge
Overhauling an Antiqiquated Mortage LOS
For roughly a century, Prime Financial Credit Union (Prime Financial) has been helping community members of low-to-moderate means achieve financial success through personalized support and a range of services from mortgages and credit cards to specialty non-QM loans.
However, the credit union’s mortgage loan origination system (LOS) at the time didn’t align with that mission: an antiquated interface, lacking integrations, and automations – it didn’t even have a pricing engine, forcing staff to calculate prices manually in a spread sheet – and minimal backend compliance checks combined to create a mortgage origination process that was slow, error-prone, and often siloed. It was time to find a more capable LOS to improve the end-to-end lending timeline and deliver a better user experience.
The Solution
MeridianLink Mortgage LOS
Prime FCU selected MeridianLink® Mortgage LOS for its ability to deliver a more cohesive, efficient user experience with customizable automations, numerous integration options, and helpful built-in functionalities.
Why Prime Financial Selected MeridianLink Mortgage LOS
Built-in PriceMyLoan® pricing engine eliminates the need for manual data input
Create seamless workflows with hundreds of third-party integrations.
Customizable automations & settings to create processes as unique as your organization.
The Results
A Mortgage LOS that Helps Rather Than Hinders
Alongside help from the MeridianLink Support team and resources including ticket requests and training guides, Prime Financial was up and running on MeridianLink Mortgage LOS just one week after their projected launch date, following a brief pause in which the credit union needed to handle organizational changes. Support was instrumental in helping Prime Financial create a bespoke experience that addressed the organization’s specific needs, working with staff to build custom default settings and data entry permissions.
Even in the slow mortgage landscape surrounding the LOS’ adoption, staff saw results: Average document generation times decreased by at least one hour per package with the Doc Magic integration; initial disclosure packages that previously took hours to create are now generated instantly with the click of a button; funding and turn times immediately improved; and general closing time averages went from 45 days to 30 days while HELOC closing time averages went from 3 weeks to 2 weeks.
This could be partly attributed to the efficiency gains that came with the switch to MeridianLink—the PriceMyLoan built-in pricing engine removed the need for manual pricing and, by extension, minimized the likelihood of data errors; most mortgage processes could finally be handled within a single location thanks to third-party integrations with existing vendors—including Fannie Mae’s Desktop Underwriter® , employer verification products, and credit bureaus—eliminating siloed workflows; and built-in compliance features and alerts provided an extra layer of protection against mistakes.
Since switching to MeridianLink Mortgage LOS, Prime Financial has enjoyed a more efficient origination process better aligned with its core mission: building lifelong member relationships rooted in trust and a dedication to reaching financial goals.
