Customer Success Story
Shaving 5 Days Off Mortgage Loan Turnaround Times
How Ascend Federal Credit Union Expanded Reach, Improved Communication, and Cut Closing Times
Headquarters: Tullahoma, TN
Branch locations: 28
Members: 240,000+
Managed Assets: $4.5B
The Challenge
Legacy Web Application Stymied Member Communication
Ascend Federal Credit Union (Ascend) aims to serve by always acting by its values: integrity, respect, excellence, generosity, relationships, and service. Ascend is a member-owned financial institution offering a wide variety of banking, loan, retirement, and investment services. The credit union’s mission is to serve by providing financial literacy education and giving back to the Middle Tennessee community in various ways.
Before integrating MeridianLink’s solutions, Ascend faced efficiency and member communication challenges with its mortgage origination process. This included reliance on faxed or physically dropped-off documentation, which threatened to alienate younger members. Lack of visibility into mortgage application statuses hindered engagement with both current and prospective borrowers throughout their journey.
The Solution
OpenClose + MeridianLink Mortgage Access
Ascend selected the OpenClose™ loan origination system (LOS) and MeridianLink® Mortgage Access to personalize the application process, improve two-way communication, and reduce processing times. This powerful combination improved the credit union’s internal and member-facing processes, creating a more personalized mortgage experience. Members even gained easy access to the portal to check their application status and communicate with the credit union.
Why Ascend Federal Credit Union Selected OpenClose and MeridianLink Access
Cut processing and turn times by five days thanks to improvements in underwriting efficiency.
Fostered better connection with members, especially digitally-savvy members, thanks to a more streamlined, digital-first application experience.
Enjoyed greater access to members and the ability to continue mortgage production, even as origination lags industry-wide.
The Results
Increased Efficiency and More Engaged Members
Together, these solutions allowed Ascend to reduce closing times from 35-40 days to 28-32 days — resulting in the credit union receiving improved member feedback on post-closing surveys.
Integrations with Plaid® and Equifax® automated underwriting and streamlined the application process. Plaid quickly verifies members’ assets, eliminating manual documentation, while Equifax provides instant access to credit reports and employment verifications, boosting efficiency.
Ascend also enhances its consumer lending and account opening through its MeridianLink® One relationship. The comprehensive digital platform provides members with the latest technology, making joining the credit union or applying for products simple. Enhanced visibility into application statuses and digital-first communication options ensure members are informed and can easily contact Ascend with any questions.
Learn how MeridianLink can help you decision — and fund — more loans and provide the easy application process your consumers want.
