|By Marketwire .||
|September 26, 2012 11:00 AM EDT||
MEQUON, WI -- (Marketwire) -- 09/26/12 -- University First Federal Credit Union, based in Salt Lake City, Utah, the first mortgage lender to deploy the integrated platform of Mortgagebot's (www.mortgagebot.com) point-of-sale solution and Avista's loan origination system (re-labeled as the Mortgagebot Enterprise end-to-end lending platform), is experiencing daily acceleration of online loan applications, which already constitute 50 percent of the lender's total volume as of the third week of September. This is a sizable stake considering the credit union held no online application capability before September. Yet, within two weeks of adoption, the $551 million-asset credit union is projecting it will double total monthly loan production within 90 days of deployment through the use of Mortgagebot's EnterprisePOS, its front-end point-of-sale automation, and the Mortgagebot EnterpriseLOS for back-end processing, closing, document imaging, and secondary marketing.
Joseph Boekweg, University First's vice president of lending, says, using the platform is like dealing with one system. "Together they are effectively driving members through the application process and taking loans all the way to shipping to Fannie Mae," he says. "We chose Mortgagebot for its point-of-sale simplicity and powerful online member-facing application, and we chose its back-end LOS for its streamlining of the loan process, its ease-of-use and state-of-the-art performance. Within two weeks of going live, we are already seeing their benefits."
Matt Cotter, Mortgagebot's senior vice president of sales and marketing, says University First Credit Union's move to adopt the company's integrated solution immediately optimized workflow and elevated member service. "Integrating the POS and LOS solutions has been our top priority," says Cotter. "We are highly satisfied with the progress and are excited to see its advantages already materializing for University First through efficiency gains and streamlined processing. We look forward to seeing more advantages emerge as we continue to enhance the integration's features."
Streamlined loan processing was a primary factor in University First's decision to adopt the technology. The credit union plans on using the same number of origination staff to handle the two-fold increase in monthly loan production. Its confidence in efficiently managing loans derives from the integrated systems' combined efficiencies, including user-friendly interfacing and automated features, such as credit checks, flood certification and data entry. For instance, the new system reduces the time the credit union's staff devotes to pulling loan documents by nearly 85 percent, from thirty minutes to five minutes, according to Boekweg.
Moreover, staff no longer manually enters borrower information seven or eight times as they did before deployment. "They enter a borrower's information once and it's done," says Boekweg. "Removing redundancies increases our accuracy and speed. Our staff is surprised and they feel like they're missing something because the systems are so fast and much easier to use. It has only taken two or three loans for them to feel like they already know the platform well."
Online Application Natural Fit for Membership
Boekweg says offering an online mortgage application to its membership, which is affiliated with the University of Utah, was a necessary portal to members, who already have high penetration with online banking. In fact, the credit union's online banking is typically high, and its previous method of e-mailing a loan application as a PDF file to members, which had to be filled out, signed, and returned by members, was hugely cumbersome. Boekweg says, within two weeks of deployment, the credit union received 50 online applications. By the end of September, he anticipates the applications will total 100.
The credit union's online application growth has accelerated without the use of marketing or advertising, which will commence later this month. He believes members appreciate receiving immediate responses to their loan requests as well as looking up rates in a live environment without loan officer assistance or during non-banking hours. In fact, online borrowers submitted 10 more applications to the credit union in the most recent weekend. "The convenience to our members, of going online at 10 p.m. and filling out an application [and receiving a qualification], is driving them to our website. We are already seeing lift in the process even though we have not yet officially unveiled it to our members."
The integrated systems promote uninterrupted workflow that translates into a competitive advantage for mortgage lenders. Mortgagebot's EnterprisePOS automatically imports submitted applications within minutes into the Mortgagebot EnterpriseLOS. Applications submitted through loan officers' websites are also automatically moved into the processing pipeline, where the institution assignment is automated and data is directly populated into the LOS 1003 Form screens. The system transfers any data that does not fit into a corresponding field and captures it in a newly created Mortgagebot page.
From the member's perspective, the continuous workflow begins as soon as they begin shopping online for rates. Boekweg says having a member-facing loan application capability has made the credit union more relevant in its market because it can immediately respond. "If a mortgage shopper is looking for a quoted rate and doesn't get it on your website, [that borrower] is going to move on to the next lender. It's like calling up a business you found through the yellow pages and having no one at the company pick up the call," he explains. "Having an online application is akin to answering that call, so getting in there with our online capability gives us an advantage with members because we are already the trusted partner of their other business."
Mortgagebot (www.Mortgagebot.com), a D+H company, provides mortgage and consumer lending technology to nearly 1,300 clients nationwide. Mortgagebot delivers the award-winning, end-to-end platform -- Mortgagebot Enterprise -- as a scalable, web-based solution for lenders to maximize their lending potential and streamline all origination processes. With Mortgagebot EnterprisePOS, lenders can automate every point-of-sale channel where business is captured: consumer-direct, branch, and loan officer, and integrate directly into the all-in-one Mortgagebot EnterpriseLOS -- for processing, closing, imaging, and secondary marketing -- or to third-party loan origination systems.
Mortgagebot also offers Mortgage Marvel (www.MortgageMarvel.com), the award-winning mortgage-shopping service that delivers accurate, anonymous, real-time rate quotes in seconds from a selection of hundreds of lenders. Mortgage Marvel uniquely enables borrowers to link directly to their preferred lender -- where they can complete a mortgage application and get pre-approved with fully compliant disclosures, all in about 20 minutes.
Mortgagebot and Mortgage Marvel are registered trademarks and Mortgagebot Enterprise, Mortgagebot EnterprisePOS and Mortgagebot EnterpriseLOS are trademarks of Mortgagebot LLC, a wholly owned subsidiary of Davis + Henderson Corporation. Other products and/or services are the property of their respective owners.
© 2012 Mortgagebot LLC. Al rights reserved.
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