Written by
Ginger Ellis, Members Mortgage Services, Vice President of Sales and Marketing gingere@mms.coop | 1.866.441.4447 ext. 273 | mms.coop
The impact of outdated technology on a mortgage lender can be significant. Adopting advanced technologies in mortgage lending has revolutionized the way lenders and borrowers interact, making the process more efficient, transparent, and accessible.
Are you ready to gain more business and provide a better mortgage experience for your members and staff? Here’s how modernizing your Loan Origination and Servicing platforms can help:
1. Increased Efficiency
Automating various aspects of the mortgage process can significantly reduce operational costs. By minimizing the need for manual labor and reducing human error, Credit Unions can increase productivity, decrease staff frustrations and maintain highly skilled personnel, ultimately saving money on administrative expenses.
2. Advanced Functionality
Newer platforms come with capabilities to house all your mortgage products in one system. Credit Unions can tailor loan products to member needs, improve decision-making, and stay competitive.
3. Improved Data Security
Cyberthreats continue to get more sophisticated. It remains vitally important for Loan Origination and Servicing platforms to have robust security measures in place to protect sensitive information. These measures help safeguard customer data and maintain trust in the lending process.
4. Compliance Assurance
Compliance with the heavily regulated and ever-changing mortgage industry is essential. Technology helps Credit Unions stay compliant by automating the tracking and reporting of regulatory requirements. This reduces the risk of compliance findings, associated penalties and reputational damage.
5. Enhanced Member Experience
Members expect a seamless, convenient mortgage experience with online applications and digital document upload capabilities for supporting documents. Additionally, once the loan closes, members expect to easily access and manage their loan at their convenience.
6. Technology Support
When Credit Unions partner with a CUSO like Members Mortgage Services, they also benefit from continued technology support for the Loan Origination and Servicing platforms provided. This allows the Credit Union mortgage staff to increase originations with ease, knowing the process, compliance and technology upgrades needed will be handled by their trusted CUSO.
When done correctly, technology is a tool used to empower both employees and borrowers. It is not meant to replace human connection and responsible lending practices. By implementing proactive strategies, Credit Union mortgage lenders can harness the power of technology while maintaining secure and member-centric practices.
Members Mortgage Services helps you maintain the relationship with your members through the loan process and after closing, while providing a full array of mortgage products; a customized, best-in-class mortgage origination experience; access to the secondary market with co-branded servicing; and protected portfolio loan sub-servicing.
Members Mortgage Services, LLC is a Midwest mortgage CUSO licensed and authorized in Nebraska, Kansas, Missouri, Iowa, Oklahoma, Arkansas, Colorado, Illinois and Texas. NMLS #760008. Equal Housing Lender.
