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Credit Union Gains 25 Percent Mortgage Market Share as a Result of Advanced Online Lending TechnologySuperior Federal Credit Union Cuts Processing Time in Half, Doubling Loan-Officer Workload Productivity (March 06, 2012)
MEQUON, WI -- (Marketwire) -- 03/06/12 -- Superior Federal Credit Union, based in Lima, Ohio, has used the efficiency of PowerSite®, an integrated point-of-sale solution (IPOS) available from Mortgagebot (www.Mortgagebot.com), to dominate its mortgage market by achieving 25 percent market share of mortgage loans, or five times the national credit-union average. The credit union services a $660-million portfolio, an increase of about $390 million since November 2008 when the credit union launched the IPOS, and has also decreased processing time by 50 percent and doubled the capacity of loans in each loan officer's daily workload. Results from 2011 show the 46,000-member credit union reaped $165 million in loan volume, closing 1,500 loans through its mortgage center and CUSO. Mortgage activity in 2012 is also set to outpace 2011, with nearly 1,000 loan applications and $35 million in loan volume in the first two months alone.
The lender's success in securing market share and increasing its mortgage portfolio despite the industry's tribulations, including continual rule changes and rate fluctuations, derives from PowerSite's fully transactional, interactive automation. Michelle Snyder, vice president of Superior's mortgage department, calls the IPOS critical in sustaining performance. "PowerSite allows us to quickly and accurately deliver loan information and decisions to our members, CUSO partners and referral partners," she says. "Once we integrated PowerSite into our system, we gained mobility and were able to capitalize on its benefits. We found it was a great fit for our loan officers."
Matt Cotter, Mortgagebot's senior vice president of sales and marketing, says Superior's success exemplifies what PowerSite is all about. "By eliminating paper applications and fully deploying PowerSite, Superior maximized productivity, which translated into sizable market share," he says. "Its position as the top mortgage lender in a six-county area is precisely the kind of success that motivates our company to continually develop and offer enhanced capabilities."
Efficiency in Loan Processing
PowerSite's web-based capabilities not only enable lenders to take loan applications through the Internet, the industry's fastest-growing origination channel, but also boost overall loan volume. Superior's elimination of paper applications and promotion of the online channel for taking applications set the cornerstone to efficient operations, including numerous benefits in loan processing:
- 50 percent reduction in loan-processing time. Elimination of redundant data entry, integration with loan origination system and automatically populated data fields allow loan processing to occur in half the time it took before deployment of PowerSite.
- Error-free regulatory compliance. Automated front-end origination process delivers error-free, automated electronic disclosures at the point-of-sale that are always compliant with the most recent regulations and guidelines.
- 100 percent increase in daily loan-handling productivity. Ease-of-use gives loan originators ability to handle as many as eight to ten loan files per day, compared with the four or five face-to-face appointments they handled before deployment. The ability to submit loans via the online channel also hands members the convenience to apply at any time and allows a loan originator to begin processing the loan even if the originator and member are unable to personally interact that day.
Efficiency in Service
PowerSite's integration with Superior's loan origination system and its innovative cloud-computing capability allow the credit union to deliver superb, streamlined service throughout the loan-approval process. Online collaboration between loan originators, processors, borrowers and referral partners on any single file allows efficient loan-application intake, pricing and approval:
- Enhanced customer service to credit union members. PowerSite's capability to interface with GSEs Fannie Mae and Freddie Mac and its underwriting system allow loan officers to quickly deliver a loan decision to members.
- Round-the-clock information retrieval. Cloud-computing capability hands mortgage staff full access to a loan's status and information at any time and the capability to deliver information to borrowers, real estate brokers and other referral partners who are essential pieces to the credit union's long-term mortgage growth.
- Mortgage origination and servicing for CUSO partners. PowerSite's ease-of-use and automation expand Superior's capacity to serve other credit unions through its CUSO, Superior Financial Services. The CUSO extends the benefits of PowerSite to nine credit unions of various sizes.
- Elevated quality in management response. PowerSite's interactive, intuitive flow allows management personnel to assist lending staff with loan-processing issues, an advantage coveted in the current environment, which has witnessed numerous guideline changes -- such as in mortgage insurance and the secondary market.
Mortgagebot (www.Mortgagebot.com), a D+H company, has led the industry since 1997 by providing the unique, award-winning PowerSite® family of integrated point-of-sale (IPOS) solutions for taking mortgage applications in every mortgage business channel: consumer-direct via the Internet, in the branch or call center; or through professional loan officers.
Mortgagebot blends deep mortgage experience with innovative "cloud computing" technology to create scalable and affordable websites for more than 1,000 banks and credit unions nationwide. Lenders large and small view PowerSite as a "must-have" solution because it helps them deliver a superior borrower experience, increase volume, and compete more effectively. PowerSite is also flexible and easy to use, with a rapid and proven implementation process.
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. But 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, Mortgagebot PowerSite, and Mortgage Marvel are registered trademarks of Mortgagebot LLC, a wholly owned subsidiary of Davis + Henderson Corporation.
Other products and/or services are the property of their respective owners.
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